Post-college life

How to Transfer Your Parent PLUS Loan to Your Child

If you took out a Parent PLUS loan from the federal government to help finance your child's education, you are likely dealing with interest rates as high as 8.50%. Thankfully, CommonBond can help you refinance to a lower rate AND allow you to transfer that loan to your son or daughter.

How do I transfer my Parent Plus loan to my child?

Have your child fill out the application as if they were refinancing their own loan. Even though the Parent PLUS loan is in your name, they should fill out the refinance application with their information including income, school, and degree. Later on in the application, we'll ask for a copy of the current loan statement. At that point your child can indicate that the current loan is in your name and they will be taking it over.

Are there any requirements for my child to be the new holder of the loan?

Yes, just a few. Your child must have completed their education and received at least a bachelor's degree or higher from one of our 2,000+ eligible schools. We also look at their credit and income holistically to determine eligibility for the loan. If they do not meet these requirements, they can add a cosigner that meets these criteria in order to move forward with the application.

My Parent PLUS loan had a co-signer on it – does the refinanced loan need to have a co-signer as well if I transfer it to my child?

Not necessarily. If your child meets the lending criteria for the new loan on their own, they are free to refinance without a cosigner no matter what the situation was before.

What if I want to keep the loan in my name?

You can still refinance your Parent Plus loans and save thousands with CommonBond. Keep in mind that if you do refinance your Parent Plus loans, you would also need to meet the same criteria as a student refinancing their own student loans. Click here to get your rate and find out how much you can save.

Have more questions about refinancing or transferring Parent Plus loans? Check out our FAQ or feel free to contact us at 800-975-7812 or email us at, we'll be happy to help!

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