Good morning…
I’m in a really tough spot with my Parent PLUS Loans and could use some advice. I still owe $46,000 on four loans at 7.99% with Nelnet. I was paying from 2013-2020, but had to take a year off due to chemotherapy. Then 2020 hit and wrecked everything—lost my job (I’m over 55 and they let a bunch of us go), and I also lost my son. Financially, everything crumbled, and we had to file for Chapter 7 bankruptcy in 2023. 
Now, I’m working a job that pays about a third of what I was making before. I’m barely getting by on $800/month (my wife makes $600/month). Nelnet just sent me a letter saying they want $381/month, which is almost half of my income. I’m already on an “Extended” payment plan, and at this rate, I’ll be paying until I’m over 83 years old. I asked Nelnet for help last year, but they basically told me to “just pay longer.” For anyone who’s been in a similar situation, I’ve got a few questions:
- Are there any new or reasonable options for Parent PLUS Loans? The only thing I see are 20% or 25-year payment plans.
- Would refinancing help, or is that a no-go because of my Chapter 7 bankruptcy?
- Has anyone tried to discharge their student loans by filing their own Adversary Proceeding after Chapter 7? Is it too late for me since it’s been 10 months since our bankruptcy was cleared? Is this something I can handle on my own, or would I need a lawyer?
I’m also looking for any pro-bono lawyers in Ohio who might be able to help. I really need to figure out a way forward because I don’t know how I can manage with these payments on my current income.
my felicitations…
you a forbearance. Your payments will be momentarily suspended as a result, but interest will still be charged.
deferment stops interest from accruing as well as payments. Usually, this choice is only available in certain circumstances, such when a person is enrolled in graduate school or is serving in the military.
or circumstances, you may qualify for loan forgiveness programs that can eliminate your remaining loan balance