Question:
Dear Steve,
Parental loan through Great Lakes for the Art Institute
We were told that when our daughter turned 23 this loan was transferable to her. we are retired and come to find out it was not transferable, anything that can be done since the Schamberg Art Institute lied to us?
Karen
Answer:
Dear Karen,
It sounds like you might have a federal Parent Plus student loan. If that’s not the case please post an update in the comments section below.
A Parent Plus loan is a loan in your name alone. It’s your loan and not transferable.
Unless you have something in writing from the Art Institute proving they said it would be transferable, I’m afraid you are out of luck.
There is nothing that would prevent your daughter from making the payments on the loan in your name. But make sure to monitor your monthly statements from Great Lakes to verify the payments are being made.
One suggestion if your daughter really wants to take the loan over would be to get a loan and pay off the student loan you have.
I wish I had some magic advice but it sounds like you were lied to back when the loan was taken out. But it would be hard to prove if the person lied or was just mistaken without evidence to support their intentional deception.
