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Eric
Eric , Financial Manager
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Are parents responsible for their childrens student loans

Customer Question

Are parents responsible for their childrens student loans? When the child was in college he lived with his parents does this make a difference?
Submitted: 5 years ago.
Category: Finance
Expert:  Eric replied 5 years ago.

Eric :

I appreciate the opportunity to help!

Eric :

Parent are not responsible for students loans unless the parent co-signed.

Eric :

Children do not need to get parents to cosign on federal student loans, even if under age 18, as the 'defense of infancy' does not apply to federal student loans. (The defense of infancy presumes that a minor is not able to enter into contracts, and considers any such contract to be void. There is an explicit exemption to this principle in the Higher Education Act with regard to federal student loans.) However, lenders may require a cosigner on private student loans if your credit history is insufficient or if you are underage. In fact, many private student loan programs are not available to students under age 18 because of the defense of infancy.

Eric :

Parents are, however, responsible for the Federal PLUS loans.