0
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.
What else can I help you with?
If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?
The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.
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.
What responsibilities does a parent borrower have when taking out a student loan for their child?
When a parent borrows a student loan for their child, they are responsible for repaying the loan in full, including any interest that accrues. They must make timely payments to avoid defaulting on the loan, which can negatively impact their credit score and financial stability. Additionally, they should stay informed about the terms of the loan and communicate with their child about the repayment plan.
Who is responsible for paying off a Parent PLUS loan if the parent borrower passes away?
If a parent borrower passes away, the responsibility for paying off a Parent PLUS loan typically falls to the borrower's estate or the student who benefited from the loan.
How can a parent transfer a Parent PLUS loan into their student's name?
A parent cannot transfer a Parent PLUS loan into their student's name. The loan is the responsibility of the parent who took it out, and the student cannot take over the loan.
Are the parents of a male who cannot pay his child support responsible for making the payments?
No, only the biological or legal adoptive parent is financially responsible for the care of their minor child/children.
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.
If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?
The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.
Why is teacher considered as a surrogate-parent?
because the teacher as a second parent of the student is also responsible to provide parental care.
18 year old student is parent still legally responsible to provide shelter?
No
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.
What responsibilities does a parent borrower have when taking out a student loan for their child?
When a parent borrows a student loan for their child, they are responsible for repaying the loan in full, including any interest that accrues. They must make timely payments to avoid defaulting on the loan, which can negatively impact their credit score and financial stability. Additionally, they should stay informed about the terms of the loan and communicate with their child about the repayment plan.
Does abandonment end child support?
No. The parent is still the parent and responsible for the child abandoned or not. The child support payments will just keep adding up until the person is found.
Where does child support go - to the child or the parent?
Child support payments are typically intended to benefit the child by providing financial support for their needs, such as food, clothing, education, and healthcare. The payments are usually made to the custodial parent who is responsible for the child's day-to-day care.
Who is responsible for paying off a Parent PLUS loan if the parent borrower passes away?
If a parent borrower passes away, the responsibility for paying off a Parent PLUS loan typically falls to the borrower's estate or the student who benefited from the loan.
Can a custodial grandparent seek payment from non-custodial parent during the period while the parent is in jail?
Yes, however if the parent has no source of income while in jail, the payments may be deferred until the parent is no longer incarcerated. They will accumulate however and the parent will be responsible for paying them once they are out of jail.
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.
