Eligibility for parent student loans depends on the loan type:
- Parent PLUS Loans: To qualify, you must be the biological, adoptive, or stepparent of the student. If you aren’t the biological parent or haven’t legally adopted the student, you won’t be eligible for a PLUS Loan.
- Private Parent Student Loans: Eligibility rules for private loans vary by lender. It’s important to check with the specific lender to determine their criteria for parent and guardian eligibility.
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.