Best Parent Loans for College

Key features A major benefit for these and other Federal Student Loan are the special government loan perks, such as access to major student loan forgiveness programs (if you meet all criteria) and generous income-driven repayment plans (if you switch to a federal consolidation loan first). Note that the Department of Education doesn’t set annual borrowing limits for Parent PLUS loans, but you still can’t borrow more than the student’s cost of attendance, minus other aid received.

Eligibility requirements

You must be the biological or adoptive parent of a dependent student enrolled at least half-time in an eligible undergraduate school. Borrowers with adverse credit can apply with an endorser (can’t be your child) or document the extenuating circumstances behind your recent credit history.

Key features Citizens Bank stands out for its multiyear approval, which saves time and effort for future borrowing. Depending on the type of degree, you can borrow up to $350,000 with no hidden fees, locking in funds for multiple years all at once. Like with many other lenders, you can get a 0.25% rate discount when you automate your student loan payments, but you can also access additional discounts if you have a qualifying Citizens Bank account. You can choose between an immediate, interest-only or deferred payment plan.

Eligibility requirements

U.S. citizens with dependent students enrolled at least half-time in a degree-earning program at an eligible institution. Borrower must pass a credit check or add a creditworthy cosigner. International students can apply with an eligible U.S. citizen as a cosigner.

Key features While some lenders focus just on costs directly payable to your school, a College Ave parent loan offers some extra flexibility. For instance, you can choose between 11 repayment terms, including the option to make in-school payments to reduce the amount of accrued interest.

Eligibility requirements

Available for parents, grandparents, guardians or any family member who wishes to help pay for a child’s college education. Approval is based on the borrower’s credit and income review.

Key features Sallie Mae offers its “Smart Option Student Loan,” which is really more of a student loan with a parent cosigner, rather than a traditional parent loan. Geared toward undergraduate students with a creditworthy parent, grandparent or family friend, this loan offers competitive interest rates, flexible terms and free quarterly FICO credit score updates. You can choose immediate, interest-only or fixed ($25/month) payments or defer loan payments until six months after graduation.

Eligibility requirements

The parent or guardian applies as a cosigner and shares responsibility with the student. Students must be enrolled in a participating school, although unlike with most lenders, below half-time enrollment is acceptable. Cosigner release is available after 12 months of regular payments if you meet the income and credit score requirements.

Key features Education Loan Finance (ELFI) offers parent loans for school costs, with competitive rates, flexible terms and no fees. The application process is speedy and efficient, and you can view personalized rate offers within minutes without damaging your credit score. You can choose between immediate, interest-only or fixed ($25/month) payments or defer payments until six months after your child graduates.

Eligibility requirements

Both the borrower and student must be U.S. citizens or residents. A parent, guardian or other family members can apply if they shared a home with the student for more than half of the year. The student must be enrolled at least half-time, and the borrower or cosigner must meet financial requirements.

Key features Rhode Island Student Loan Authority (Risla) offers extensive borrower protections to help protect against life’s unexpected events. With a RISLA parent loan, you can apply for income-based repayment plans and forbearance, military benefits and even forgiveness for unfortunate incidents. Such perks are rare for private student loans. In addition, the RISLA multiyear program allows you to easily request funds each year as long as your credit score, income and other qualifying factors remain the same.

Eligibility requirements

The student and borrower must be U.S. citizens or residents, with the student enrolled in an eligible degree-granting school. All borrowers must meet income and credit score criteria.

Key features Available to family members and friends, the College Family Loan from ISL Education Lending can cover up to 100% of the cost of attendance, with competitive rates, no origination fees and cosigner release after 24 months. You can add a creditworthy cosigner to access the lowest rates, but the students themselves can’t cosign this loan. ISL Education Lending also offers cosigned and non-cosigned undergraduate student loans with low, competitive interest rates.

Eligibility requirements

Available to U.S. citizens and residents (except for Maine residents). Students must be enrolled at least half-time in an eligible school and maintain satisfactory academic progress. The borrower must meet specific financial criteria and anyone can apply — including other family members and close friends.

Key features Sofi provides some great member perks. With a parent loan, you can rack up SoFi Member Rewards for various actions, redeeming points for cash or paying down your loan.

All SoFi members gain access to free career services, networking events, financial advisors and more. You can also qualify for exclusive discounts if you take out subsequent loans or qualify for a family discount. You can check your rates without hurting your credit score.

Eligibility requirements

Students must be enrolled at least half-time in a degree-seeking program at an eligible school. Anyone who meets the credit and financial requirements can apply, as this loan isn’t limited to parents or family members.

Key features Part-time or non-degree-seeking students may need help securing student loan financing, especially since federal financial aid requires at least half-time enrollment. Fortunately, Advantage Education Loan provides loans to nontraditional students — as long as you agree to an immediate, in-school repayment plan. Creditworthy parents can access Advantage’s low-interest rate loans with no fees, allowing you to contribute to the full cost of your child’s school expenses.

Eligibility requirements

Borrower needs to be a parent or stepparent of an eligible student and a U.S. citizen or permanent resident. Must meet income and credit check criteria.

Key features An INvestED parent loan won’t appeal to everyone since the student must be an Indiana resident or attending an Indiana college or university. However, it’s an excellent way for Indiana students to access extra funds for their college career. Immediate payment plans begin 30 to 60 days after the loan’s disbursement, with forbearance and deferment options available, along with relatively quick cosigner release.

Eligibility requirements

Must be an Indiana resident, as well as citizen or permanent resident of the U.S. Borrowers and cosigners (if applicable) must have established credit history and meet income criteria.