When searching for a parent loan, you can expect some serious lender benefits. Some of these benefits include:
Before moving forward and filling out a loan application with one of our lenders, you may want to make sure you have completed all of these free options prior to applying for a parent loan. A few programs that you should look into would be:
If you have exhausted all of the above options, you can select one of the lenders above to work with or head over to our student loans page.
Amidst the COVID-19 pandemic, you can still access federal and private parent loans. It’s advisable to prioritize federal loan options, filling gaps with private student loans if needed. Start by completing the FAFSA for federal loans or apply for a federal Parent PLUS Loan. When opting for private loans, explore multiple lenders to secure the best loan for your circumstances.
When considering private parent student loans, keep these essential factors in mind:
To apply for a private parent student loan, follow these steps:
As a parent of a college student, you have access to two types of student loans:
Here are some key benefits to consider:
Federal student loans, including Parent PLUS Loans, have a few important considerations to keep in mind:
Here are a few potential advantages:
When considering private student loans for parents, it’s important to be aware of potential drawbacks:
When opting for a private parent loan, remember to explore multiple lenders to find the loan that best suits your needs.
While a parent student loan can be a suitable choice in certain situations, it may not be the right option for everyone. Here are some essential considerations to bear in mind as you assess your options:
The requirements for obtaining a parent student loan depend on the type of loan you select. Here’s an overview of the requirements for federal and private parent student loans:
Federal Parent Student Loans:
Private Parent Student Loans:
Remember, eligibility criteria for private loans can vary among lenders, so it’s essential to review each lender’s specific requirements.
Eligibility for parent student loans depends on the loan type:
If you’re ineligible for a parent loan, another option is to cosign a private student loan for the student. This can help them qualify for a loan, particularly if they have poor or limited credit history, and potentially secure a lower interest rate.
Remember, as a cosigner, you assume shared responsibility for the loan, making you liable if the student fails to make payments.
Federal student loan rates are determined by Congress annually. For the 2021-2022 academic year, Parent PLUS Loans carry a rate of 6.28%.
On the other hand, private student loan rates are set by individual lenders based on market conditions. The rates you qualify for will be influenced by factors like your credit score and chosen repayment term.
Credible’s partner lenders offer the following rates for private student loans:
To secure better rates on a private loan, consider these strategies:
Federal student loan rates are determined by Congress annually. For the 2021-2022 academic year, Parent PLUS Loans carry a rate of 6.28%.
On the other hand, private student loan rates are set by individual lenders based on market conditions. The rates you qualify for will be influenced by factors like your credit score and chosen repayment term.
Credible’s partner lenders offer the following rates for private student loans:
To secure better rates on a private loan, consider these strategies: