{"id":62053,"date":"2022-05-16T13:19:49","date_gmt":"2022-05-16T20:19:49","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=62053"},"modified":"2023-01-13T08:27:43","modified_gmt":"2023-01-13T16:27:43","slug":"what-is-a-parent-plus-loan","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/student-loans\/what-are-parent-plus-loans\/","title":{"rendered":"What Is a Parent PLUS Loan?"},"content":{"rendered":"<p>Many students today must turn to student loans to afford their college education. Unfortunately, the loans a student can borrow aren\u2019t always sufficient to cover the full price tag. A Parent PLUS Loan can help parents fill the gap for their child.<\/p>\n<p>These federal student loans allow you to borrow money for your child\u2019s education. They don\u2019t come with all the same perks as other federal loans, but they have some advantages.<\/p>\n<p><b>Here\u2019s what you need to know about Parent PLUS Loans:<\/b><\/p>\n<ul>\n<li><a href=\"#parent-plus-loan-defined\">What is a Parent PLUS Loan?<\/a><\/li>\n<li><a href=\"#how-parent-plus-loans-work\">How does a Parent PLUS Loan work?<\/a><\/li>\n<li><a href=\"#how-to-apply-parent-plus-loan\">How to apply for a Parent PLUS Loan<\/a><\/li>\n<li><a href=\"#parent-plus-vs-private-student-loans\">Parent PLUS Loans vs. private student loans<\/a><\/li>\n<li><a href=\"#dont-repay-consequences\">What happens if you don\u2019t repay a Parent PLUS Loan?<\/a><\/li>\n<\/ul>\n<p><a name=\"parent-plus-loan-defined\"><\/a><\/p>\n<h2>What is a Parent PLUS Loan?<\/h2>\n<p>A Parent PLUS Loan is a federal <a href=\"https:\/\/www.credible.com\/student-loans\">student loan<\/a> available to parents of college students. They\u2019re designed to cover any expenses \u2014 up to the full cost of attendance \u2014 that aren\u2019t covered by any financial aid the student received.<\/p>\n<p>To qualify for a Parent PLUS Loan, you must:<\/p>\n<ul>\n<li>Be the parent of a dependent undergraduate student attending an eligible school at least half-time<\/li>\n<li>Have good credit history<\/li>\n<li>Meet the federal student aid <a href=\"https:\/\/studentaid.gov\/understand-aid\/eligibility\">eligibility requirements<\/a><\/li>\n<\/ul>\n<p>Like other federal student loans, Parent PLUS Loans have fixed interest rates that are set for each school year. Unfortunately, these loans tend to have higher interest rates than other federal loans.<\/p>\n<p>While the amount students can borrow in federal loans is limited, Parent PLUS loans allow you to borrow up to the full cost of attendance for <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/talking-to-your-child-about-college\/\">your child\u2019s education<\/a>. They\u2019re often used in combination with other student loans.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><span style=\"font-size: x-large;\"><strong>Compare student loan rates from top lenders<\/strong><\/span><\/p>\n<ul class=\"list--iconArrow accent--isGreen\">\n<li>Multiple lenders compete to get you the best rate<\/li>\n<li>Get actual rates, not estimated ones<\/li>\n<li>Finance almost any degree<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/student-loans\">See Your Rates<\/a><br \/>\n<small>Checking rates will not affect your credit<\/small><\/p>\n<p><!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<\/div><\/div>\n<p><a name=\"how-parent-plus-loans-work\"><\/a><\/p>\n<h2>How does a Parent PLUS Loan work?<\/h2>\n<p>A Parent PLUS Loan is one of a few types of Direct PLUS Loans available from the federal government. These loans work differently than other federal loans because of the borrowing requirements.<\/p>\n<p>Rather than being in the student\u2019s name \u2014 as other federal student loans are \u2014 Parent PLUS Loans are in the parent\u2019s name, and the parent is ultimately the one responsible for repaying the loan.<\/p>\n<p>In most cases, federal student loans don\u2019t require a credit check. But for Parent PLUS Loans and other Direct PLUS Loans, a borrower must have a good credit history to qualify. You\u2019ll have to go through a credit check in order to get a Parent PLUS Loan.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Keep in mind:<\/b> Most federal student loans have loan fees. These are typically a percentage of the principal amount that you borrow. Your loan servicer will deduct the fee from your payout amount each time you receive a disbursement to pay school expenses.<\/div><\/div>\n<h3>Interest on Parent PLUS Loans<\/h3>\n<p>Like other federal loans, a Parent PLUS Loan can be deferred while the student is in school at least half-time. But unlike other federal student loans, Parent PLUS Loans don\u2019t have a grace period after the student leaves school. You can request a six-month deferment, though, after the student leaves school.