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Answer a few quick questions. We’ll crunch the numbers to check for personalized rates from multiple lenders.
Will I need a cosigner?
Many students will need a cosigner if they don’t have a credit history. Students who add a cosigner are 3x more likely to qualify for a loan.
Select the loan that works best for you
We’ll help you pick the loan that fits your needs. Choose from multiple rates and repayment plans. Start paying during school, or wait until you graduate.
Finalize your loan
Finish with your chosen lender. Upload documents, sign your loan agreement, and your funds will disburse to your school.
Illustrative purposes, actual results may vary.
Prequalified rates are not a firm offer of credit.¹
Our partner lenders
If you decide to take out a private parent student loan, it’s important to compare as many lenders as you can. This way, you can find the right loan for you and your student. Credible makes this easy — you can compare your prequalified rates from our partner lenders below in just two minutes.
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Commonly asked questions about student loans for parents
Yes, you can still take out both federal and private parent loans during the COVID-19 pandemic. If you need to borrow money to pay for school, it’s generally a good idea to start with federal loan options before turning to private student loans to help fill any gaps.
To take out federal student loans, your child will need to fill out the Free Application for Federal Student Aid (FAFSA). You can also apply for a federal Parent PLUS Loan by submitting a Direct PLUS Loan application.
If you decide to get a private student loan, be sure to consider as many lenders as possible to find the right loan for your situation.
As you weigh your lender options for a private parent student loan, here are several important points to consider:
If you’re ready to apply for a private parent student loan, follow these four steps:
If you’re the parent of a college student, there are two types of student loans that you can access, including:
If you’re thinking about applying for a Parent PLUS Loan, here are a few potential benefits to keep in mind:
Federal student loans also come with some possible drawbacks to be aware of, such as:
Like federal loans, private student loans for parents also come with pros and cons to consider. A few of the potential advantages include:
There are also some possible disadvantages to consider, such as:
If you decide to take out a private parent loan, remember to consider as many lenders as you can to find the right loan for your needs.
Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
While a parent student loan can be a good choice in some cases, it isn’t right for everyone. Here are a couple of important points to keep in mind as you consider your options:
The requirements for taking out a parent student loan depend on the type of loan you choose.
Federal parent student loans
Here are a few of the requirements you’ll need to meet to take out a Parent PLUS Loan:
Private parent student loans
Eligibility criteria for private student loans can vary by lender, but a few common requirements that you’ll likely come across include:
This depends on the type of loan you get.
If you aren’t eligible for a parent loan, another option might be cosigning a private student loan taken out by the student. This could help them qualify more easily for a loan — especially if they have poor or no credit — and might get them a lower interest rate than they’d get on their own.
Just keep in mind that as a cosigner, you’ll share responsibility for the loan — meaning you’ll be liable if the student doesn’t make their payments.
How much you’ll be able to borrow can vary depending on the kind of loan you choose.
Federal student loan rates are set by Congress each year. Here are the rates you can expect for the 2021-2022 academic year:
Private student loan rates, on the other hand, are determined by individual lenders based on market conditions. Also keep in mind that the actual rates you’re offered will be affected by other factors, such as your credit score and the repayment term you choose.
Here are the rates you can expect on private student loans from Credible’s partner lenders:
There are also a few strategies that might help you qualify for a better rate on a private loan, including:
The best private parent student loan lenders are ones that provide competitive interest rates, a wide selection of loan terms, inclusive eligibility requirements, and responsive customer service.
To find the best loan for your needs, it’s important to shop around and compare as many lenders as you can. Here are some of the most important details about the loans offered by Credible’s top parent student loan lenders. Note that while some of these lenders don’t provide a specific parent loan, each of them allows parents to act as a cosigner on their child’s loan.
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