Marsha Wipperman took out a loan to help her son with autism go to college.
He received full and permanent disability relief, but she still has a $77,000 debt load.
She wished there were more ways to help parents in their situation.
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Marsha Wipperman was willing to do anything to give her son the best life possible.
After graduating from high school in 2011, Wipperman’s son wanted to pursue an education. However, since he is on the autism spectrum, he had to enroll in a program that best suited his needs. Luckily, they found a program at a private university in California that gave Wipperman’s son the opportunity to study art and design – areas in which he excelled. Wipperman didn’t have to think long.
Her son was accepted into the program and although he received some scholarships, these were not enough to cover the entire tuition. So, Wipperman’s son received a federal college grant in his name, and Wipperman took out a $77,000 loan called “parent PLUS.” This is a type of loan that parents in the United States can take out for their children and can go up to the full cost of college.
“When he had the opportunity and was accepted, we wanted to cover the cost,” Wipperman told Business Insider. “I’ll pay for it. I never considered not paying it and I would still do it today. So I just waived my parents’ credit because that’s what parents do.”
Wipperman’s son received his bachelor’s degree in 2017 and qualified for full and permanent relief from disability. It provides debt relief to borrowers who can demonstrate a complete and permanent disability through certification from the Department of War Veterans Affairs, the Social Security Administration, or a physician.
He still has to complete a three-year monitoring period during which he must demonstrate that his disability status and income remain unchanged, or his loans could become due again.
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However, Wipperman is burdened by the student loans she took out for her son. Although she said she would do anything all over again to give her son the future she wants for him, she wishes there were more avenues for parents like her to find support.
According to the website of Federal Student Aid Wipperman’s debt can only be forgiven in full if she dies, becomes completely and permanently disabled, or files for personal bankruptcy.
“If his debt can be forgiven, why not the parent’s if the parent loan can only be taken out for the student?” Wipperman asked.
“I did 100 percent what I had to do at that point”
The parent PLUS loan gave Wipperman’s son the opportunity to go to college and she wouldn’t have wanted it any other way. The difference between her loan and the federal direct loans her son took out is that the “parent PLUS” loans have no borrowing limit, meaning the parents can go into significant debt without worrying about it need to be able to repay the balance.
In addition, parent PLUS loans have the highest interest rate of any federal loan, which can skyrocket the balance if the borrower cannot pay off their debt quickly.
“I did 100 percent what I had to do at that point,” Wipperman said. “I didn’t care how we could afford it. I took four part-time jobs to ensure he could attend this program. And I’ll make sure his bills get paid. I can pay them until I die.”
Wipperman joins other parents who took on debt for their children because it was the only way they could get higher education. Business Insider already has talked to a fatherwho took out a $550,000 parent PLUS loan for his five children and said he will “pay $3,000 a month for the rest of my life”
“I just won’t take the risk of not sending my kids to school, even if it means a huge financial burden,” he said. “That’s not an option.”
Biden’s student loan forgiveness ‘isn’t even my focus or concern’
For some parents, “parent PLUS” loans are part of a plan announced by President Joe Biden in August to forgive federal borrowers up to $20,000 in student loans. With the plan on hold over two Conservative-backed lawsuits — the Supreme Court is due to rule on the legality of the relief by June — parents and millions of other borrowers could receive a reduction in their remaining debt this year.
That’s not an issue for Wipperman, however, and she continues to care for her son while also paying off her own student loan.
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“I think it will help some people. I think it’s probably going to help a lot of people,” Wipperman said. “But that’s not my focus or concern right now. It’s really all about disability insurance.”
The Department of Education has taken steps to reform the debt relief process for disabled borrowers, many of whom have resumed loans despite their disability status.
After a Message The Government Accountability Office found that 98 percent of reinstated relief was due to disability in 2016. Because borrowers failed to submit the required documentation, Minister of Education Miguel Cardona waived the requirement to submit documentation for income verification.
Wipperman now hopes that this relief will also apply to parents like her.
“I didn’t take out any loans and I didn’t want to walk my son through school for five years and drive him every day because I’m crazy. I wanted him to be successful and I was fully committed to his dream,” said Wipperman. “That’s just what you have to do. That’s just part of having a grown-up child with a disability.”
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