Keep in mind, once borrowed the debt is on the original borrower!
As a parent borrower, can I transfer my loan to my child?
No, a Direct PLUS Loan made to a parent cannot be transferred to the child. You, the parent, are responsible for repaying the loan.
Parents may be lulled into taking on excessive student debt, believing that this obligation can later be easily transferred to their children. A verbal promise by a student to take over his parent’s debt after he graduates is easy to make at the beginning of the college experience. But that promise can become hard to keep later on, especially when job prospects don’t pan out or when a student struggles to get his degree.
Parent PLUS loans are ”both remarkably easy to get and nearly impossible to get out from under“. With good credit, a parent…
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