How to take on my parent's Parent PLUS loan? Is it possible???

[calmom]

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Some things are very important to some people, and you can’t change that. They’d rather be $90K in debt and have their kid with that diploma.

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<p>Cpt, I think the problem is that the parents can’t afford to carry the $60K debt they already have, much less $90K. </p>

<p>Also, it’s not clear whether the parents thought they could take the PLUS loan, defer payments, and then their daughter would take over all payments when she graduated:</p>

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If you’re a parent PLUS borrower, you can defer repayment of Direct PLUS Loans first disbursed on or after July 1, 2008, while the student for whom you obtained the loan is enrolled at least half time, and for an additional 6 months after the student graduates or drops below half-time enrollment (half-time enrollment status is determined by your child’s school). You must separately request each deferment period.

<a href=“Parent Student Loans Hub - Articles, FAQ, and Applications | Edvisors”>Parent Student Loans Hub - Articles, FAQ, and Applications | Edvisors;

<p>IMHO, it would be incredibly stupid for parents to take out PLUS loans of $60K at ~8% interest and then defer all payment while their student is in school… but it seems like that is what these parents may have done. So I’m thinking they are telling their daughter that she can’t quit school now precisely because they don’t want to lose that deferment (although I don’t know whether they would be eligible for continued deferment while daughter is enrolled at least half time in the CC program)</p>