Parent PLUS loans and divorce | 03.11.10

Posted in PLUS Loans By Evan Jacobs

If you’re an estranged parent or the child of divorce, you might be wondering which parent is responsible in certain student loan situations. Here is a brief overview.

Parent PLUS loans: Only one parent may apply for a Parent PLUS loan. The parent must (1) live with the child who will be using the loan; (2) claim the child as a dependent on taxes; and (3) support them more than 50%. This loan may not be transferred at any time and is the sole responsibility of the parent who applies.

Private Student loan cosigning: Either parent may elect to cosign for a student loan. The parent must have good credit and be responsible to pay in the event the student defaults following their post-graduation grace period.

Student loan consolidation: Only the parent who takes out the Parent PLUS loan may consolidate. If both parents co-signed for separate private loans for a child, an individual parent may only consolidate the loan(s) for which he or she co-signed.


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