Can A Parent Pay Their Child’s Student Loan?
Hello. I had a choice of the Parent Plus loan or the Federal Direct Unsubsidized Loan. I took the Unsubsidized loan. This was a few months ago, and now I am doubting as to whether I made the right choice. Which loan is better for my family, and can my parents (who are paying for my education) pay for my loan? It may be a dumb question, but this stuff is all new to me.
Suddenly Human said
am October 9 2009 @ 8:21 pm
The best situation for you would have been to have your parents take out the PLUS loan. This loan is not your responsiblity to repay at all. If they are willing, then have them borrow for you so you aren’t strapped with huge amounts of student debt for 10 years after you drop out or graduate.
But not all folks are willing, in that case the Stafford loan is your other option. But be aware, YOU are responsible to repay it. Can your folks repay? Sure, loans companies are not going to turn cash away, no matter who it’s from!! LOL But your folks are under no legal obligation to pay. If you have a falling out with them, (they are mad because you drop out, don’t like your new boyfriend, don’t like your new major, don’t like your grades, dont like whatever…) and they stop paying, it’s your responsiblity and your credit that will be effected, your wages that get garnished, not theirs. No matter what they say before the falling out.
The only perk I see in you taking out the stafford is that since the DEBT is yours, so is the money, when parents take out PLUS loans, any extra money after your school is paid goes directly to THEM. Not you. In the case of the stafford loan, you get the left over cash if you have any.
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BuyUsedCar21 said
am July 12 2010 @ 10:03 pm
Can a Parent Pay their Child’s Student Loan? http://snipr.com/za0hy