{"id":5248,"date":"2017-06-07T08:00:58","date_gmt":"2017-06-07T16:00:58","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=5248"},"modified":"2023-06-05T17:07:07","modified_gmt":"2023-06-06T00:07:07","slug":"parent-plus-loans-2","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/refinance-student-loans\/parent-plus-loans\/","title":{"rendered":"9 Best Companies to Refinance Parent Plus Loans"},"content":{"rendered":"

Parent PLUS Loans might be a good way for parents to help their child pay for school. However, these loans generally come with higher interest rates than other federal student loans, which can make them expensive to pay off.<\/p>\n

The good news is that many private lenders will refinance Parent PLUS Loans, which could help you get a lower interest rate or even pay off the loan faster. You might even be able to refinance the loan into the child\u2019s name, depending on the lender.<\/p>\n

Keep in mind:<\/b> Due to the COVID-19 pandemic, payments and interest accrual have been paused on federal student loans \u2014 including Parent PLUS Loans \u2014 by the CARES Act. Payments are scheduled to restart after September 1, 2023.<\/p>\n

If you refinance your federal student loans, you\u2019ll lose access to this forbearance as well as other benefits like income-driven repayment plans and student loan forgiveness programs.<\/div><\/div>\n

Here are Credible\u2019s partner lenders that offer refinancing for Parent PLUS Loans:<\/b><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Lender<\/strong><\/th>Fixed rates from (APR)<\/strong><\/th>Variable rates from (APR)<\/strong><\/th>Loan terms (years)<\/strong><\/th>Loan amounts<\/strong><\/th>Can refinance into child's name?<\/strong><\/th>\n<\/tr>\n<\/thead>\n

\n
\n
\n
\n \n Credible Rating<\/a>\n <\/span>\n
\n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
\n \"A\n \"A\n \"A\n \"A\n \"A\n <\/div>\n
\n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
 \n 4.19%+<\/sup>\n <\/span>\n<\/td> \n 3.66%+<\/sup>\n <\/span>\n<\/td>5, 7, 10, 15, 20<\/td>$10,000 up to $250,000
\n(depending on degree)<\/td>		No<\/td>\n<\/tr>\n
\n
    \n
  • Fixed APR:<\/span>\n \n 4.19%+<\/sup>\n <\/span>\n<\/li>\n
  • Variable APR:<\/span>\n \n 3.66%+<\/sup>\n <\/span>\n<\/li>\n
  • Min. credit score:<\/span>\n 720<\/li>\n
  • Loan amount:<\/span>\n $10,000 to $400,000<\/li>\n
  • Loan terms (years):<\/span>\n 5, 7, 10, 15, 20<\/li>\n
  • Repayment options:<\/span>\n Military deferment, forbearance<\/li>\n
  • Fees:<\/span>\n Late fee<\/li>\n
  • Discounts:<\/span>\n Autopay<\/li>\n
  • Eligibility:<\/span>\n Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas<\/li>\n
  • Customer service:<\/span>\n Email, phone<\/li>\n
  • Soft credit check:<\/span>\n 720<\/li>\n
  • Cosigner release:<\/span>\n No<\/li>\n
  • Loan servicer:<\/span>\n Firstmark Services<\/li>\n
  • Max. Undergraduate Loan Balance:<\/span>\n $100,000 - $149,000<\/li>\n
  • Max. Graduate Loan Balance:<\/span>\n $200,000 - $400,000<\/li>\n
  • Offers Parent PLUS Refinancing:<\/span>\n Does not disclose<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

