[Debt] Read the Student Loan wiki, but want some info regarding ParentPlus loans

Debt

Hi there,

My parents took ~$30k in Parent Plus loans while I was in college with the mutual understanding that I would pay them off after schooling (in grad school now). It has grown to about $40k, and on top of that I have another $40k in student loans in my name.

So the dilemma is that I have 2 groups of $40k loans technically in two different names for my education. Everything I have seen says they can't be transferred. My parents are bankrupt (but as we all know, student loans remain), so they cannot help.

I find it hard to believe that I'm the only person who is expected to pay back the student loans in their parents' names. So r/personalfinance, what do people do in these situations? Am I doomed to pay 2 massive bills?? Who should I be talking to? When I'm consolidating my loans in the future, will I be able to somehow combine these or will that count as "transferring" and thus be not allowed?

All advice and info is welcome. Thanks for your time!

Posted Jul 31, 2015, 11:39 PM UTC · edited

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