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Would your parents have to pay off your Wells Fargo student loan if they are a cosigner and you default?
If your parents are willing to be a cosigner, they may want to check into the new Wells Fargo Student Loans for Parents. With this, they would be fully responsible for repayment of the loan.
Are parents responsible for outstanding student loan of deceased adult child?
yes due to the fact that they are your parents but sometimes depending if child has life insur. they sometimes do not have to pay.
Can you get a student loan if your parents are wealthy?
yes if your country is corrupted
Is a parent responsible for making payments if student or child fails to do so with FAFSA?
This depends on who is responsible for the loan. If this is a PLUS loan, then yes, the parents or guardians are responsible for paying for the loan. If this is a loan that they received on their own, then they should take other action before asking their parent(s) or guardian for help. They should speak with the provider (a phone number is on the bill) to find out if they can lower or defer payments, before the loan goes into default.
How do I transfer a Parent PLUS loan to the student?
To transfer a Parent PLUS loan to the student, the parent and student must contact the loan servicer to request a transfer of responsibility. The student will need to meet certain eligibility requirements and undergo a credit check. Once approved, the loan will be transferred to the student's name, and they will be responsible for repayment.
Would your parents have to pay off your Wells Fargo student loan if they are a cosigner and you default?
If your parents are willing to be a cosigner, they may want to check into the new Wells Fargo Student Loans for Parents. With this, they would be fully responsible for repayment of the loan.
Can you get a student loan if one of your parents is in default on their student loan?
Yes.
Can you get a federal student Stafford loan if one of your parents has a student loan that is in default?
Yes.
Is there a way for a former student to take on a PLUS loan from a parent and be responsible for payments?
No. You'd have to get a personal bank loan in your own name and use it to payoff th eplus loan.
Are parents responsible for outstanding student loan of deceased adult child?
yes due to the fact that they are your parents but sometimes depending if child has life insur. they sometimes do not have to pay.
Is the parent responsible for 19 year olds collage education loan if the child moves out?
The parents are not responsible for an adult. If the parents co-signed the loan, they can be held responsible.
Can you file bankruptcy for your student loans and keep your house out of it?
If the student loan is a federal loan and not a private loan then the answer is no. Federal student loans can not be included in bankruptcy, you will always be responsible for repayment of FEDERAL student loans.
Where can a student get a student loan that has no credit bad credit and parents don't qualify as cosigner and gotten all federal loans I gualify for?
where can I get a student loan that has no credit and parents dont qualify for a loan and I have gotten all federal loans
Both your husband and you have student loans will you be responsible for his in a divorce?
Federally Guaranteed student loans are linked to the borrower by their social security number. Only the person listed on the loan by SS# is obligated to repay the loan, not spouses, parents, children, or anyone else.
What is the different between a parent loan and a student loan?
The primary difference between a parent loan and a student loan lies in who is responsible for borrowing and repaying the funds, as well as the purpose of each loan type. Here's a detailed comparison: Borrower Responsibility • Parent Loan: Taken out by the parent (or legal guardian) to help fund their child's education. The parent is legally responsible for repaying the loan. • Student Loan: Taken out by the student themselves to pay for their education. The student is the borrower and responsible for repayment, though parents can sometimes co-sign. Credit Requirements • Parent Loan: Typically requires a credit check. Eligibility and interest rates are based on the parent's credit history and income. • Student Loan: Federal student loans often don’t require a credit check. Private student loans may require a creditworthy co-signer (often a parent) if the student has limited credit history. Purpose • Parent Loan: Specifically designed to assist parents in covering educational expenses for their children, such as tuition, books, or living costs. • Student Loan: Intended for students to fund their education-related costs. Federal student loans offer more borrower protections for students. Repayment Responsibility • Parent Loan: Repayment begins immediately or shortly after disbursement, depending on the terms. Parents are solely responsible. • Student Loan: Many federal student loans offer a grace period where repayment doesn’t start until after graduation or leaving school. Loan Types • Parent Loan: o Example: Federal Parent PLUS Loan in the U.S. • Student Loan: o Federal student loans like Direct Subsidized and Unsubsidized Loans. o Private student loans from banks or financial institutions. Interest Rates and Terms • Parent Loan: Often higher interest rates than student loans and fewer repayment flexibility options. • Student Loan: Generally has lower interest rates and may offer income-driven repayment plans, deferment, or forbearance options. Loan Forgiveness • Parent Loan: Limited eligibility for forgiveness, usually tied to specific circumstances. • Student Loan: More options for loan forgiveness, especially for federal student loans under programs like Public Service Loan Forgiveness
If a daughter received an unsubsidized Stafford Student Loan are the parents responsible for payments if she stops paying on it?
No. Only the student who signed the promissory note is legally obligated to repay the loan. Stafford loans do not have credit requirements or cosigners; in fact, the borrower no longer even needs to be 18. Parents may be contacted by the loan holder if they were listed as references, but only for the purpose of trying to locate the borrower. In the past, Guaranteed Student Loans did sometimes have parent "endorsers" who were responsible if their son or daughter did not pay.
Can you get a student loan if your parents are wealthy?
yes if your country is corrupted
