However, parent PLUS borrowers can consolidate the PLUS loans and then choose ICR for the new Direct Consolidation loan.
It can be very confusing to figure out which plan is best for you.
Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.
Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.
The secret is simple: sign up for a qualifying student loan repayment plan, and your loan will be forgiven at the end of the plan. What's even better is that your income could be low enough to qualify for zero or minimal repayment, at which your loan will be forgiven at the end.
It sounds like it could be confusing, but it doesn’t have to be.
You should tell your servicer in writing, along with the loan payment, that you want the extra money to be applied to the loan principal.Be sure to follow up to make sure that the payment was applied properly.Parent PLUS borrowers are not eligible for any of the IDR plans.Income-driven repayment options help many borrowers keep their loan payments affordable with payment caps based on their income and family size.There are now four main income-driven repayment (IDR) plans: Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE) and Income Contingent Repayment (ICR).