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Parent Loan consolidation and Private lenders
December 10, 2019
11:50 pm
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Forum Posts: 1
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December 11, 2019
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Hello.
I have about 100k in parent PLUS loans in my dads name and about 40k in direct student loans myself. Right now all the loans are still with Nelnet (government) and the parent loan is in deferment still due to the monthly payment being way too much for me (because its based on my dads income of around 140k annual). My dad really wants the parent loan out of his name or for me to start paying it off. I have spoken to Nelnet and they say I cannot consolidate the parent loan and my loan all in one under my name, which would allow me to base the income driven payment plan off of my income and not my dads.
I feel like the only other option is to consolidate it with a private lender in order to get it all in my name. However I really hate to do that and not be able to take advantage of the perks of the loans being with the government still.
Do you have any recommendations for me?

December 14, 2019
4:52 pm
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Indiana
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Forum Posts: 348
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May 3, 2014
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It sounds like you are seeing the basic issues with the Parent PLUS loan refinance. Some lenders will let you get it out of your parents name, but that new loan would be a private loan without any government protections.

Unfortunately, I’m not aware of any program or strategy that will allow students to get a PLUS loan in their name and keep the debt with the government.

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