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My parents took out a separate loan under their name for my school. How do I add that amount to my current loan? It seems to be easier if it remains under their name, but I still would like to figure out how to consolidate.
Unfortunately a Parent PLUS loan can’t be consolidated with your federal student loans. The loan is owned by your parents and the Department of Education views your parents as responsible for repaying it.
If you want to be responsible for payments there are two options:
1. You can log in to your parent’s loan account and make the monthly payments on this loan. This option doesn’t make you legally responsible for the loan and the loan will remain under your parents name. However, it does allow you to make the loan payments so your parents don’t have to.
2. You can consider refinancing their Parent PLUS loan with a private refinancing company. This option will require that you have a fairly high credit score, a high income, and steady income. It also comes at the expense of losing the option for loan forgiveness and federal student loan benefits. However, this option will transfer ownership of their loan to you. Your name will be on the loan and your parents won’t have any further obligations to repay the loan.
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