Ask a Hero: How Can I Put My Parent Loan in My Child’s Name?

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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Dear Student Loan Hero,

My son recently graduated from college, and we want to consolidate his loans. We also have a parent loan, and he wants to get it out of our name and into his. What are our options?

Thank you!

Dear Student Loan Borrower,

When it comes to consolidating student loans, borrowers have two main options:

  • Direct Consolidation Loan: Only federal student loans can be combined using a Direct Consolidation Loan. The interest rate you receive will be the weighted average of the interest rates on the loans you’re consolidating, rounded up to the nearest one-eighth of a percent.
  • Student loan refinancing: You can refinance your student loans with a private lender. This option allows you to combine federal and private student loans and possibly get a lower interest rate and a different term.

Consolidating your son’s loans with a Direct Consolidation Loan might be worth considering. But if you want him to take over payments for a parent loan or a loan you cosigned, he’ll need to refinance those student loans with a private lender.

Look for a lender that will allow your college graduate to refinance a Parent PLUS Loan in his name. Then, your son can complete the application process as usual.

Keep in mind that he’ll need to qualify to refinance his student loans on his own. Lenders usually require a good credit score, a high income, and a low debt-to-income ratio.

If you’re not sure whether your son will qualify, see if he can get a rate quote. The lender might be able to use a soft credit check to give him an idea of whether he’d qualify to refinance his student loans and what rate he’d pay. A soft check won’t affect his credit like a hard inquiry would.

Best of luck!

Elyssa
Student Loan Hero

Read more in the Ask a Hero series.

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.