Deadline Looms for Parents with College Loans: Consolidate Now to Keep Affordable Payments
New rules require parents who took out PLUS loans for their children's college to consolidate into a new loan by June 30 to maintain affordable payment plans. Don't miss this critical deadline.
As the costs of higher education continue to rise, many parents have turned to federal Parent PLUS loans to help finance their children's college tuition. However, a looming deadline is now putting these parents in a precarious position. Under new rules, parent PLUS loans must be consolidated into a new loan by June 30 in order for parents to keep their affordable payment plans.
The deadline may seem straightforward, but financial experts warn that the actual deadline to initiate the consolidation process is even earlier. Parents need to act quickly, as the processing time for the consolidation can take several weeks. Failing to meet the deadline could result in a significant increase in monthly payments for these parents.
Source: The New York Times
