are parents responsible for student loans

Best answer


Not responsible

People also ask


  • What are parental student loans?

  • These are loans that are taken out in the parent’s name to be used for their child’s education. Beyond PLUS Loans, parents sometimes take out private student loans as well.

  • What is a parent’s name loan?

  • These are loans that are taken out in the parent’s name to be used for their child’s education. Beyond PLUS Loans, parents sometimes take out private student loans as well. Once again, in most cases these are in the parent’s name, or the parent is a cosigner on the student loan.

  • How do parents borrow money to pay for college?

  • The most common way parents borrow money is to take out student loans themselves – Parent PLUS Loans. These are loans that are taken out in the parent’s name to be used for their child’s education.

  • Should parents borrow private or federal student loans?

  • If parents borrow private student loans, they will typically pay higher interest rates and fees than Federal student loans. And again, there are limited options for forgiveness and repayment.

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