How to Transfer Your Parent PLUS Loan to Your Child with SoFi

By Julissa Treviño Updated on May 19, 2019

Transferring your Parent PLUS Loan to your child is a big move. As you retirement age approaches, though, there's definitely good reason to want your now-adult child to assume the debt for their education. 

SoFi, a leading student loan refinancing lender, is one of just a few lenders that offers a fast and easy Parent PLUS loan transfers. Here, we'll walk you through the process to complete the transfer online. 

What you need to know

The good news is that transferring a Parent PLUS loan through refinancing can often yield a lower interest rate. That means your child may have a lower monthly payment than you've been paying. 

It's also important to know that the process of transferring the loan to your child isn't exactly a direct transfer. Rather, your child will refinance the loan through SoFi in their own name. SoFi will pay off the balance of the PLUS loan, and your child will take out a new loan with new loan terms for the same amount. There are no fees for your child to refinance your loan. 

Since your child will be taking on this debt, they must meet eligibility requirements. Generally, that means the child must have graduated from a degree program and be able to prove they can financially able to pay off the debt. 

Ready to get started? Your child will fill out the application, but you'll need to provide the info on your existing Parent PLUS Loan. Have your child head over to and follow these steps.

1. Create an account

From the home page, your child will click on "Find my rate" at the top right-hand corner.

SoFi 1

They will need to create an account to proceed with the application.

SoFi registration page

2. Choose the Student Loan Refi option

On the next page, there will be a list of offerings for the types of loans SoFi offers. Don't click on the Parent PLUS Refi option. That option is intended for parents to refi Parent PLUS Loans in their own name.

Rather, to transfer the loan, your child will need to click on the Student Loan Refi option to pull up the correct application.

SoFi offerings

3. Provide information

Now you should be on the application page, where your child will enter some basic information about themselves and the PLUS loan amount. Have them click "Check my Rate" to allow SoFi to pull a soft credit check. This won't affect their credit score.

SoFi app

4. See rates and loan options

If your child is conditionally approved, SoFi will show the rates for which they're eligible to refinance.

They will be asked where they want the loan payoff to go, and then will have to provide the account info for your Parent PLUS loan.

SoFi will then request a statement directly from the current servicer, or you can give a current statement to your child to upload to their account. Uploading your most-recent statement may make the process move faster. 

5. Complete the transfer

After your child authorizes SoFi to check their credit, they will be given an official loan offer, which will explain the new loan term, monthly payment, and interest rate.

Once your child accepts the loan terms, SoFi will pay off your Parent PLUS loan.

However, don't forget to that you're still responsible for the loan until the loan has been refinanced in your child's name. Don't stop making payments until you are certain your balance has been zeroed out. 

Learn more about transferring your Parent Plus Loan with SoFi now. 

Published in: Refinance

About the Author
Julissa Treviño

Julissa Treviño is a writer and journalist based in Texas. Her work has appeared in BBC Future, CityLab, Columbia Journalism Review, The Dallas Morning News, Racked, Teen Vogue and other publications. She enjoys traveling, playing with makeup, biking and trying new food. Follow her @JulissaTrevino. Read more by Julissa Treviño