Frustrated with the Parent PLUS Loan Double Consolidation Loophole

Seeking Advice
1

How are you…
I’m seriously fed up with how the Double Consolidation loophole works for Parent PLUS loans. Why can’t they just let Parent PLUS loans into other income-driven repayment (IDR) plans instead of sticking us with Income-Contingent Repayment (ICR) only? :unamused:
What’s even more annoying is they know this loophole exists, they’re allowing it for now, but then they say they’ll eventually get rid of it. They know how dumb the whole process is but aren’t fixing the real issue. Instead, they just kind of let people use this workaround. It’s so backwards and unnecessarily complicated.
Why not just give Parent PLUS borrowers more repayment options instead of all this nonsense? I’m just venting because the whole system feels super inefficient and arbitrary.

Your assistance on this will be highly welcome…

2

It appears that the intricacy of the Parent PLUS Loan Double Consolidation Loophole is causing you frustration. :unamused: Due to this loophole, borrowers can take advantage of the SAVE repayment plan, which has income-based reduced monthly installments.

3

There’s always a chance that :unamused:the government will alter the regulations or close the loophole completely.

4

The procedure, which involves numerous forms and processes, can be laborious and perplexing.

5

:smiling_face_with_tear:Think about speaking with a student loan counselor or financial advisor who specializes in federal student loans.

6

Gather all the required paperwork, such as your tax records, loan statements, and evidence of income.