So for an ex-student who now has a single salary larger than his parent's household, what are the best options to gain the most tax benefits? Only one parent is on the loan, so as you mentioned a maximum of $14,999 could be provided to the parents and not worry about gift tax returns.
Additionally, any general financial advice (not necessarily tax advice) on how to handle a loan this large? Death and Disability Discharge are two perks of the Parent Plus Loan that I am really holding onto; as I would hate to pass this large loan onto someone in my family who is not able to afford it.
Total balance on all five Parent Plus Loans exceeds $100k. Interest rates are fixed non-subsidized between 6.16% - 7.65%. Currently on an Extended Fixed Repayment plan where monthly payments are $820 (over 12 months is then roughly $10k; essentially all in interest).
