can a parent plus loan be transferred to student

Best answer

Can never

People also ask

  • Can I transfer my Parent PLUS loan to my child?

  • This question often comes up, and as was said earlier, the short answer is 鈥渋t鈥檚 complicated.鈥?There is no federal loan program that will allow you to transfer your Parent PLUS Loan to your child. And you technically can鈥檛 transfer the loan, even through a private lender.

  • What is a Parent PLUS Loan and how does it work?

  • From a student鈥檚 perspective, a Parent PLUS Loan can be a great way to help get their education funded without taking on more debt. (As a family, you can agree that the student will make these payments, but, legally, this is the parent鈥檚 debt , not the student鈥檚.)

  • Can a federal student loan be transferred to a private student?

  • Federal parent PLUS loans can never be transferred to the student. If you borrow a parent loan for your child鈥檚 education, you鈥檙e the only one legally responsible to repay the debt. Refinance the parent PLUS loan into a private loan in your child鈥檚 name once they can meet the qualifications.

  • Can I refinance my Parent PLUS loan to pay off student loans?

  • The answer is that your child may be able to apply for a student loan refinance and use that refinanced loan to pay off your Parent PLUS loan. Or, if you as a parent would like to refinance your Parent PLUS loan to potentially qualify for a lower interest rate or better loan terms, you can do so鈥攖hough that would mean keeping the debt in your name.

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