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Transferring Parent Plus Loan from one lender to another

Started by ZK319, October 26, 2018, 08:30:23 am

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ZK319

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

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/