Student loan refinancing
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Can you transfer a Parent PLUS loan into the student鈥檚 name?
Summary:Transferring parent PLUS loans into the student鈥檚 name cannot be done with a Direct Consolidation Loan, but is achievable by refinancing through a private student loan refinance lender. Can You Transfer a Parent Plus Loan to the Student?
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.)
Should you refinance Parent PLUS loans to pay off student loans?
There are many benefits to refinancing parent PLUS loans to the student, such as: The parent would be released from the original loan. The child may get a lower interest rate on the new loan. The child could build credit by making on-time payments.
Can a grandparent get a student loan for a child?
(Grandparents can take out these loans, but only if they have legally adopted the student.) Before applying, the student and parent must fill out the Free Application for Federal Student Aid (FAFSA), then the parent can apply for a Direct PLUS Loan for Parents.