<\/p>\n<p>Once the student graduates, drops below half-time enrollment, or leaves school for any reason, the loan will go into repayment. At that time, any unpaid accrued interest will capitalize, meaning it\u2019s added to the principal balance and also begins to accrue interest.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Tip:<\/b> If you\u2019re able to make interest-only payments while the student is in school, you can prevent your Parent PLUS Loan from getting bigger before they graduate.<\/div><\/div>\n<p>Our student loan repayment calculator can help you understand how interest will accrue on your Parent PLUS Loan. Enter your loan information into the calculator below to find out how long it will take to pay off your student loans. Use the slider to see how increasing your payments can change the payoff date.<\/p>\n<div class=\"calculator repayment\">\n<div class=\"inputs container\">\n\n\t<p>Enter loan information<\/p>\n\n  <div class=\"row form-groups\">\n  <div class=\"col-xs-8 col-lg\">\n    <div class=\"form-group\">\n\t\t\t<label for=\"loan-balance\">Loan balance<\/label>\n\t\t\t<span class=\"badge badge-pill\" data-toggle =\"tip\" data-placement=\"top left\">\n\t\t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the remaining balance of your loans<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t\t\t\t<\/span>\n\t\t\t<span class=\"input-group loan-balance\">\n\t\t\t\t<span class=\"input-group-addon\">$<\/span>\n\t\t\t\t<input type=\"number\" value=\"55000\" step=\"1000\" name=\"loan-balance\" id=\"loan-balance\" aria-label=\"Loan balance\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n\t\t\t<\/span>\n\t\t<\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n\t\t\t<label for=\"interest-rate\">Interest rate<\/label>\n\t\t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n\t\t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the average annual interest rate of your loans<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t\t\t\t<\/span>\n\t\t\t<span class=\"input-group interest-rate\">\n\t\t\t\t<input type=\"number\" value=\"6.8\" step=\".01\" min=\".01\" name=\"interest-rate\" value=\"6.01\" id=\"interest-rate\" aria-label=\"Interest rate\" class=\"form-control\">\n\t\t\t\t<span class=\"input-group-addon\">%<\/span>\n\t\t\t<\/span>\n\t\t<\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n\t\t\t<label for=\"loan-term\">Loan term<\/label>\n\t\t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n\t\t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the amount of time left to repay your loan<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t\t\t\t<\/span>\n\t\t\t<span class=\"input-group loan-term\">\n\t\t\t\t<input type=\"number\" value=\"10\" step=\"1\" min=\"1\" name=\"loan-term\" id=\"loan-term\" aria-label=\"Loan term\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n\t\t\t\t<span class=\"input-group-addon\">years<\/span>\n\t\t\t<\/span>\n\t\t<\/div>\n  <\/div>\n  <\/div>\n\n\t<p>\n\t\t<label for=\"monthly-increase\">What if you increased your monthly payment?<\/label>\n\t<\/p>\n\t<div class=\"range-with-marker\">\n\t\t<div class=\"range-marker\">\n  \t\t<span class=\"range-marker-addon\">+<\/span>\n  \t\t$<span class=\"range-marker-text\" id=\"monthly-increase-value\">0<\/span>\n\t\t<\/div>\n\t\t<input\n\t\t  type=\"range\"\n\t\t  value=\"0\"\n\t\t  min=\"0\"\n\t\t  max=\"1000\"\n\t\t  name=\"monthly-increase\"\n\t\t  id=\"monthly-increase\"\n\t\t  aria-label=\"Monthly increase\"\n\t\t  class=\"form-control\"\n\t  >\n\t<\/div>\n\n<\/div>\n<div class=\"outputs container\">\n\n  <div class=\"results row\">\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Payment\n  \t<big>$<span id=\"total-payment\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Interest\n  \t<big>$<span id=\"total-interest\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-12 col-sm-4 col-md-12 col-lg-4\">\n  \tMonthly Payment\n  \t<big>$<span class=\"monthly-payment\"><\/span><\/big>\n  <\/div>\n  <\/div>\n\n  <p class=\"results-sentence\">\n    If you increase your payments by\n    <strong>$<span class=\"output-monthly-increase\"><\/span><\/strong>\n    monthly on your\n    <strong>$<span class=\"output-loan-balance\"><\/span><\/strong>\n    loan at\n    <strong><span class=\"output-interest-rate\"><\/span>%<\/strong>,\n    you will pay\n    <strong>$<span class=\"monthly-payment\"><\/span><\/strong>\n    a month and pay off your loan by\n    <strong><span class=\"payoff-date\">Jan 2021<\/span><\/strong>.\n  <\/p>\n\n  <hr \/>\n  <div class=\"cta\">\n        <p>\n      <strong>Does refinancing make sense for you?<\/strong><br \/>\n      Compare offers from top refinancing lenders to determine your actual savings.