So, I have a parent plus loan and a regular loan for my tuition payments. The parent plus loan is my mothers name for x amount of dollars, while the other loan is in my name for x amount of dollars. I cannot consolidate the loans together per a woman at AES, and the only way I would be able to get the parent plus loan out of my mothers name would be to get a loan from a bank and pay off that one. I can go through my local bank which is National City and get a personal line of credit for up to 25,000 dollars at 11.25% or keep the student loan in my parents name and keep the lower 7.940%. For some reason she refuses to let me consolidate the loan in her name. I'm pretty pissed about this and I'm at the end of my ropes as what to do. Suggestions?

 

Student loans suck, but you are stuck. No reasonable way to get the Parent Plus loan in your name. If the issue is you paying it back, just pay your mother every month for it. This will save you a high percentage of a personal loan and the hassle of getting another loan.

 

Does she want the loan out of her name, or do you?

If you could find another loan with a rate that low then I'd say take it and pay hers off, but not if the rate is oo high.

I made sure to get mine in both my name and hers so I can build some credit after school.

 

Just write your mom a bunch of post dated cheques and keep the lower interest rate. It'll save you money in the long run.

 

yeah and if you can pay as much as you can, more than the minimum payment so you pay it off quicker

 

so whats wrong with the federal student stafford loan? 6.8% FIXED. as long as it fits your needs it can absolutely not be beat.

 

Yea do the stafford loan. Right now i've cosigned on two huge loans with my girlfriend/fiancee and the percentages at 11 and 12%. The number is pretty scary when they send you the statement. KEEP THE 7% LOAN!

 

sometimes keeping the student loan as long as you could; paying the very minimun amount allow is a good thing... the interest is tax deductible (well, at least for mine)

 

with the stafford loan they dont usually give you that much...I only got like $2500

 

i told my mom if she didnt get the plus this year that i would have to drop out of college due to lack of funds. she is allready paying one from last year but the only way for me to go to school is if she gets them. i think if your gonna be in debt for thousands of dollars your parents can help u take on a lil bit of it. i wouldnt mind to have all the loans in my name but they wont give me anymore loot so thats what it is