Parent PLUS Loan Borrowers: Act Now or Face Permanent Pitfalls
Durham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The One Big Beautiful Bill Act, signed on July 4, 2025, is transforming Parent PLUS loan borrowers lives. Starting July 1, 2026, these borrowers, owing over $114 billion, will lose access to income-driven repayment plans unless they consolidate loans first. The new setup offers fixed standard plans with no income adjustments, potentially trapping borrowers in unaffordable payments. Experts warn of risks like default, wage garnishment, and lost Social Security benefits. The Department of Education urges borrowers to consolidate Parent PLUS loans separately, pick Income-Contingent Repayment, and avoid mixing with other loans or taking new ones. Act now at StudentAid.gov to lock in options and avoid permanent pitfalls.
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