\n    <\/p>\n    <p>\n      <a href=\"\/refinance-student-loans\" class=\"btn btn-lg btn-warning\">\n        Check Personalized Rates      <\/a><br \/>\n      <small>Checking rates won't affect your credit score<\/small>\n    <\/p>\n      <\/div>\n\n<\/div>\n<\/div>\n\n<p><a name=\"how-to-apply-parent-plus-loan\"><\/a><\/p>\n<h2>How to apply for a Parent PLUS Loan<\/h2>\n<p>If you\u2019re considering applying for a Parent PLUS Loan for your child, follow these steps:<\/p>\n<ul>\n<li><b>Have your child complete the FAFSA.<\/b> Just like any other federal financial aid, a Parent PLUS Loan requires completion of the FAFSA. This form allows you and your child to share important information about your financial situation, which is used to determine what aid, if any, your child qualifies for.<\/li>\n<li><b>Fill out the Parent PLUS Loan application.<\/b> In addition to completing the FAFSA, you\u2019ll also have to apply specifically for the PLUS Loan. On this application, you\u2019ll provide information about your child\u2019s school and the loan amount you\u2019re requesting, and you\u2019ll agree to a credit check.<\/li>\n<li><b>Sign the repayment agreement.<\/b> Once you\u2019ve completed the application for your Parent PLUS Loan and have been approved, you\u2019ll have to sign the Master Promissory Note, just as you would with any federal student loan. When you sign this note, you agree to the terms of the loan and its repayment.<\/li>\n<li><b>Prepare for repayment.<\/b> Even if you don\u2019t plan to make payments on your Parent PLUS Loan while your child is in school, it\u2019s never too early to start thinking about repayment. Remember that you can also start making payments right away to reduce the amount of interest that accrues.<\/li>\n<\/ul>\n<p>The companies in the table below are Credible\u2019s approved partner lenders. Whether you\u2019re the borrower or cosigner, Credible makes it easy to compare rates from multiple private student loan providers without affecting your credit score.<\/p>\n\n<table id=\"tablepress-74\" class=\"tablepress tablepress-id-74 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles table-align-center tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Lender<\/th><th class=\"column-2\">Fixed Rates From (APR)<br \/>\n<\/th><th class=\"column-3\">Variable Rates From (APR)<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/ascent\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A three-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-three-quarter.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#ascent-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    2.69%+<sup>10<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    3.68%+<sup>10<\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"ascent-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    2.69%+<sup>10<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    3.68%+<sup>10<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $2,001* to $400,000 <\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 7, 10, 12, 15, 20<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, fixed\/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                0.25% to 1.00% automatic payment discount, 1% cash back graduation reward<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 12 on-time principal and interest payments<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                Launch Servicing, LLC<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/citizens-bank\/#citizens-bank-private-student-loans\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A three-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-three-quarter.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#citizens-bank-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    3.24%+<sup>1<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    4.99%+<sup><\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"citizens-bank-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    3.24%+<sup>1<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    4.99%+<sup><\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                720<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 to $350,000<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 10, 15<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan types:<\/span>\n                                Any private or federal student loan<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay, loyalty<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner)<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone, chat<\/li>\n                                                <li><span class=\"font-weight-bold\">Soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 36 months<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                Firstmark Services<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/college-ave\/#college-ave-private-student-loans\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A three-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-three-quarter.