Transferring and Student Loans Question

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Transferring and Student Loans Question

Postby godzilla93 » Fri Jun 14, 2013 1:53 pm

Hi,

I have a question about how loans transfer from school to school. I have currently borrowed Stafford and Parent PLUS loans for the upcoming, full academic year, but I plan to transfer in the middle of the year to a much more affordable school. The loans I borrowed for my current school are a lot more than the total tuition of my future school - what happens to the portion of the PLUS and Stafford loans that are not used? Does the excess for the second semester get cancelled and I only have to make payments for the one semester?

Thanks for any help or advice!
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Re: Transferring and Student Loans Question

Postby edvadmin » Wed Aug 14, 2013 9:51 am

When you transfer to the other school and additional moneies sent to the prior school should be returned to the lender of the loans. Make sure that you stay on top of the school that you are leaving to make sure any overages are paid back to the lender. In most cases schools do return the money to the lender but there have been instances where the school did not return the money to the lender. By staying on top of this situation you will ensure that any money not used for your education is refunded to the lender thus lowering your total loan amount.
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Re: Transferring and Student Loans Question

Postby Skibum4451 » Fri Jan 03, 2014 12:29 pm

Question-- If I wish to have my children take over repayment of a Parent Plus Loan what would be a solution to my dilemma?
Is it possible for them to take another student loan to repay me?
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