Parent PLUS Loans & Refinance PLUS Loans

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2019

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Parent PLUS Loans & Refinance PLUS Loans

Daniel Morgan

Updated – Oct 9th 2019

Parent PLUS Loans & Refinance PLUS Loans
So what is a Parent PLUS loan?

Parent PLUS loans are student loans taken out by a parent to help a child or grand child afford the cost of college attendance. Often, these type of loans will allow a parent or guardian to borrow the total amount or cost for the student’s college education. we are going dialogue on the topic of Parent PLUS Loans & Refinance PLUS Loans and what you can do about them.

Unfortunately, these Parent PLUS loans can come with a fairly high cost. Most Interest rates for Parent PLUS loans are very high, because of this more borrowers become more drawn toward refinancing the Parent PLUS loan at some point. Currently, Parent PLUS loans are 6.31% for loans disbursed on or after 7/1/16 and before 7/1/17.

However, there is light at the end of the tunnel, there are multiple options for refinancing Parent PLUS loans.

Let’s go ahead and take a look at a few of these options for borrowers seeking to refinance their Parent PLUS loans.

1. Consolidating Parent PLUS loans

The consolidating of your Parent PLUS loans can provide some great benefits. With that being said, the consolidating of your parent plus loans can also bring limitations to other benefits and you could lose out of benefits as well.

Consolidating a Parent PLUS loan can limit your repayment options. Borrowers that consolidate their Parent PLUS loans are ineligible for income driven repayment plans, these plans include (income based, income contingent, pay as you earn, and revised pay as you earn)  

However exceptions can exist, for example: if a borrower has other federal student loans such as subsidized or unsubsidized stafford loans and they consolidate those loans together with their Parent PLUS loan, then the new loan will become eligible for income driven repayment options.

The loss of these repayment options can become a regret in the future if you at some point run into a financial hardship of some sort.

Borrowers that consolidate their Parent PLUS however are eligible for repayment plans such as the standard, graduated and extended graduated repayment plans.

Generally, these repayment plans are for 10 or 15 years in terms of repayment time period.

Can you refinance
your student loans?

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833-782-7133

2. Refinancing Parent PLUS loans

You may be a parent that is already comfortable with the monthly and interest terms you have on your parent PLUS loan right now but, better conditions can always be obtained

The refinancing of a parent plus loan is usually done with a private lender or bank. Borrowers looking toward the refinancing option usually are seeking to get their student loan interest rates lowered.

Just as with parent plus loan consolidation, a credit check will be conducted.

The advantage of a parent refinance the loan instead of the student is that a parent usually has more employment history as well as credit history. Because of this a parent will be eligible for better and more attractive interest rates. Over time with a lower interest rate a parent borrower can save a great deal on interest paid.

For borrowers that don’t mind more or less losing most of their federal student loan rights and benefits, they would certainly benefit from looking into how to refinance Parent PLUS loans.

Still, be mindful that some of these federal rights and benefits include alternative repayment terms, forbearance, deferment and student loan forgiveness programs.

Need your monthly payments reduced?

Fine out if you can get total loan forgiveness!

833-782-7133

3. Parent Refinance to the Student

Currently a small number of banks and lenders are allowing the child or student to refinance the Parent PLUS loan in their name.

Basically in this option the student completes an application to apply for a private loan. What makes it work is that a student can get approved for a lower interest rate on the private loan. Then use that money to pay off the Parent PLUS loan with its much higher interest rate.

However, credit is a factor with this method. A borrower will need to have good credit and a steady salary.

Generally, online lenders are the best to use with this option. Online lenders will allow the borrower to choose a payment that fits their budget. As well as, choose how long they would like the payment term to be. Usually terms are three to seven years.

The best part about this method is that the parent becomes completely free of the financial obligation of paying back the parent plus loan debt. Is the refinance of Student loans for parents for you?

Is the refinance of Student loans for parents the right option you?

Maybe, if you are not sure if Parent PLUS loan consolidation or refinancing Parent PLUS loans is right for you. Then, think about checking out all of your options. You just may be able to save more money on interest. Or, retain a lower monthly payment by making the decision to refinance Parent PLUS loans.

But i think we call can agree that less money on student student loans can mean more money for traveling, investments or retirement goals.

More available money to payoff other lingering credit hindering debts is always a plus. Refinancing your Parent PLUS loans maybe just the thing you need. now that you understand the Parent PLUS Loans & Refinance PLUS Loans process.

