I’m going through aidvantage.studentaid/fafsa for my loans- i have subsidized and unsubsidized loans. My parents want to “gift” me money for paying it off but how would I go about this? Is this something I would have to report, do they have to make an account and pay it off themselves so it’s “under their name” Kinna thing? Just not sure how to go about this if they’ll think it’s sus I paid everything off and not with a payment plan/schedule. Pls let me know your experiences or any advice you have. Ty
My parents want to pay off my $16,000 student loans
byu/r00t-b333r inStudentLoans
Posted by r00t-b333r
3 Comments
Your parents should just be able to make the payment from their account and be done with it!
Just have them plug in their bank account info and make a one time payment. If you really want them to transfer it to you first, you can do that, but you might incur bank fees. It’s probably way more hassle than it’s worth.
Your parents can gift you 19k a year and no paperwork needs to be filled out and nothing needs reported to the IRS.