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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.
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Is there a way to sign over a parent loan to the student so that the parent and student loans can be consolidated?
No.
What is a Direct Parent PLUS Loan?
What is a Direct Parent PLUS Loan?A Direct Parent PLUS Loan, often just called a Parent PLUS Loan, is a type of loan that parents can obtain to help pay for his or her student's educational expenses. A Direct Parent PLUS Loan is the perfect way to cover the remaining educational expenses after the student's additional financial aid assistance. These loans are appealing because they offer relatively low interest rates that are fixed at only 7.9 percent. Federal loans offered to the students typically have lower interest rates, but a student have minimal borrowing power due to his or her age and limited credit history. Additionally, these loans accrue interest from the date of the first payment disbursement until the parent has completely paid off the loan.Who Qualifies for a Direct Parent PLUS Loan?A person can qualify for a Direct Parent PLUS Loan if he or she is the student's biological or adoptive parent. Some situations allow for the student's stepparent to qualify for the loan. To be deemed eligible for a Direct Parent PLUS Loan, the parent must have a good credit history or be able to obtain a friend or relative co-signer for the loan. Additionally, the student must be a dependent and be enrolled in classes at least half-time. Lastly, the parent and the student have to be either U.S. citizens or qualified noncitizens to qualify for a Direct Parent PLUS Loan.What is the Application Process?To obtain a Direct Parent PLUS Loan, a parent must fill out and submit a Direct PLUS Loan application and a Master Promissory Note. The Master Promissory Note is the parent's agreement to repay the loan, interest and fees in full over the designated amount of time. The Master Promissory Note lists the terms of the loan and the repayment agreement. The Master Promissory Note typically covers all subsequent loans, but a parent must submit a new loan request each year that the student needs financing for school. The parent can submit both the Master Promissory Note and the application online at www.studentloans.gov. Once the loan is approved, the payments are disbursed directly to the student's educational institution.
What is a Direct Loan Plus?
What is a Direct Parent PLUS Loan?A Direct Parent PLUS Loan, often just called a Parent PLUS Loan, is a type of loan that parents can obtain to help pay for his or her student's educational expenses. A Direct Parent PLUS Loan is the perfect way to cover the remaining educational expenses after the student's additional financial aid assistance. These loans are appealing because they offer relatively low interest rates that are fixed at only 7.9 percent. Federal loans offered to the students typically have lower interest rates, but a student have minimal borrowing power due to his or her age and limited credit history. Additionally, these loans accrue interest from the date of the first payment disbursement until the parent has completely paid off the loan.Who Qualifies for a Direct Parent PLUS Loan?A person can qualify for a Direct Parent PLUS Loan if he or she is the student's biological or adoptive parent. Some situations allow for the student's stepparent to qualify for the loan. To be deemed eligible for a Direct Parent PLUS Loan, the parent must have a good credit history or be able to obtain a friend or relative co-signer for the loan. Additionally, the student must be a dependent and be enrolled in classes at least half-time. Lastly, the parent and the student have to be either U.S. citizens or qualified noncitizens to qualify for a Direct Parent PLUS Loan.What is the Application Process?To obtain a Direct Parent PLUS Loan, a parent must fill out and submit a Direct PLUS Loan application and a Master Promissory Note. The Master Promissory Note is the parent's agreement to repay the loan, interest and fees in full over the designated amount of time. The Master Promissory Note lists the terms of the loan and the repayment agreement. The Master Promissory Note typically covers all subsequent loans, but a parent must submit a new loan request each year that the student needs financing for school. The parent can submit both the Master Promissory Note and the application online at www.studentloans.gov. Once the loan is approved, the payments are disbursed directly to the student's educational institution.
What is the amount of an average student loan?
The average Student Loan in 2009 was just over $23,000.
FAFSA Parent Plus Loan?
