“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
Learn How to Transfer Parent PLUS Loans to a Child
Source Date:
Saturday, May 20, 2017
When it comes to helping Neela Hummel's mother-in-law repay the parent PLUS
(https://www.usnews.com/education/best-colleges/paying-for-college/student-
loan/articles/2010/08/17/parent-plus-loans-frequently-asked-questions) loans she borrowed years ago for
her son's schooling, the family has an informal arrangement.
Neela and her husband Tom regularly log into his mother's account and make payments with their own
funds, tackling the nearly $30,000 in PLUS loans remaining after Tom's 2007 graduation from California
State Polytechnic University—Pomona (https://www.usnews.com/best-colleges/cal-poly-pomona-1144).
The couple feel responsible for the debt since the money paid for Tom's education and would like to
formally take over repayment. "We're both set in our careers and we're trying to clean this up as much as
we can," says Neela, who works as a
nancial advisor.