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Sure, a parent can own a child of any age money!
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∙ 14y ago
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Can a child take a loan for a parent?
Yeah but will the child pay back? And will the parent allow to give their child a huge amount of money?
Can a parent with bad credit co sign a college loan for there child?
It is not likely that the lender will accept that parent as a co-signer.
Can a parent plus loan be put in the student's name instead of the parent's?
A parent plus loan is exactally that. A loan for parents to help their children with college expenses and can only be given to parents under the parent's name. You also need to begin to repay that loan while your child is still in school, usually within 60 days.
Are parents forced to pay for childrens college?
It depends on the settlement. However, a parent will continue to pay child support until the child either graduates from college or stops attending.
Can parent claim child and their student loan?
yes
How do you Transfer a plus loan to child?
Parent didn't sign Masters Promissory note so it is technically not the parent's loan or responsibility right? Because of this, can a Direct PLUS loan get transferred to the child if a mistake was made in the loan process?
Can a parent get a student loan for a child if the parent files bankruptcy?
Probably not. What the loan is for isn't the issue. His record of repaying loans is.
Can a parent loan be signed over to a student?
In the US, unfortunately the answer is no. A parent PLUS loan must stay with the parent. If you cosigned on a loan for your child and the loan is federally guaranteed, then you can get your name off of the loan by having your child consolidate the loans. If you need help with the consolidation of the student loans, click on the link at the bottom of this text box.
What happen if a parent dies and they gave the house to there child and took a loan on there home for repairs what happen to the balance of the loan?
the child continue to pay the loan of her his parents
Is there a tax on a loan from parent to child?
Loan proceeds are not taxable, if your parents loaned you money and then decided to forgive the debt that wouldn't be taxable either (it's a gift). If you are paying your parents interest on the loan that interest is taxable income to your parents.
What is the purpose of a parent's Plus loan?
There are loans available that are for the purpose of helping parents pay the cost of putting a child through collage. The loan is called a Parent Plus Loan and the Parent Plus Loan website offers the ability to secure this type of loan for those that apply and are accepted for it.
A Parent Loan is an Affordable and Convenient Option to Pay for College?
For students who need additional educational funding beyond their own financial aid and scholarships, a parent loan may be an effective option. A parent loan is a loan taken out by the student's parent or guardian, for which the parent takes full financial responsibility. However, in many cases the student still pays the loan back. The parent takes responsibility in the event that the student does not pay for it. A parent loan offers students a new option for funding that is economical, convenient and allows the parents to help pay for the child's schooling. Parent loans are a great options for students that are having difficulty fully funding their college expenses. They are available with lower interest rates than private student loans and carry similar terms to federal student loans. By taking out a parent loan, parents can ensure that their children lock down the best loan terms possible, rather than having to resort to taking out a private student loan through a separate financial institution. Many people also enjoy the convenience of parent loans. As many students do not have extensive credit histories, they can have trouble getting approved for private loans. Other students with poor credit ratings find themselves in the same situation. The student's parent may have a much better chance of getting approved for the loan, which can help to fund college expenses. Typically parent loans also have less stringent credit requirements, so that even parents with bad credit can get approved for the loan. Finally, a parent loan also allows a parent to help his or her child pay for school. Though many students will ultimately pay back the balances of the parent loans themselves, some parents prefer to take care of the amount funded by the parent loan. This option allows parents who are financially stable to still help their children. A parent loan gives a student's parents the opportunity to pay for the child's schooling expenses, but at a later date. By assuming full responsibility for repayment of the loan, a parent can make a great contribution to his or her child's educational expenses.
