I am currently 23 years old and just joined the military after graduating college. Unfortunately my student loans are parent plus loans and are about to go into repayment. My parents can't afford to help me pay these loans (and they shouldn't), but since the loans are in my moms name they can not give me any sort of income based repayment plan. So in other words, I am paying back a loan that is in my moms name that I can hardly afford and there is nothing I can do about it. Is there anything I can do to solve this problem? I'm not sure that a bank would give me a private loan for 60k in student loan debt and allow a long term repayment plan anyway. Any advice on this would be helpful thank you in advance.
Sun Jul 17, 2016 3:22 pm
oldguy Senior Member
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quote: So in other words, I am paying back a loan that is in my moms name that I can hardly afford and there is nothing I can do about it. Is there anything I can do to solve this problem?
Excuse me - but what problem? It sounds like you asked for a loan, the lender gave you the loan, and you spent the money as planned? Did you receive a 4-yr degree? In a marketable field that will pay well later?
Why not direct your military pay toward the loan, as I recall when I was in the Service, there were almost no expenses, I banked my military pay and used it for college.
What is the payment? And how long is the term? How long are you in for? And what's the pay for an E2?
And research the GI Bill, you'll qualify when you get out - I don't know the answer but maybe there is a way to tie that to your loan - or get a masters degree.
Sun Jul 17, 2016 4:37 pm
rajat New Member
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It is many ways now many country governments are given loan and taken 0 precentage you can as your government to help you fincally or if you are soilder you can take a loan from bank and give your mother loan and the small charge from bank will be cut by your salary and you live happliy
Mon Jul 18, 2016 1:10 am
First Choice Member
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Location: Valdosta, GA
I'm think that all branches of the military have student loan repayment offers for time served, I'd check on that first.
Tue Jul 26, 2016 10:44 pm
Paul@GFS New Member
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Yes, there are special loan repayment programs available for Air force, Navy and Army personnel. You must inquire about this with our recruiter. I guess the LRP allows a qualified applicant to repay his student loan worth up to $65,000.