Ask Money

Parent PLUS loans

Chris Farrell Jul 1, 2009

Question: I took out a Parent Plus loan with Sallie Mae when my son started school. He’s finished now. Can I get the loan changed to his name? Thanks. Mary, Breese, IL

Answer: No, Parent PLUS loans are the financial responsibility of the parents, not the student. You could ask your son to make the payments for you on the PLUS loan. But if he misses payments and falls behind you are still responsible.

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