Can this federal loan be put in my name?

Paying for College
1

<p>My mom took out a Parent PLUS Loan to pay for my tuition but she wants to transfer it into my name now, something I want to do as well. She's trying to pay off her small college loan but the payments (even though the Parent Plus Loan is in deferment) are going into both loans instead of her own which is making paying down her loan impossible. </p>

<p>Is there anyway we can both sign a document of sorts so that the loan can be transferred to my account? I'm the one who will be paying it anyway so there's really no point of her dealing with it.</p>

2

<p>there should be a way that the PLUS loan and the Stafford are separate so that the Stafford can be paid down.</p>

3

<p>But I don’t think the Parent Plus can be transferred to the student.</p>

4

<p>No, you can transfer federal loans from one name to another. Assuming your total aid including loans doesn’t equal the COA yet, you could take a Stafford loan (but you probably have already maxed that out if you’re in parent loan territory) or a private student loan (though she may have to cosign) and give her that money to pay off her Parent Plus loan.</p>

<p>I think it would be easier to contact her loan servicer and have them apply the payments correctly.</p>

5

<p>Have her contact the servicer directly. If her PLUS loan is in deferment, she can specify that the payments only go to her student loans. Some servicers are difficult to deal with, but she should ask to speak to a supervisor if the customer service rep can’t help.</p>

<p>And a parent PLUS loan is only for the parent. You can’t put it in your name.</p>

6

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<p>Sorry…that should read can’t, not can!</p>

7

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<p>With all due respect to your knowledge, sk8rmom…I wouldn’t characterize this as a “transfer”. Its really the student getting more loans in his/her name to actually pay off the PLUS Loan.</p>

<p>That’s really the only way ANY debt can get moved from one person to another…the one wanting to take on the debt has to actually qualify for a new loan to pay off the old loan.</p>

8

<p>Exactly…one CAN’T transfer loans, which is what I meant to say and tried to clarify!</p>

9

<p>The assumption would certainly be that the OP is asking to transfer the PLUS into the student’s name … not get a new loan to pay off the old loan. I would imagine if the OP “could” do that, the PLUS probably wouldn’t have been borrowed in the first place. After all, if “I’m the one who will be paying it anyway,” OP would have borrowed in her own name in the first place if that were an option.</p>

10

<p>It seems that the OP was at an expensive private school in previous year(s) and has now transferred to a CUNY. So she may not have needed Stafford loans for this year.</p>