News: Welcome to the Beta launch of the Student Loan Debt Forum on The College Investor.

  • January 19, 2019, 10:13:23 AM

Login with username, password and session length

Author Topic: Transferring Parent Plus Loan from one lender to another  (Read 216 times)

ZK319

  • Newbie
  • *
  • Posts: 1
    • View Profile
Transferring Parent Plus Loan from one lender to another
« on: October 26, 2018, 08:30:23 AM »
My parents co-signed a Parent Plus loan for school for ~$140,000 due to unforeseen life/financial circumstances among many other things. I am looking to pay the loans myself and my parents are looking to refinance their mortgage, but with the large amount of student debt, they are not getting approved for a mortgage refinance.

Is there a way I can transfer the Parent Plus loan from one service to another to have the $120,000 loan onto my name? I got a job right out of college and my salary is over $60,000. I have good credit, but not much depth to the credit besides a car I'm paying off and credit cards.

I know it's not likely to find, but I just want to exhaust all options.

TheCollegeInvestor

  • Founder
  • Administrator
  • Sr. Member
  • *****
  • Posts: 446
    • View Profile
    • The College Investor
Re: Transferring Parent Plus Loan from one lender to another
« Reply #1 on: October 27, 2018, 07:24:53 PM »
You can refinance the loan into a private loan in just your name. However, it might be tough to qualify on your current income.

Here's lenders that do it: https://thecollegeinvestor.com/17101/options-if-you-cant-afford-your-parent-plus-loans/