Parent PLUS Loans are eligible for the Standard Repayment Plan, Graduated Repayment Plan, and Extended Repayment Plan.
Unfortunately, these plans don’t offer loan forgiveness like the Public Service Loan Forgiveness program, an income-driven repayment plan forgiveness, or the IDR Waiver. Instead, they require you to repay the loan in full over a 10-30 year repayment term, depending on your loan balance and the payment plan you choose.
Related: Are Parent PLUS Loans Eligible for PSLF?
If you’re searching for a way to wipe out your parent loan, there’s one option: consolidate your loans into a Direct Consolidation Loan. This will improve your chances of getting your loans wiped out and may even lower your monthly payment amount.
Note: Until May 1, 2023, borrowers with federal student loan debt can consolidate their loans and get credit toward student loan forgiveness. The Biden administration is using the IDR Waiver to count time spent in long-term forbearance or deferment as qualifying payments for income-based forgiveness. This opportunity is open only to those with federal loans. Private student loans aren’t eligible.
Related: Can’t Pay Parent PLUS Loans? Try This