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#college-ave-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    2.84%+<sup>2,3<\/sup>\n  <\/span>\n<br \/>\n<\/td><td class=\"column-3\">  <span>\n    3.89%+<sup>2,3<\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"college-ave-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    2.84%+<sup>2,3<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    3.89%+<sup>2,3<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 up to cost of attendance<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 8, 10, 15, 20<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, full monthly payment, fixed\/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After half of the scheduled repayment term has been completed<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                College Ave Servicing LLC\r\n<p><i><sup>Learn more about<a href=\"https:\/\/help.collegeavestudentloans.com\/hc\/en-us\/articles\/5560603133079-Can-a-cosigner-be-released-from-a-loan-\"> cosigner release requirements.<\/a> Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.<\/p><\/i><\/sup><\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/custom-choice\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A half star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-half.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#custom-choice-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    3.35%+<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    3.5%+<sup><\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"custom-choice-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    3.35%+<sup><\/sup>\n  <\/span>\n<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    3.5%+<sup><\/sup>\n  <\/span>\n<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 to $99,999 annually\r\n<small>($180,000 aggregate limit)<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/small><\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                7, 10, 15<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, immediate repayment, interest-only repayment, flat\/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone, email<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 36 months<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                American Education Services<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. income:<\/span>\n                                $1<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/invested\/#invested-private-student-loans\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A half star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-half.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#invested-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    4.5%+<sup>8<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    6.47%+<sup>8<\/sup>\n  <\/span>\n<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"invested-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    4.5%+<sup>8<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    6.47%+<sup>8<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                670<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,001 up to cost of attendance<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 10, 15<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay, reward for on-time graduation<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone, chat<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 12 months<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                American Education Services<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/mefa\/#mefa-private-student-loans\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A half star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-half.