Expert: Les Thomas - 11/12/2011

Question
Hi, I sent a question a week or so back regarding Parent Plus loans, but now I have another. I know there is no way to transfer a Parent Plus Loan into the student's name. But is there a way to get my name (student) onto the loan with my parent? The reason for this is because there are options, like the military, that will help to pay off loans, but they can only pay off loans in my name. Is there any way to get my name on the loan?

Answer
Josh,

The best advice I can offer on this questions is for you to contact the lending institution that originated the PLUS Loan with your parents, and see if there is a way for you to be placed on the loan as well.  Loans are contractual obligations between the lender and the person taking out the loan.  To add someone onto that contract after it has been initiated may not be possible, but the originating lender would be the only source to answer that question.  I hope this helps.  

You may also want to verify with the Military office that handles these benefits to see for sure what their policies are as you may need further clarification.  For some reason... I'm thinking that any educational loans taken out for your education would be subject to repayment.  This PLUS Loan was taken out originally for your education, not for Mom or Dad... so it should be subject to the same "payback" rules they have for educational loans that your name is on.

I hope this helps... Good Luck,

Les Thomas
College Financial Aid Services
(760) 889-1828