People also ask
Can a parent get a student loan for a child?
Federal parent student loans Federal parent student loans, also known as Direct PLUS loans, are loans taken out in a parent’s name on behalf of their child. They’re similar to federal student loans for students, but they have less flexible repayment terms and the interest rates are typically higher.
What is a Parent PLUS Loan and who is responsible?
The Parent PLUS loan is borrowed by the parent of an undergraduate student to help pay for the student鈥檚 college costs. Only the parent is responsible for repaying a Parent PLUS loan, but there is no obligation to borrow a Parent PLUS loan.
Can a parent get financial aid for a child?
most other forms of financial aid. The FAFSA is a prerequisite before your child can get student loans, such as the Federal Perkins loan and Federal Stafford loan. Only the student is obligated to repay these loans. Parents are not responsible for repaying their children’s federal student loans and cannot cosign these loans.
Are federal student loans reported on a parent’s credit history?
Federal student loans are not reported on the parent’s credit history. Parents are not responsible for repaying their child’s federal student loans even if the child is or was underage.