Get ED Parent Plus Borrower Deferment Request 2021-2024

A deferred payment is one that is delayed, either completely or in part, in order to give the person or business making the payment more time to meet their financial obligations. In accounting terms, any merchant allowing customers to set up a deferred payment agreement will be dealing with accrued revenue.

Parent PLUS Borrower Deferment You may qualify for this deferment if you're a parent who received a Direct PLUS Loan to help pay for your child's education, and the student you took the loan out for is enrolled at least half-time at an eligible college or career school.

Deferment allows you to delay loan repayment until after your student is no longer enrolled at least half-time (6 credits). You also have the option to request an additional six month post-enrollment deferment after your student drops below half-time, graduates, or withdraws.

Direct PLUS Loans made to parent borrowers are eligible for the following repayment plans: Standard Repayment Plan. Graduated Repayment Plan. Extended Repayment Plan.

Generally, you'll have from 10 to 25 years to repay your loan, depending on the repayment plan that you choose. Your required monthly payment amount will vary depending on how much you borrowed, the interest rates on your loans, and your repayment plan.

REPAYING LOANS. If you're having trouble repaying your loans, you may consider requesting a loan deferment or forbearance: With a loan deferment, you can temporarily stop making payments. With a loan forbearance, you can stop making payments or reduce your monthly payments for up to 12 months.

If you're still making payments on your Parent PLUS Loan after 25 years of on-time payments (for a total of 300 payments), the remaining balance of your loan will be forgiven.

Repayment plan options for Parent PLUS loans include Standard, Graduated, Extended, or Income-Contingent.