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 Posted: Fri Sep 21, 2007 9:49 am Subject: What can I do? |
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I have student loans as well as a parent plus loan thatmy parent took out to help pay for my schooling. I have taken full responsibility for these loans because they are my debt. I was wandering is any way that I can consolidate these loans into one payment.
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mekkathomas
Joined: 19 Sep 2007
Posts: 2
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stefan
Joined: 16 Sep 2007
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| Posted: Sat Sep 22, 2007 3:13 am Subject: |
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PLUS loans cannot be transfered into the students name. It will always remain the legal liabiltiy of the parent.
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SOAPLADY
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Joined: 07 Feb 2007
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| Posted: Tue Sep 25, 2007 3:16 am Subject: |
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Hi,PLUS Loan consolidation can significantly reduce your monthly payment burden and the lower payment means you'll have more money available to meet other household expenses. so ,this name of the loans must be guardian, not students.
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domainforsale321
Joined: 09 Sep 2007
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| Posted: Thu Sep 27, 2007 12:48 pm Subject: |
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Soaplady is correct; but if you need lower payments on the PLUS your parents can consolidate it which lenghtens the repayment term. By consolidating the PLUS (depending on when it was taken out) you may lower the interest rate from 8.5% to 8.25% - and qualify for additional interest rate discounts. However, the longer term typically means you'll pay more over the life of the loan.
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lkn
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