\n
\n
\n
\n \n Credible Rating<\/a>\n <\/span>\n
\n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
\n \"A\n \"A\n \"A\n \"A\n \"An\n <\/div>\n
\n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
 \n 5.65%+1<\/sup>\n <\/span>\n <\/td> \n 5.7%+1<\/sup>\n <\/span>\n<\/td>5, 7, 10, 15, 20<\/td>$10,000 to $500,000
\n(depending on degree and loan type)<\/td>		Yes<\/td>\n<\/tr>\n
\n
    \n
  • Fixed APR:<\/span>\n \n 5.65%+1<\/sup>\n <\/span>\n<\/li>\n
  • Variable APR:<\/span>\n \n 5.7%+1<\/sup>\n <\/span>\n<\/li>\n
  • Min. credit score:<\/span>\n Does not disclose<\/li>\n
  • Loan amount:<\/span>\n $10,000 to $750,000<\/li>\n
  • Loan terms (years):<\/span>\n 5, 7, 10, 15, 20<\/li>\n
  • Repayment options:<\/span>\n Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n
  • Fees:<\/span>\n Late fee<\/li>\n
  • Discounts:<\/span>\n Autopay, loyalty<\/li>\n
  • Eligibility:<\/span>\n Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans<\/li>\n
  • Customer service:<\/span>\n Email, phone, chat<\/li>\n
  • Soft credit check:<\/span>\n Yes<\/li>\n
  • Cosigner release:<\/span>\n After 24 to 36 months<\/li>\n
  • Loan servicer:<\/span>\n Firstmark Services<\/li>\n
  • Max. Undergraduate Loan Balance:<\/span>\n $100,000 to $149,000<\/li>\n
  • Max. Graduate Loan Balance:<\/span>\n Less than $150,000<\/li>\n
  • Offers Parent PLUS Refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

\n
\n
\n
\n \n Credible Rating<\/a>\n <\/span>\n
\n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
\n \"A\n \"A\n \"A\n \"A\n \"A\n <\/div>\n
\n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
 \n 6.99%+2<\/sup>\n <\/span>\n<\/td> \n 6.99%+2<\/sup>\n <\/span>\n<\/td>5, 7, 10, 12, 15, 20<\/td>$5,000 to $300,000
\n(depending on degree type)<\/td>		No<\/td>\n<\/tr>\n
\n
    \n
  • Fixed APR:<\/span>\n \n 6.99%+2<\/sup>\n <\/span>\n<\/li>\n
  • Variable APR:<\/span>\n \n 6.99%+2<\/sup>\n <\/span>\n<\/li>\n
  • Min. credit score:<\/span>\n Does not disclose<\/li>\n
  • Loan amount:<\/span>\n $5,000 to $300,000<\/li>\n
  • Loan terms (years):<\/span>\n 5, 7, 10, 12, 15<\/li>\n
  • Repayment options:<\/span>\n Military deferment, forbearance, loans discharged upon death or disability<\/li>\n
  • Fees:<\/span>\n Late fee<\/li>\n
  • Discounts:<\/span>\n Autopay<\/li>\n
  • Eligibility:<\/span>\n All states except for ME<\/li>\n
  • Customer service:<\/span>\n Email, phone, chat<\/li>\n
  • Soft credit check:<\/span>\n Yes<\/li>\n
  • Cosigner release:<\/span>\n After 24 to 36 months<\/li>\n
  • Loan servicer:<\/span>\n College Ave Servicing LLC<\/li>\n
  • Max. Undergraduate Loan Balance:<\/span>\n $100,000 to $149,000<\/li>\n
  • Max. Graduate Loan Balance:<\/span>\n Less than $300,000<\/li>\n
  • Offers Parent PLUS Refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

\n
\n
\n
\n \n Credible Rating<\/a>\n <\/span>\n
\n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
\n \"A\n \"A\n \"A\n \"A\n \"A\n <\/div>\n
\n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
 \n 4.29%+3<\/sup>\n <\/span>\n<\/td> \n 4.74%+3<\/sup>\n <\/span>\n<\/td>5, 7, 10, 12, 15, 20<\/td>Minimum of $10,000<\/td>No<\/td>\n<\/tr>\n
\n
    \n
  • Fixed APR:<\/span>\n \n 4.29%+3<\/sup>\n <\/span>\n<\/li>\n
  • Variable APR:<\/span>\n \n 4.74%+3<\/sup>\n <\/span>\n<\/li>\n
  • Min. credit score:<\/span>\n 680<\/li>\n
  • Loan amount:<\/span>\n $10,000 to $250,000<\/li>\n
  • Loan terms (years):<\/span>\n 5, 7, 10, 15, 20<\/li>\n
  • Repayment options:<\/span>\n Forbearance<\/li>\n
  • Fees:<\/span>\n None<\/li>\n
  • Discounts:<\/span>\n None<\/li>\n
  • Eligibility:<\/span>\n Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor\u2019s degree or higher from an approved school<\/li>\n
  • Customer service:<\/span>\n Email, phone<\/li>\n
  • Soft credit check:<\/span>\n Yes<\/li>\n
  • Cosigner release:<\/span>\n No<\/li>\n
  • Loan servicer:<\/span>\n Mohela<\/li>\n
  • Max. Undergraduate Loan Balance:<\/span>\n $250,000<\/li>\n
  • Max. Graduate Loan Balance:<\/span>\n $250,000<\/li>\n
  • Offers Parent PLUS Refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

