Parent PLUS loan borrowers should have the chance to transfer debt to the graduate; especially if graduate can make payments and is eligible for a forgiveness program.
Why is this important?
As a full-time employee at a not-for-profit organization, I am able to make monthly on-time payments on my government loans with the hope that with 120 on-time payments my government loans will be forgiven through the Public Service Loan Forgiveness program.
Currently my parents are unable to make on-time payments on a Parent PLUS loan they took out for my education. Since Parent PLUS loans are non-transferable, this means that even if I make payments on behalf of my parents for the Parent PLUS loan, the loan, which will be paid by myself entirely, is not be considered eligible for the Public Service Loan Forgiveness program, since the Parent PLUS loan is underneath my parents' names, and not mine.
Graduates who are able to make on-time payments, especially those who have loans that can be considered forgiven, should have the opportunity to transfer the debt from their parent/guardian who signed for the Parent PLUS loan to themselves; that way we can help our loved ones like they helped us in helping with the cost of our education.
