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Consolidating parent plus loans to student

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The federal government offers four types of income-driven repayment plans, but Parent PLUS loans are only eligible for one: Income-Contingent Repayment (ICR).

ICR caps monthly student loan payments at 20 percent of the borrower’s discretionary income.

But as you’re getting closer to retirement age and managing multiple financial priorities, you may start to wonder how you can lessen some of the burden associated with repayment.

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Historical PLUS interest rates are even higher: Parents who borrowed between 20 pay 7.9%.Variable rates start at 2.10% and fixed rates start at 2.35% among refinance lenders listed on the Nerd Wallet student loan refinance page, for instance. But more and more, they’re realizing that borrowing thousands to afford a child’s dream school might not be what’s best for them.The sooner you lower your loan burden, the more money you could earn from compound interest accrued through investments.Here’s a look at how much PLUS loans are costing parents and some repayment strategies, such as refinancing and income-contingent repayment, that can save them money.Here are four ways to get your Parent PLUS debt under control this year.