\n
\n
\n
\n \n Credible Rating<\/a>\n <\/span>\n
\n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
\n \"A\n \"A\n \"A\n \"An\n \"An\n <\/div>\n
\n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
 \n 5.31%+4<\/sup>\n <\/span>\n<\/td> \n 7.22%+4<\/sup>\n <\/span>\n<\/td>5, 10, 15, 20<\/td>$5,000 - $250,000<\/td>No<\/td>\n<\/tr>\n
\n
    \n
  • Fixed APR:<\/span>\n \n 5.31%+4<\/sup>\n <\/span>\n<\/li>\n
  • Variable APR:<\/span>\n \n 7.22%+4<\/sup>\n <\/span>\n<\/li>\n
  • Min. credit score:<\/span>\n 670<\/li>\n
  • Loan amount:<\/span>\n $5,000 to $250,000<\/li>\n
  • Loan terms (years):<\/span>\n 5, 10, 15, 20<\/li>\n
  • Repayment options:<\/span>\n Academic deferment, military deferment, forbearance<\/li>\n
  • Fees:<\/span>\n Late fee, returned payment fee<\/li>\n
  • Discounts:<\/span>\n Autopay<\/li>\n
  • Eligibility:<\/span>\n Must be U.S. citizen or permanent resident<\/li>\n
  • Customer service:<\/span>\n Email, phone, chat<\/li>\n
  • Soft credit check:<\/span>\n Yes<\/li>\n
  • Cosigner release:<\/span>\n Yes<\/li>\n
  • Max undergraduate loan balance:<\/span>\n $250,000<\/li>\n
  • Max graduate loan balance:<\/span>\n $250,000<\/li>\n
  • Offers Parent PLUS refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

\n
\n <\/div>\n
\n
\n
\n \n Credible Rating<\/a>\n <\/span>\n
\n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
\n \"A\n \"A\n \"A\n \"A\n \"A\n <\/div>\n
\n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
 \n 6.94%+<\/sup>\n <\/span>\n7<\/sup><\/td>N\/A<\/td>5, 7, 10, 12, 15, 20<\/td>Up to $300,000<\/td>No<\/td>\n<\/tr>\n
\n
    \n
  • Fixed APR:<\/span>\n \n 6.94%+<\/sup>\n <\/span>\n7<\/sup><\/li>\n
  • Variable APR:<\/span>\n N\/A<\/li>\n
  • Min. credit score:<\/span>\n 670<\/li>\n
  • Loan amount:<\/span>\n Up to $300,000<\/li>\n
  • Loan terms (years):<\/span>\n 5, 7, 10, 15, 20<\/li>\n
  • Time to fund:<\/span>\n Usually one business day<\/li>\n
  • Repayment options:<\/span>\n Academic deferral, military deferral, forbearance, death\/disability discharge<\/li>\n
  • Fees:<\/span>\n None<\/li>\n
  • Discounts:<\/span>\n Autopay<\/li>\n
  • Eligibility:<\/span>\n Available in all 50 states<\/li>\n
  • Customer service:<\/span>\n Email, phone<\/li>\n
  • Soft credit check:<\/span>\n Yes<\/li>\n
  • Cosigner release:<\/span>\n After 24 months<\/li>\n
  • Max. undergraduate loan balance:<\/span>\n $300,000<\/li>\n
  • Max. graduate balance:<\/span>\n $300,000<\/li>\n
  • Offers Parent PLUS loans:<\/span>\n Yes<\/li>\n
  • Min. income:<\/span>\n None<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

