10 Best Parent Loans for College: PLUS and Private

Key facts

Pros

• More flexible repayment options for struggling borrowers compared with private lenders.

• All borrowers who attend a school authorized to receive federal aid can qualify.

Cons

• May have higher interest rates compared with private lenders.

• You pay an origination fee.

• You can’t see if you’ll qualify without a hard credit check.

Qualifications

• Parent PLUS loan borrowers must not have adverse credit history.

• Borrowers with adverse credit history can still receive a parent PLUS loan by enlisting a co-signer without adverse credit history or documenting extenuating circumstances for their credit history.

• Loan amounts: Total cost of attendance minus other financial aid.

Available Term Lengths

Disclaimer

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Forbearance of 24 months is twice as long as most lenders.

• Loans are available for students enrolled less than half time.

Cons

• Loans may not be available depending on where you live or your child goes to school.

• Fewer repayment terms than other lenders offer.

• Estate is still responsible for the loan if the parent borrower dies.

Qualifications

• Typical credit score of approved borrowers: Does not disclose.

• Minimum income: Does not disclose.

• Loan amounts: Minimum $1,000. Maximum depends on creditworthiness and debt-to-income ratio.

Available Term Lengths

Disclaimer

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Up to $2,500 can be disbursed to you directly for school-related expenses.

• You can choose your monthly payment while the student is in school, provided it covers at least the interest.

Cons

• No co-signer option.

• Estate is still responsible for the loan if the parent borrower dies.

Qualifications

• Typical credit score of approved borrowers: Mid-700s.

• Minimum income: $70,000 per year.

• Loan amounts: $1,000 up to school-certified cost of attendance.

Available Term Lengths

Disclaimer

Key facts

Pros

• Income-based repayment plan available, with forgiveness after 25 years.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.

Cons

• Fewer repayment terms available than other lenders.

Qualifications

• Typical credit score of approved borrowers: 768.

• Minimum income: $40,000.

• Loan amounts: $1,500 to $45,000.

Available Term Lengths

Disclaimer

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.

• Additional perks like career planning, job search assistance and entrepreneurship support available.

Cons

• Must be a U.S. citizen.

Qualifications

• Typical credit score of approved borrowers or co-signers: 700+.

• Minimum income: No minimum.

• Loan amounts: $5,000 minimum.

Available Term Lengths

Disclaimer

Key facts

Pros

• You are assigned a dedicated student loan advisor.

• One of the few lenders to offer loans to borrowers enrolled less than half-time.

• More payment reduction options for struggling borrowers than other lenders.

Cons

• Shorter length of hardship forbearance than most other lenders.

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

• Only borrowers with existing Wells Fargo student loans are eligible.

Qualifications

• Typical credit score of approved borrowers: Did not disclose.

• Minimum income: No minimum.

• Loan amounts: $1,000 to $120,000

Available Term Lengths

Disclaimer

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• You are assigned a personal loan advisor.

Cons

• Minimum loan amount is larger than other private lenders.

• No co-signer release available.

Qualifications

• Typical credit score of approved borrowers or co-signers: Not available.

• Minimum income: $35,000.

• Loan amounts: $10,000 up to your total cost of attendance.

Available Term Lengths

Disclaimer

Key facts

Pros

• One of the few lenders to provide loans to part-time students.

• Borrowers can access online tutoring and free credit score tracking.

• Non-U.S. citizens, including DACA students, can apply with a U.S. co-signer.

Cons

• You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

• Information not available on minimum qualifying credit scores or income.

Qualifications

• Typical credit score of approved borrowers or co-signers: Does not disclose.

• Minimum income: Did not disclose.

• Loan amounts: $1,000 up to 100% of the school-certified expenses.

Available Term Lengths

Disclaimer

Key facts

Pros

• Six-month grace period extension is available.

• Loyalty discount for existing Citizens Bank customers.

• Multiyear loan approval is available.

Cons

• You must be pursuing a bachelor’s degree or higher.

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers: Does not disclose.

• Minimum income: Did not disclose.

• Loan amounts: $1,000 to $100,000.

Available Term Lengths

Disclaimer

Key facts

Pros

• Borrowers can finance undergraduate and graduate degree programs.

• Students do not have to attend college in Texas to qualify.

Cons

• Available only to parent borrowers in Texas.

Qualifications

• Typical credit score of approved borrowers: N/A

• Minimum income: $60,000 for co-signer or primary borrower, or $30,000 for primary borrower if applying with a co-signer.

• Loan amounts: $10,000 up to $400,000.

Available Term Lengths

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