Loan ownership is important when it comes to Student Loan Refinancing because we’re currently unable to transfer a student loan from one person to another. This includes moving a loan from parent to child (or vice versa) or moving a loan from one spouse to another. While the loan may have been taken out to pay for your education, this doesn’t necessarily mean that the loan was originated with you as the primary borrower. In the case of Parent Plus loans, the loan often originated with the parent as the primary borrower.
To determine loan ownership, our team will look at the ECOA codes associated with the loan as shown on your Experian credit report. Codes showing 1, 2, or 7 denote that the applicant is usually the primary borrower of the loan (the only exception would be ECOA code 2 showing as cosigner instead of a primary). The best way you can confirm how a loan was originated is by contacting your current loan provider or by viewing your free yearly report from Experian.