LAS VEGAS (KLAS) – Student loan payments are set to resume in October which can bring up several questions for those looking into their options.
UNLV’s Financial Aid Director Zach Goodwin spoke to 8 News Now to discuss tips on how to make the process easier.
Parent PLUS Loans
Parent PLUS Loans can help pay for education expenses not covered by other financial aid. Goodwin offers some advice to parents and students on the matter.
“If we have a parent, let’s say they took out one loan for each of the student’s four years in college, so they have four plus loans, they could consolidate two of them, and then consolidate the other two, because they get to dictate how those are bunched together, then consolidate those two bunched loans into a new loan for a second time,” Goodwin said. “It’s not paying off a Parent PLUS Loan, it’s paying off a consolidation loan, and then they can manage to take advantage of some of these plans.”
For more information on Parent PLUS loans and qualifying for account adjustments click HERE.
Fresh Start program option for loan borrowers
Price increases on groceries and gas have long made up the difference of not having a loan payment. Some borrowers may find themselves struggling to get back on a repayment plan.
Goodwin offered some advice for those who may be struggling financially.
“The Department of Education has already thought of this as well, that in addition to offering these more generous repayment plans, that will allow many people who are struggling financially to reduce their payment in the first place. So that’s a good step one,” Goodwin said. “Step two is that they’ve created an on-ramp to repayment, of a year, so that during that time if someone misses a payment, although interest will continue to accrue, it at least means they will not report the borrower as delinquent.”