 TITLE: Can You Transfer a Parent Student Loan to a Child? CONTENT: What to Do if You Can't Transfer the Debt to Your Child\n-------------------------------------------------------\nIf your child doesn't qualify to refinance the debt in their name or they refuse to take on the responsibility, you may be stuck with the debt. Depending on the situation, though, there are some potential alternatives you can pursue:\n*   **Seek forgiveness.** If you qualify for the Public Service Loan Forgiveness or Teacher Loan Forgiveness programs, you may be able to get a portion or even all of the student loan debt forgiven.\n*   **Ask for assistance.** If your child is willing to help but can't qualify, you may ask them to make payments on your behalf or help with payments until their credit and income are in good enough shape to get approved for refinancing. Alternatively, you could check to see if your employer (or a government agency, depending on your career field) can provide loan repayment assistance.\n*   **Get on an Income-Contingent Repayment plan.** The Income-Contingent Repayment plan reduces your monthly payment to the lesser of 20% of your discretionary income or what you'd pay with a fixed payment on a 12-year repayment plan. The repayment term can be as long as 25 years, after which any remaining balance would be forgiven. If you need some relief and have parent PLUS loans, this type of plan can be a good way to get it. You'll need to consolidate your loans through the federal government to gain access to this income-driven repayment plan.\n*   **Get on an extended or a graduated payment plan.** Depending on how much you owe, you may qualify for a federal extended or graduated payment plan. These plans offer repayment terms up to 30 years, and payments that can be either fixed or graduated, which means they start out small and increase over time. You'll need to consolidate your loans to access these payment plans.\n*   **Request forbearance.** If you're experiencing financial hardship, it might make sense to apply for forbearance through your federal loan servicer or private lender, depending on the type of loans you have. Forbearance is a temporary solution, but it can give you the time you need to get your finances back on track.\n*   **Refinance student loans** **in your name.** If your child doesn't plan to take on the debt, refinancing the loans in your own name could help you score a lower interest rate, more payment flexibility and other benefits. Choosing this option typically means you'll lose certain protections and benefits afforded to federal student loan borrowers, so consider it carefully before proceeding. END