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?
How do Parent PLUS loans work for students?
The school will first apply parent PLUS loan funds to the student鈥檚 school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, your child鈥檚 school will give them to you to help pay other education expenses for the student.
Can a parent apply for a direct plus loan for parents?
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. 鈥?Questions parents often want answers to, including, 鈥淐an you transfer a Parent PLUS loan to the student?鈥?/div>Can a Parent PLUS Loan Be Transferred to the Student? | SoFi
Should you refinance Parent PLUS loans in your child’s name?
It’s not uncommon for children to repay parent loans. A 2020 report from private lender Sallie Mae found that 45% of students expected to share this responsibility 鈥?and 16% planned to pay their parents’ loans all on their own. Still, you may wonder whether you should refinance parent PLUS loans in your child’s name.