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Parent Plus loans > Peoplejoy > Flashcards

Peoplejoy Flashcards

1
Q

Can you currently get PSLF credit without a DCL for PPL?

A

Yes!

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2
Q

What repayment plan are you locked into post consolidation with PPL?

A

Income contingent repayment (ICR)

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3
Q

In the double DCL method what is included in the second DCL?

A

ALL loans

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4
Q

ICR goes off how much of the discretionary income

A

15-20 percent

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5
Q

If you are MFS will your spouse’s income be factored into MMP?

A

No

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6
Q

Will ICR be available to everyone in 2024

A

No, only PPL borrowers

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7
Q

In the double DCL method what is included in the first DCL?

A

Just PPL

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8
Q

Can PPL be transferred to the child?

A

Federally no, private possibly.

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9
Q

What happens if the child passes away?

A

The loan will be discharged

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10
Q

After the double DCL is completed can borrowers get off ICR

A

Yes as long as they are eligible for other repayment plans

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11
Q

Does interest accrue in deferment for PPL?

A

Interest will still accrue on PPL during all deferment periods

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12
Q

Can adoptive parents apply for PPL?

A

Yes

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13
Q

If the parent who takes out PPL passes away what happens?

A

The loan will be discharged

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14
Q

When does the double DCL loophole end?

A

July 1, 2025

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15
Q

How will PSLF credit be measured after a consolidation in 2024?

A

Weighted average

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16
Q

If a parent who takes out PPL becomes disabled can PPL be discharged?

A

Yes

17
Q

What is the current interest rate for PPL?

A

If first disbursed on or after July 1, 2023, and before July 1, 2024, the interest rate is 8.05%. This is a fixed interest rate for the life of the loan.

18
Q

Prior to DCL what repayment plans can PPL be on

A

Standard, Graduated, Extended Grad

19
Q

Once consolidated can PPL go back to standard?

A

No

20
Q

Is ICR an income driven repayment plan?

A

Yes

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