As a parent of a dependent student working towards an undergraduate degree, you have the option to qualify for a Direct PLUS loan to help pay for education expenses. They are also available for both graduate and professional students who need financial assistance and are qualified as independent students.RequirementsAn individual must be the parent or adoptive parent of a student to qualify for a PLUS loan. In cases where one biological or adoptive parent has been re-married, a step parent may qualify. The student must also be enrolled in school for at least half-time. A credit check is also requires to assess the credit worthiness of the parent at the time of borrowing. A co-signer may be required where adverse credit is an issue. Both the student and parent must also not be in default for any federal education loans.Application ProcessA parent needs to apply for a PLUS loan by completing the Direct PLUS Loan application and a Master Promissory Note (MPN), which is an agreement to repay the amount of the loan along with fees and interest that accrue. It's also useful to read over and keep filed since it explains the terms of the loan and can be used for reference if any questions come to mind during the course of the loan.Fees and InterestPLUS loans must be approved by the college's financial aid office after the Free Application for Federal Student Aid (FAFSA) is submitted. The interest loan for a PLUS loan is fixed at 7.9% and interest begins accruing when the money is dispersed to the school. It's possible to get a reduction of .25% in the repayment interest rate by signing up for automatic debit payments from a bank account. The government also charges a 3% origination fee on the full amount of the loan, which is deducted from the principal of the loan when disbursed each semester.The parent, not the student, is responsible for full repayment of the loan. If you are not approved for a PLUS loan, you may also try finding a co-signer or apply for a private loan instead.
How do you find out what your outstanding student loan is?
You'll need to find out what lending institution has taken over your student loan. Once you know who you owe to, just call them.
Can a family member take your car if you signed over the title to them for a personal loan?
Yes, if you did not pay back the loan. That is what "signing over" the car is all about.
When To Apply For A PLUS Loan?
Paying for higher education gets more and more costly each day. Many of the programs that used to be very helpful for funding college such as the Pell Grant and other state funded grants have been reduced drastically due to budget cuts. While students can qualify for their own student loans, this sometimes may not be enough to cover the total costs. In these situations, parents have the ability to apply for a Parent PLUS loan. Parents can borrow up to the total outstanding balance for their child's education costs through a program that is much the same as the Federal Stafford Student Loans. Unlike many financial assistance programs, PLUS loans are not based on need. When the parent applies for a PLUS loan, they undergo a credit check as if they were applying for a regular personal loan. If the parent's credit does not qualify for them to receive a PLUS loan, the student then has the ability to borrow a slightly higher amount to cover educational expenses including tuition, room and board and other expenses such as books and class supplies. One advantage to obtaining a Parent PLUS loan rather than a regular personal loan is that the PLUS loans are financed at a fixed interest rate. While the rate has the ability to vary over time, it is a fixed rate that you apply for, which means during the term of your loan it will not change. The noticeable difference between a PLUS loan and a student loan is the repayment period. PLUS loans begin requiring repayment as soon as the payment to the school is issued whereas student loans do not come due until six months after the student has either graduated, left school or has dropped below half time enrollment. It is important to remember that while the parent is borrowing on behalf of the student and based upon the total tuition and expenses of the student, the loan is the parent's responsibility to repay, not the students. With a student loan, the responsibility rests with the student however.
What is the purpose of a private student loan?
a student loan is to help you with your college fees or to move and buy stuff for you new accomadation when you move to a new college you can get a loan over the period your in college and pay back at monthly instalments
Where can one find a loan repayment student?
One can find a loan repayment student on the official website of Student Loan Repayment. The Student Loans Company is a UK public sector organisation providing loans and grants to over 1 million students annually, across England, Nothern Ireland, Scotland and Wales.
What are the benefits of getting federal student loans over student loans from a private financial institution?
The main benefit of getting a federal student loan over a private loan is flexibility. If you re-enter school, or become unemployed, you can defer your payments until you re-enter the workforce.
Can a guardian seek child support if the parent has signed over right to the child?
yes
