As the borrower of a Parent PLUS loan, your parents are primarily responsible for repaying the loan. The loan is in their name, and they are legally obligated to make the payments. As a child of the parent who borrowed the loan, you are not directly responsible for repayment.
However, it’s important to note that if your parents are unable to make the loan payments and default on the loan, the responsibility may fall on them, but it could potentially have indirect consequences for you. For instance, if your parents default on their Parent PLUS loan, it could impact their credit score and financial stability, which may indirectly affect you if you have joint accounts or rely on their financial support.
It’s crucial to have open communication with your parents about their loan obligations and work together to ensure timely repayment. If necessary, you can provide support by assisting them in exploring repayment options, loan consolidation, or discussing potential financial hardships with the loan servicer to prevent default.