\n
\n
\n
\n \n Credible Rating<\/a>\n <\/span>\n
\n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
\n \"A\n \"A\n \"A\n \"A\n \"An\n <\/div>\n
\n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
 \n 6.2%+<\/sup>\n <\/span>\n<\/td>N\/A<\/td>7, 10, 15<\/td>$10,000 up to the total amount of qualified education debt<\/td>No<\/td>\n<\/tr>\n
\n
    \n
  • Fixed APR:<\/span>\n \n 6.2%+<\/sup>\n <\/span>\n<\/li>\n
  • Variable APR:<\/span>\n N\/A<\/li>\n
  • Min. credit score:<\/span>\n 670<\/li>\n
  • Loan amount:<\/span>\n $10,000 up to the total amount<\/li>\n
  • Loan terms (years):<\/span>\n 7, 10, 15<\/li>\n
  • Repayment options:<\/span>\n Military deferment, loans discharged upon death or disability<\/li>\n
  • Fees:<\/span>\n None<\/li>\n
  • Discounts:<\/span>\n None<\/li>\n
  • Eligibility:<\/span>\n Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans<\/li>\n
  • Customer service:<\/span>\n Email, phone<\/li>\n
  • Soft credit check:<\/span>\n Yes<\/li>\n
  • Cosigner release:<\/span>\n No<\/li>\n
  • Loan servicer:<\/span>\n AES<\/li>\n
  • Max. Undergraduate Loan Balance:<\/span>\n No maximum<\/li>\n
  • Max. Gradaute Loan Balance:<\/span>\n No maximum<\/li>\n
  • Offers Parent PLUS Refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

\n
\n
\n
\n \n Credible Rating<\/a>\n <\/span>\n
\n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
\n \"A\n \"A\n \"A\n \"A\n \"An\n <\/div>\n
\n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
 \n 3.99%+<\/sup>\n <\/span>\n<\/td>N\/A<\/td>5, 10, 15<\/td>$7,500 up to $250,000
\n(depending on highest degree earned)<\/td>		No<\/td>\n<\/tr>\n
\n
    \n
  • Fixed APR:<\/span>\n \n 3.99%+<\/sup>\n <\/span>\n<\/li>\n
  • Variable APR:<\/span>\n N\/A<\/li>\n
  • Min. credit score:<\/span>\n 680<\/li>\n
  • Loan amount:<\/span>\n $7,500 to $250,000<\/li>\n
  • Loan terms (years):<\/span>\n 5, 10, 15<\/li>\n
  • Repayment options:<\/span>\n Academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n
  • Fees:<\/span>\n None<\/li>\n
  • Discounts:<\/span>\n Autopay<\/li>\n
  • Eligibility:<\/span>\n Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000<\/li>\n
  • Customer service:<\/span>\n Email, phone<\/li>\n
  • Soft credit check:<\/span>\n Does not disclose<\/li>\n
  • Cosigner release:<\/span>\n No<\/li>\n
  • Loan servicer:<\/span>\n Rhode Island Student Loan Authority<\/li>\n
  • Max. Undergraduate Loan Balance:<\/span>\n $150,000 - $249,000<\/li>\n
  • Max. Graduate Loan Balance:<\/span>\n $200,000 - $249,000<\/li>\n
  • Offers Parent PLUS Refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n
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All APRs reflect autopay and loyalty discounts where available | 1<\/sup>Citizens Disclosures <\/a> | 2<\/sup>College Ave Disclosures <\/a> | 5<\/sup>EDvestinU Disclosures <\/a> | 3<\/sup> ELFI Disclosures<\/a> | 4<\/sup>INvestEd Disclosures<\/a> | 7<\/sup>ISL Education Lending Disclosures\u00a0<\/a> | 8<\/sup>Nelnet Bank Disclosures<\/a><\/small><\/p><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

Learn more about Credible\u2019s partner lenders<\/h2>\n