do you have to pay back a parent plus loan

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  • When do I have to pay back my Parent PLUS loan?

  • Your first payment on a parent PLUS loan will be due within 60 days of the loan鈥檚 final disbursement. Federal student loans usually have two disbursements 鈥?one for each college semester 鈥?so you would likely start paying back PLUS loans as summer nears.

  • How do Parent PLUS loans work for students?

  • The school will first apply parent PLUS loan funds to the student鈥檚 school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, your child鈥檚 school will give them to you to help pay other education expenses for the student.

  • How much can you borrow from your parents if denied plus?

  • Students whose parents can鈥檛 get PLUS loans can gain access to more federal student loans. A dependent first-year student can only borrow up to $5,500 in federal student loans per school year, for example. But that limit goes up to $9,500 if the student鈥檚 parents were denied PLUS Loans. Repaying Parent PLUS Loans

  • Can I refinance my Parent PLUS loan to pay off debt?

  • The student is then responsible for repayment of the new loan and the proceeds from the new loan pay off the Parent PLUS Loan. If a child is willing and financially able, this can greatly reduce the parents鈥?debt burden. Only a handful of lenders currently offer this type of refinancing, including Earnest, Laurel Road and SoFi.

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