Fed Financial - Student Loans?

Student Loans?

My parents took out student loans in my name, and i took out some on my own as well.. I thought my mom was just a co-signer but now they are saying she actually is the borrower and has to repay the loans.. Can i consolidate all of her loans and my loans into one? I dont know if this is possible...

Public Comments

I wouldnt know but i think that because this is serious you should go to the bank and ask them to be sure. Good luck!
go to dlssonline This is the Direct Loan website. If you can't find the answer contact them. This is the Dept. of Education and they are always really good about getting back to me about my dilemnas.
Hello Lisa, Unfortunately alot of people are in the same situation across the country... In fact i hear situations like this on a daily basis.. Alot of student loan companies (sallie mae, nelnet, etc) will give student laons to both parents and students... All sounds fine but what they do alot of the tiem is make the parent think they are just goin gto be the "co-signer" Unfortunately what it really means is the parent will be the "borrower", and the child will be the "beneficiary"... So, on credit the loans are under the parents name ONLY... Meaning the child has no financial obligation to the loan... So, being the child has no financial obligation to the loans, the government will NOT allow you to consolidate the parent polus loans into your own federal loans... But, that does not mean you are out of luck... You will actuually benefit greatly by consolidating the loans you have in your name to one bill.. And then have your parents do the same thing... This will make things easier especailly if your parents expect you to pay them back for the loans they took out in your name... You will have your consolidation loan (1 payment) and your parents will havfe their loan (also 1 payment) You also will still get all of the regualar benefits and rate discounts offered by the department of education for doing a consolidation program... I work with Student Aid Lending, we are a nationwide title IV lender administered by the Department of Education... I would be happy to assist you with the consolidation process.. Take a look at my yahoo 360 profile.. There is alot of helpful information there for anyone to view.. You can also find the direct link to my website.. http://360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1 It is actually a VERY SIMPLE process, it can be completed in 10 minutes over the phone and internet... Feel free to call or email me at any time.. Im available at all tiem to answer any questions or concerns you may have.. I hope this helps! Jason Fry Student Aid Lending 1-800-964-0642 ext 114 jasonf@StudentAidLending.com
What your parent did was take out a PLUS loan (Parent Loans for Undergraduate Students). Yes, for these types of loans, your parent is the borrower and is responsible for paying back these loans. I cannot stress enough how extremely important it is that student and parent borrowers read ALL the information on the Master Promissory Notes they sign for these loans! It was stated on the paperwork she signed that this loan was in fact HER loan for your benefit. In all seriousness, this loan is your mother's responsiblity because it was her irresponsibility for not carefully reading what she was signing to. The loan debt is and always has been hers.