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Go to FAFSA and create an account and they will guide you through much. Also, look to your individual state for student loans, most states offer loans to students who did good in school. Asking your child's school counselor is a great way to find out about loans and also scholarships that may be applied to your child.
What else can I help you with?
Can parent claim child and their student loan?
yes
Can child support garnish your student loan in Pennsylvania?
No. Child support is based upon the non custodial parent's income. A student loan is considered a debt.
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.
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.
What is better a student loan or a parent plus loan?
Only a parent can apply for a parent loan. the payment plan for a student loan can be deferred until after graduation. It all depends on who is paying the loan off, the student or the parent
Is it possible for me to transfer a Parent PLUS loan to the student?
No, it is not possible to transfer a Parent PLUS loan to the student. The loan is the responsibility of the parent who took it out, and cannot be transferred to the student.
Can a parent transfer a loan to their student?
Yes, a parent can transfer a loan to their student through a process called loan assumption or refinancing. This involves the student taking over the responsibility for repaying the loan from the parent.
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.
Is it possible to refinance a Parent PLUS loan in a student's name?
No, it is not possible to refinance a Parent PLUS loan in a student's name.
If a parent dies with unpaid student loans does the child inherit the debt?
No! Probate Court or the student loan provider may look to some of the asets that your parent may have left behind to satisfy the student loan. But you cannot be made personally liable for your parent's studnet loans unless you co-signed for them.
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
