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Once your complete application packet is received, our underwriting team will review your file and follow up with a decision within 2-4 days.

If your application is approved, you can choose to start your Consolidation Plus program right away.

Simply review the details with your Loan Consultant, sign the agreement, and return it back to us. Now your debt resolution company will use the funds from your Consolidation Plus loan to expedite the settlement of your accounts and pay the negotiated amounts.

After the debts are settled, you will enter repayment and your monthly payments will go towards paying down your Consolidation Plus loan.

There are two methods of refinancing a PLUS loan: You or your child will lose some borrower protections by refinancing, and your child must be financially secure enough to qualify solo.

The government doesn’t give parents the option to officially shift PLUS loans into their child’s name.

After graduation (and once they have the means), some grads give their parent the amount of the loan bill each month or log in to their parent’s online loan servicer portal to make the payment. A growing number of refinancing lenders allow graduates to refinance their parents’ loans — perhaps as part of refinancing their own loans — including Purefy, Common Bond, Darien Rowayton Bank and So Fi.

“Transferring a parent PLUS loan from parent to child can be very beneficial, as it releases the parent from the debt obligation and helps the child build his or her credit history by making on-time payments,” says Phil De Gisi, vice president of marketing at Common Bond.

Refinancing requires a credit score in the high 600s or above, solid employment history and an income of at least ,000 a year in most cases.

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Here’s how to refinance or transfer parent PLUS loans, and what to weigh as you come up with an action plan.

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