Case Study Parent Plus

“My daughter did the research and found Student Loan 411. They were very understanding and supportive of our issues. I had great response to any question. They seemed very knowledgeable about student loan issues.”

Parent Plus Loan Borrower

The Borrower

A widower in his 60’s, who is an executive.  His job requires that he retire at age 65.  He has made a great income and supported his family with a high life-style.  But he also had a lot of medical expenses from his wife’s illness before she died.  He had 3 grown children from the marriage and had promised their mother that they all would get a college education.  His great satisfaction was that all three had gone to college out of state, had graduated, and now all had good jobs.

The Challenge

No one knew how he managed to keep his lifestyle, his kids in college and pay for his wife’s medical care but him. He had used Parent Plus Loans to pay for his children’s college educations. Now facing retirement, he would not have the income to make the payments.  The total cost for all three of his children was over $300,000.  His monthly payments on the outstanding debt were more than $3,800 per month. His fear was that he would retire and not be able to make the payments on his Parent Plus loans.  He told his daughter that as part of his preparation for retirement he wanted to talk to a student loan repayment expert.  They found Student Loan 411.

The Solution

Widower found out through consultation that he was eligible for lower payments while he was working, and that those payments would go down even further once he retired from working.  His payments were now affordable, and he could contemplate enjoying retirement, not worrying about defaulting, or whether he needed a job after retirement to pay the debt for his college education.