Abstract: A system, computer program product, and method that enable a parent's Federal PLUS Loan to be refinanced by the student into a new private loan product. The system includes a computer network, server, storage device and Web Site. The system, computer program product and method all allow for online application by student for the new loan, storing of the application information, electronic signature of the promissory note, electronic provision of income documentation and proof of identity, credit qualification checks completed on student by computer, creation of a new loan in the student's name, payment-in-full of the parent's PLUS loan, notification to parents of payment-in-full status, and disclosure of the new loan to the student.

Abstract: The present invention provides a computer-based system and method for providing a management tool and incentive program that gives an incentive to borrowers to meet specified requirements. The program rewards the borrower with a benefit when the borrower satisfies the necessary requirements.