BEST OF
10 Best Parent Loans for College: Parent PLUS and Private
Don’t take on debt for your child unless you’re in a strong financial position yourself.
Parent PLUS loans are federal student loans that are issued to parents. Parents looking to borrow money for their child's education can also look to private loans offered by banks and online lenders. They generally don't come with fees, unlike federal parent PLUS loans. If your finances and credit are solid, you may find private parent student loans a better deal.
Parent student loans are available to mothers and fathers who want to help put their kids through college. But as much as you love your child, don’t take on debt for them unless you’re in a strong financial position yourself.
Before taking out parent student loans, make sure that:
Your child has maxed out federal student loan options.
You’re saving enough for retirement.
You’ve paid off high-interest debt, like credit cards.
If you decide to move forward, here are our picks for the best parent student loans and information on financing your child's education.
Parent PLUS loans are federal student loans that are issued to parents. Parents looking to borrow money for their child's education can also look to private loans offered by banks and online lenders. They generally don't come with fees, unlike federal parent PLUS loans. If your finances and credit are solid, you may find private parent student loans a better deal.
Parent student loans are available to mothers and fathers who want to help put their kids through college. But as much as you love your child, don’t take on debt for them unless you’re in a strong financial position yourself.
Before taking out parent student loans, make sure that:
Your child has maxed out federal student loan options.
You’re saving enough for retirement.
You’ve paid off high-interest debt, like credit cards.
If you decide to move forward, here are our picks for the best parent student loans and information on financing your child's education.
Summary of Best Parent Loans for College: Parent PLUS and Private
Lender | NerdWallet Rating | Fixed APR | Variable APR | Min. Credit Score | Learn More |
---|---|---|---|---|---|
Best for Federal loan option for parents | 5.30 - 5.30% | N/A | None | Read review | |
Best for Private parent loans for college | 3.75 - 6.99% | N/A | Does not disclose | Read review | |
Best for Private parent loans for college | 3.49 - 12.99% | 1.04 - 11.98% | Mid-600s | Check Rate on College Ave's website | |
Best for Private parent loans for college | 3.64 - 5.46% | N/A | 680 | Read review | |
Best for Private parent loans for college | 4.13 - 11.52% | 1.78 - 11.89% | Does not disclose | Check Rate on SoFi's website | |
Best for Private parent loans for college | 4.53 - 10.72% | 3.39 - 10.09% | Does not disclose | Read review | |
Best for Private parent loans for college | 4.99 - 11.19% | 3.95 - 10.03% | 680 | Read review | |
Best for Private parent loans for college | 4.25 - 12.59% | 1.25 - 11.35% | Does not disclose | Check Rate on Sallie Mae's website | |
Best for Private parent loans for college | 3.99 - 11.39% | 1.22 - 11.15% | Does not disclose | Check Rate on Citizens Bank's website | |
Best for Private parent loans for college | 2.99 - 4.95% | 2.89 - 4.85% | 720 | Check Rate on Brazos's website |
Our pick for
Federal loan option for parents
Federal parent PLUS loans have fixed interest rates and minimal fees. Parent borrowers must not have any adverse credit history to qualify.
Federal Parent PLUS Loan

Fixed APR
Variable APR
Min. Credit Score
Our picks for
Private parent loans for college
Private loan options for parents and legal guardians who want to help their children pay for college.
Advantage Education Loan Parent Loan

Fixed APR
Variable APR
Min. Credit Score
on College Ave's website
College Ave Parent Student Loan
Fixed APR
Variable APR
Min. Credit Score
on College Ave's website
RISLA Private Student Loan

Fixed APR
Variable APR
Min. Credit Score

on SoFi's website
SoFi Private Student Loan

Fixed APR
Variable APR
Min. Credit Score
on SoFi's website
Wells Fargo Private Student Loan

Fixed APR
Variable APR
Min. Credit Score
Education Loan Finance Private Student Loan
Fixed APR
Variable APR
Min. Credit Score

on Sallie Mae's website
Sallie Mae Private Student Loan

Fixed APR
Variable APR
Min. Credit Score
on Sallie Mae's website

on Citizens Bank's website
Citizens One Private Student Loan

Fixed APR
Variable APR
Min. Credit Score
on Citizens Bank's website

on Brazos's website
Brazos Parent Loan

Fixed APR
Variable APR
Min. Credit Score
on Brazos's website
Types of parent student loans
There are two types of loans available for parents: federal direct PLUS loans and private student loans.
Federal direct PLUS loans are government loans that parents can take out to help pay for a child's college education. They have higher interest rates and fees and qualify for fewer repayment plans than federal direct subsidized and unsubsidized loans for students.
The interest rate for federal direct PLUS loans is 5.30% for 2020-21. There is also an origination fee of 4.228%, which is deducted from each loan disbursement.
Assuming your child has exhausted federal student loan options and your finances are sound, consider a parent PLUS loan if:
You work for the government or a 501(c)(3) nonprofit and want to pursue Public Service Loan Forgiveness.
Your credit isn't strong enough to qualify for a lower rate with a private parent loan.
» MORE: Estimate monthly payments using a parent PLUS loan calculator
How to get a parent student loan
To apply for a PLUS loan, fill out the Free Application for Federal Student Aid with your child. NerdWallet's FAFSA guide can help. Then, complete the direct PLUS loan application for parents.
You can apply for a private parent student loan directly with the lender.
Before applying for a private parent loan, shop around to find the lowest student loan interest rate you qualify for. Some lenders have a pre-qualification process that allows you to see a personalized rate before the lender does a hard credit pull.
Who pays a parent student loan?
Before taking out a parent student loan, make sure you and your child work out clear plans for repayment. The loan will ultimately be your responsibility to repay. The only way to transfer parent loans is to have your child refinance the loan in his or her name.
Last updated on November 16, 2020
To recap our selections...
NerdWallet's Best Parent Loans for College: Parent PLUS and Private
- Federal Parent PLUS Loan: Best for Federal loan option for parents
- Advantage Education Loan Parent Loan: Best for Private parent loans for college
- College Ave Parent Student Loan: Best for Private parent loans for college
- RISLA Private Student Loan: Best for Private parent loans for college
- SoFi Private Student Loan: Best for Private parent loans for college
- Wells Fargo Private Student Loan: Best for Private parent loans for college
- Education Loan Finance Private Student Loan: Best for Private parent loans for college
- Sallie Mae Private Student Loan: Best for Private parent loans for college
- Citizens One Private Student Loan: Best for Private parent loans for college
- Brazos Parent Loan: Best for Private parent loans for college