<p>YOUR PARENTS took out the PLUS loans and it is the parent who sign the notes who is responsible for repaying them. You do need to let your parents know that the field of study you chose does not make much money so you won’t likely get a job paying much. Ask them if they can pay back the loans. If they say they are expecting you to do so, again, let them know that the chances are just about zilch that you will be making enough to do so. That the parent who signed the notes is the one responsible and you may not be able to assist them as you have your loans to repay too and the industry does not may much. Tell them that is why you are looking at other fields. </p>
<p>Is there no state university near home, where you can commute and finish your degree in ANYTHING without incurring more PLUS? That is the ideal situation. Two years at State U is not that much different from another year and a half at Expensive U and if you can go summers, work, you might be able to bring the time down even more at that state u. The problem with the community college idea is that you are going way backwards from getting that bachelor’s. What you are thinking of doing does make sense monetarily, but it means losing every thing “invested” in terms of getting a degree. Students change their minds about course of study all of the time, but when finances are involved, one often does not have the luxury to add extra time and money to the course of study. It becomes an issue of getting that danged degree and getting out. What’s complicating this is that you are at a school neither you or your parents can afford and getting deeper in debt each term you study there. The best choice is to transfer to a cheaper 4 year state commuter school and just get that degree as soon as possible.</p>
<p>Calmom, I don’t think the issue is that the parents want a delay on the PLUS repayment. They would get that if the OP embarked upon a fulltime Community college program. And, no they do not have to be repaying that loan. Not for 6 months after grad. Actually the loans will become due sooner if the OP stays at the current school as she is on course to graduate in a year and a half, and with residency requirements, it would be likely that any transfer is going to result in more time before a Bachelor’s degree is obtained. </p>
<p>OP, if your parents are not paying on that loan, it’s increasing by about 7% each year. It accrues interest from the day funds are disbursed.</p>