There are two types of student loans that parents can choose from: Parent PLUS Loans and private parent student loans. Parent PLUS Loans The Direct PLUS Loan program is a federal student loan program and includes Parent PLUS Loans. Only biological, adoptive parents or, in some cases, steppar...
The article discusses the Parent PLUS loan program, a federally financed loan initiative in the U.S. designed to aid low and middle-income parents in financing the college education of their children. The article examines how parents have been impacted by the U.S. economic recession in regards...
private lenders handle Parent PLUS refinancings, and that means you will lose some protections and benefits offered by the federal loan program. But if those benefits don’t mean much for you, refinancing can be a good choice.
You're a public servant or nonprofit worker.If you borrowed a Parent PLUS loan on behalf of your child, you may still be eligible for the Public Service Loan Forgiveness program, or PSLF. Eligibility is based on the borrower's qualifying employer rather than the student's employer...
To be eligible for a Parent PLUS loan, you must be the biological parent, adoptive parent, or stepparent of an undergraduate student and not have an adversecredit history. Additionally, your child must be enrolled in an eligible degree or certificate program and must be a U.S. citizen or ...
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The federal government does not offer a program to transfer Parent PLUS loans directly into a student’s name. Parents remain legally responsible until the loan is fully repaid. However, there’s a workaround:refinancing through a private lender. ...
), the parent is typically eligible. Importantly, these loans are in the parent's name only. And while many families may create verbal agreements requiring the child to pay their parents back, the child for whom the loan was taken has no legal responsibility to repay a Parent PLUS loan....
At CalcXML we are aware of the need to plan for your child's education, so we developed a user friendly Parent PLUS loan calculator. Use it to see what your loan payments could be.
The process of Parent PLUS loan repayment works a bit differently than most other federal student loans. Unlike nearly all other kinds of student debt, the parent borrows the money rather than the student. This dynamic causes confusion when researching topics, such as federal program eligibility, ...