If I had a Parent Plus loan and was in an accident so the payment was deferred, will I have to repay that loan ifI can only work part-time?
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If I had a Parent Plus loan and was in an accident so the payment was deferred, will I have to repay that loan ifI can only work part-time?
Asked on October 20, 2011 under Bankruptcy Law, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
There is no general answer to your question--the answer depends entirely on the terms of the loan. If the loan agreement(s) provide that you don't have to repay the loan if or when you can only work part-time, then you do not need to repay it; but in the absence of such a term or condition, you will need to repay. When someone takes out a loan, he or she must repay it no matter what happens in or to his or her life, unless and only to the extent that there is some clause or condition in the loan allowing him or her to not repay.
That doesn't mean that you can't or shouldn't try to work something out with the lender or loan servicer (partial foregiveness? more deferment? a stretched-out payment schedule?) but that it is likely that you can be required to repay, unless you can voluntarily work something out.
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