62 responses to “Parent PLUS Loans & Refinance PLUS Loans”

  1. My son got these loans, but i am getting billed for them. so would that mean they gave me parent plus loans?

  2. My wife and i felt quite delighted to fine this information on parent plus loans, so i had to write this comment as a thank you.

  3. what is the best way to get out of a parent plus student loan? and will refinancing the plus loan help at all?

  4. If some one needs a parent plus loan is your credit checked for approval? also do parent plus loans have high interest rates then a regular stafford student loan?

  5. i hate dealing with these student loans, there is so little help with private loans and parent plus loans…smh

  6. i went in to default on my parent plus loan. i call a company named navient the 1st time to get help with them because the payments were over $900 they where the people billing me. anyway they would not help me. basically wanting me to pay the same thing. So i called this company here GOV student loan service, they actually gave me real help. got my payment lowered to $157 a month.

  7. My husband and i ended up being very thrilled Chris managed to finish up his investigation with the ideas he gained from your web page. It’s not at all simplistic to just find yourself giving Thank you for everything!

  8. my student aid is not available right now for some reason. how do i get it back going so that i can qualify for a parent plus student loan?

  9. Spot on with this write-up, I honestly think this amazing
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  10. Asking questions are genuinely pleasant thing if you are
    not understanding something entirely, parent plus student loans have been a problem for many parents trying to pay for there child’s education

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  12. I have been browsing on-line more than three hours nowadays, but I never found any fascinating article about parent plus loans and refinancing plus loans.

  13. My husband and i were trying to find out what to do about the student loans we took out for my daughter. We heard about refinancing student loans but was not sure about doing it. we called this company to learn more about it. the advisor practically did everything for us, it was a good deal. Thank you for the whole thing!

    • Jordan,
      If the student loans are in your name, you will solely be responsible for the repayment of the loans.

  14. I dont want to work with any of the big companies for my student loans. i want to consolidate them, so i will be calling in today to start the process.

  15. i was told to refinance my student loans, but i was interested in consolidating them. can you tell me which is the best way to go for my student loan payments?

  16. SO gov student loan service can help me find out my options for my parent plus loans. i have been dealing with them for a long time now and would like to get rid of them asap

  17. My spouse and I stumbled over here coming from a
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    out. I like what I see so now i’m following you. Look forward to exploring your web page for a second time.

  18. I am a mom with parent plus loans for two of my daughters, does that matter with getting my student loans refinanced or consolidated?

  19. this website studentloan-gov.com has been a life saver, i filled out the contact form and a student loan helper answered and helped me with my student loan issues. i got my student loans in order now

  20. I have 10 student loans 3 of them are parent loans. can i have them put into one student loan? If so do i just call the number on the website to get started?

    • Hello Maria,
      We can go over your options with you. Yes Just call the number above and we will help you with everything.

  21. Your style is really unique in comparison to other people
    I’ve read stuff from. Many thanks for posting when you’ve got the opportunity, Guess I will just book mark this site.

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  23. Hello, I enjoy reading through your article post on parent plus loans and refinancing plus loans.

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  24. It is not my first time to pay a visit this website, i
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  25. hard to get usful information about student loans and how to get help with them. i will be calling you guys today to get help with my student loans for sure!

  26. Once I originally commented I clicked the -Parent PLUS Loans & Refinance PLUS Loans- checkbox and now each time a remark is added I get four emails with the same comment. Is there any means you possibly can help me with your service service? Thanks!

  27. if i have a parent loan and some other loans i can still get them in one loan…awesome!

    Thank you gov student loan service

  28. i took out loans for my daughter, how they want me to pay and not her. how do i make it so that she pays for the loans and not me since they where for her schooling?

    • unfortunately Pedro, that is not possible. parent loans are in fact the parent or guardians responsibility even though the you are not the student.

  29. i have some parent loans that i have had for 9 years, i pay on them but the balance seems to not move. what can i do about this? please help

  30. great information for parents with kids education they are paying for. i will be forwarding this website and article to my friends

  31. best article and more informative on the subject that i have ever came across. now i can tell me my mom about what she can do with my loans

  32. Your so cool! I dont suppose Ive read anything such as this before. So good to get somebody with some original thoughts on this topic. really we appreciate you starting this up. this fabulous internet site are some items that is required on the internet, somebody with slightly originality. beneficial function for bringing a new challenge on the world

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