How to get parent plus loan in student’s name

If you’re wondering how to transfer a parent PLUS loan to a student, we have good news: The student can take on the loan by refinancing it in their own name. As long as the student can qualify for refinancing on their own, they can assume full responsibility for the loan.

Can Parent PLUS loans be refinanced?

Can You Refinance Parent PLUS Loans? Yes. Loan borrowers have the option of refinancing Parent PLUS Loans with a private lender. While you may consolidate Parent PLUS Loans with a Federal Direct Consolidation Loan, refinancing is the only way to lower your interest rate or transfer a Parent PLUS Loan to the student.

Can Parent PLUS loans be transferred to the student?

Federal parent PLUS loans can never be transferred to the student. If you borrow a parent loan for your child’s education, you’re the only one legally responsible to repay the debt.

Is there loan forgiveness for Parent PLUS loans?

A federal parent PLUS loan may be eligible for forgiveness through an income-contingent repayment plan or the Public Service Loan Forgiveness (PSLF) program. There are also options for parents that take out loans from private lenders. A parent PLUS loan, or Direct PLUS loan, is a form of federal student aid.