Parent PLUS Loans: The Ins and Outs of Refinancing Yours Today

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Can You Refinance Parent PLUS Loans?
How to Refinance Parent PLUS Loans in 2023
1. Locate Your Loan Information
2. Compare Multiple Lenders
Interest rate discounts for autopay or on-time payments Options for repayment terms Possibility of cosigner release Deferment or unemployment protection Minimum and maximum loan amount Fees, such as an origination or application fee Credit requirements
3. Apply for Refinancing
Pros of Refinancing Parent PLUS Loans
Lower Your Interest Rate
Simplify Repayment
Adjust Your Monthly Payment
Transfer Ownership of the Loan to Your Child
Cons of Refinancing Parent PLUS Loans
Lose Access to Federal Repayment Plans
Become Ineligible for Federal Loan Forgiveness
Potentially Be Required to Cosign
Can You Transfer a Parent PLUS Loan to Your Child?
The Takeaway
Frequently Asked Questions
Photo credit: iStock/Charday Penn
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About the Author
Rebecca Safier has nearly a decade of experience writing about personal finance. Formerly a senior writer with LendingTree and Student Loan Hero, she specializes in student loans, financial aid, and personal loans. She is certified as a student loan counselor with the National Association of Certified Credit Counselors (NACCC).
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