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What happens to Parent PLUS loans when the parent dies?
When a parent with a Parent PLUS loan dies, the loan is typically discharged, meaning the remaining balance is forgiven and the responsibility for repayment is lifted.
Can parent plus loans be transferred to the student?
No, Parent PLUS loans cannot be transferred to the student. These loans are taken out by parents to help pay for their child's education and are the responsibility of the parent borrower.
What happens to parent plus loans in the event of the borrower's death?
In the event of the borrower's death, Parent PLUS loans are typically discharged, meaning the remaining balance is forgiven and the responsibility for repayment does not pass on to the borrower's estate or family members.
Where can one get a Parent Plus loan?
Federal student loans like Parent Plus loans are available from specialized locations. The United States government has a site where prospective loans are applied for and ultimately signed for with a promissory note.
What is the length of the grace period for parent PLUS loans before repayment must begin?
The grace period for parent PLUS loans is typically six months before repayment must begin.
What happens to Parent PLUS loans when the parent dies?
When a parent with a Parent PLUS loan dies, the loan is typically discharged, meaning the remaining balance is forgiven and the responsibility for repayment is lifted.
Can parent plus loans be transferred to the student?
No, Parent PLUS loans cannot be transferred to the student. These loans are taken out by parents to help pay for their child's education and are the responsibility of the parent borrower.
What happens to parent plus loans in the event of the borrower's death?
In the event of the borrower's death, Parent PLUS loans are typically discharged, meaning the remaining balance is forgiven and the responsibility for repayment does not pass on to the borrower's estate or family members.
Where can one get a Parent Plus loan?
Federal student loans like Parent Plus loans are available from specialized locations. The United States government has a site where prospective loans are applied for and ultimately signed for with a promissory note.
What is the length of the grace period for parent PLUS loans before repayment must begin?
The grace period for parent PLUS loans is typically six months before repayment must begin.
How can a student refinance Parent PLUS loans in their own name?
A student can refinance Parent PLUS loans in their own name by applying for a private student loan and using the funds to pay off the Parent PLUS loan. This process transfers the debt responsibility from the parent to the student, who must meet the lender's credit and income requirements for approval.
Where can one find out more about federal parent plus loans?
There are a variety of online sites that contain information about Federal Parent PLUS Loans. The web domain "ParentPLUSLoan," for example, is a great resource for this information.
What happens to a Parent PLUS loan when the parent dies?
When a parent dies, a Parent PLUS loan is typically discharged, meaning the remaining balance is forgiven and the responsibility for repayment is no longer passed on to the child or the deceased parent's estate.
How can a student obtain a Parent PLUS loan in their own name?
A student cannot obtain a Parent PLUS loan in their own name. Parent PLUS loans are specifically for parents of dependent undergraduate students to help cover educational expenses.
What happens to a parent plus loan if the parent dies?
If a parent who has taken out a Parent PLUS loan dies, the loan may be discharged, meaning the remaining balance may be forgiven and the responsibility for repayment may be eliminated.
What happens to federal parent plus loans when the parent dies?
Typically there are only a few ways federal loans can be written off or dismissed. Death or being permanently disabled are a couple of them. If a parent dies, the PLUS loan in their name will be dismissed. No one will need to make payments on it any longer. If his has happened, be sure to notify the lender for the loan what has happened. They will likely ask for documentation of the death.
Is it possible to refinance Parent PLUS loans?
Yes, it is possible to refinance Parent PLUS loans through private lenders. Refinancing can potentially lower interest rates and monthly payments, but it may result in the loss of certain federal loan benefits.