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#mefa-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    3.29%+<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">N\/A<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"mefa-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    3.29%+<sup><\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                N\/A<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                670<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,500 up to cost of attendance less aid<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                10, 15<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, interest only, immediate repayment, academic deferral, forbearance<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 48 months<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                American Education Services (AES)<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/sallie-mae\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A one-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-quarter.svg\">\n                        <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#sallie-mae-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\"><span style=\"font-weight: 400;\">  <span>\n    2.890%<sup>9<\/sup>\n  <\/span>\n -   <span>\n    17.49%<sup>9<\/sup>\n  <\/span>\n<\/span><\/td><td class=\"column-3\"><span style=\"font-weight: 400;\">  <span>\n    3.75%<sup>9<\/sup>\n  <\/span>\n -   <span>\n    16.370%<sup>9<\/sup>\n  <\/span>\n<\/span><\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"sallie-mae-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                <span style=\"font-weight: 400;\">  <span>\n    2.890%<sup>9<\/sup>\n  <\/span>\n -   <span>\n    17.49%<sup>9<\/sup>\n  <\/span>\n<\/span><\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                <span style=\"font-weight: 400;\">  <span>\n    3.75%<sup>9<\/sup>\n  <\/span>\n -   <span>\n    16.370%<sup>9<\/sup>\n  <\/span>\n<\/span><\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 up to 100% of school-certified cost of attendance<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                10 to 20<sup>9<\/sup><\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, fixed\/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee, non-sufficient funds (NSF) fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone, chat<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements.<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                Sallie Mae<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td colspan=\"3\" class=\"column-1\"><center><b>Compare Prequalified Private Student Loan rates. <\/b><br><br \/>\n<center><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/student-loans\/start\">Compare Private Loans Now<\/a><\/center><br><\/center><br \/>\n<!-- TrustBox widget - Micro Combo --><br \/>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div><br \/>\n<!-- End TrustBox widget --><\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td colspan=\"3\" class=\"column-1\"><p style=\"text-align: center;\"><small>Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available. <a href=\"https:\/\/www.credible.com\/faqs\">Prequalified rates<\/a> are not an offer of credit. | <sup>10<\/sup><a href=\"https:\/\/www.credible.com\/a\/ascent-student-loan-disclosure\/\" target=\"_blank\" rel=\"noopener noreferrer\">Ascent Disclosures<\/a> | <sup>1<\/sup><a href=\"#\" rel=\"noopener noreferrer\" data-toggle=\"collapse\" data-target=\"#citizensbank-inschool\">Citizens Bank Disclosures<\/a> | <sup>2,3<\/sup><a href=\"https:\/\/www.credible.com\/a\/college-ave-disclosures\" target=\"_blank\" rel=\"noopener noreferrer\">College Ave Disclosures<\/a> | <sup>11<\/sup><a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\" target=\"_blank\" rel=\"noopener noreferrer\">Custom Choice Disclosures<\/a> | \u00a0<sup>7<\/sup><a href=\"https:\/\/www.credible.com\/a\/edvestinu-apr-details-inschool\" target=\"_blank\" rel=\"noopener noreferrer\">EDvestinU Disclosures<\/a> | <sup>8<\/sup><a href=\"https:\/\/www.credible.com\/a\/invested-disclosures\" target=\"_blank\" rel=\"noopener noreferrer\">INvestEd Disclosures<\/a> | <sup>9<\/sup><a href=\"https:\/\/www.credible.com\/a\/sallie-mae-homepage-disclosures\/\" target=\"_blank\" rel=\"noopener noreferrer\">Sallie Mae Disclosures<\/a><\/small><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><a name=\"parent-plus-vs-private-student-loans\"><\/a><\/p>\n<h2>Parent PLUS Loans vs. private student loans<\/h2>\n<p>Many students prefer to use Direct Subsidized and Direct Unsubsidized loans to cover their higher education costs. These loans come with certain benefits, including low interest rates and flexible repayment. Unfortunately, these loans aren\u2019t always able to cover the full cost of college. And when that happens, students must resort to other loan options, such as <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/parent-plus-vs-private-parent-loans\/\">Parent PLUS Loans or private student loans<\/a>.<\/p>\n<p>Private lenders make private student loans. Both Parent PLUS Loans and private student loans have pros and cons to consider.<\/p>\n<h3>Pros of Parent PLUS Loans<\/h3>\n<ul>\n<li>Parent PLUS Loans have fixed interest rates, meaning your rate and payment won\u2019t increase during the life of the loan.<\/li>\n<li>Parent PLUS Loans can become eligible for income-driven repayment (the Income-Contingent Repayment Plan) if they\u2019re consolidated into a Direct Loan, which isn\u2019t an option for private student loans.<\/li>\n<li>Like other federal student loans, <a href=\"https:\/\/www.credible.com\/blog\/refinance-student-loans\/parent-student-loan-forgiveness\/\">Parent PLUS Loans are eligible for Public Service Loan Forgiveness<\/a> based on the employment of the borrower (in this case, the parent).<\/li>\n<\/ul>\n<h3>Cons of Parent PLUS Loans<\/h3>\n<ul>\n<li>Parent PLUS Loan interest rates are higher than other federal loans and many private student loans.<\/li>\n<li>These loans have fees that are deducted from disbursements \u2014 similar to an origination fee. Many private student loans don\u2019t have origination fees, though late payment fees and other fees may apply.<\/li>\n<li>Parent PLUS Loans lack some benefits that come with other federal loans, including an automatic grace period and many income-driven repayment options.<\/li>\n<\/ul>\n<h3>Pros of private student loans<\/h3>\n<ul>\n<li>Private student loans often have lower interest rates than Parent PLUS Loans, especially for borrowers with good credit.<\/li>\n<li>Many private lenders offer private student loans without origination fees.<\/li>\n<li>Private student loans often come with longer repayment terms..<\/li>\n<\/ul>\n<h3>Cons of private student loans<\/h3>\n<ul>\n<li>Private student loans don\u2019t always offer deferment or forbearance options.<\/li>\n<li>Private student loans can have variable interest rates, meaning while the rate may be lower at the time you borrow the money, it can increase later on.<\/li>\n<li>For borrowers with poor credit, the interest rate on a private student loan may be considerably higher than the interest rate on a Parent PLUS Loan.<\/li>\n<\/ul>\n<p><a name=\"dont-repay-consequences\"><\/a><\/p>\n<h2>What happens if you don\u2019t repay a Parent PLUS Loan?<\/h2>\n<p>The consequences of not repaying a Parent PLUS Loan are similar to those for failing to pay back any other type of loan. Your loan will go into delinquency on the first day after you miss a payment and will remain that way until you catch up on your payments or make other arrangements (like deferment).<\/p>\n<p>Once your Parent PLUS Loan has been delinquent for at least 90 days, your loan servicer will begin reporting it to the three major credit bureaus \u2014 Equifax, Experian, and TransUnion. At that point, it\u2019ll appear on your credit report, which can negatively affect your credit score.<\/p>\n<h3>Parent PLUS Loan default<\/h3>\n<p>Once your Parent PLUS Loan has been delinquent for 270 days or more, you\u2019re in default. When you\u2019ve defaulted on the loan, the entire unpaid balance \u2014 including interest \u2014 immediately becomes due. You may also have your wages garnished, and your tax returns and other federal benefits may be withheld.<\/p>\n<p>Defaulting on a loan can also have major long-term consequences for your credit. A default remains on your credit report for up to seven years. This may bring down your credit score, making it difficult to qualify for any other type of financing.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Keep in mind:<\/b> With Parent PLUS Loans, the parent is the borrower, not the student. As a result, it\u2019s the parent that\u2019ll face the negative consequences.<\/div><\/div>\n<p>Some parents agree to take on Parent PLUS Loans for their children with the understanding that their child will make the loan payments after they graduate. Unfortunately, no matter what you and your child agreed to, it\u2019s ultimately you as the borrower that\u2019s responsible for paying back the loan.<\/p>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/student-loans\">Find Your Student Loan<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many students today must turn to student loans to afford their college education. Unfortunately, the loans a student can borrow aren\u2019t always sufficient to cover the full price tag. A Parent PLUS Loan can help&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/student-loans\/what-are-parent-plus-loans\/\">Continue reading<\/a><\/p>\n","protected":false},"author":160,"featured_media":62055,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[2],"tags":[1499],"class_list":{"0":"post-62053","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-refinance-student-loans","8":"tag-student-loan-basics-sidebar","9":"what-is-a-parent-plus-loan","11":"post_tag-student-loan-basics-sidebar"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Is a Parent PLUS Loan? | Credible<\/title>\n<meta name=\"description\" content=\"Parent PLUS Loans can help cover the cost of higher education. 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