: This is the mandatory first step for federal loans.
: Use the financial aid notice from the college to determine exactly how much you need to bridge after grants and student-only loans. student parent loans
: Private loans lack federal protections like income-driven repayment, broad deferment options, or federal forgiveness programs. 3. Comparison of Key Features Federal Parent PLUS Private Parent Loan Lender U.S. Dept. of Education Banks/Credit Unions Interest Rate Fixed (8.94% for 2025-26) Variable or Fixed (based on credit) Credit Check Required (looks for "adverse history") Required (looks for high credit score) Transferability Nontransferable to student Possible through private refinancing Death Discharge Discharged if parent or student dies Varies by lender 4. Important Considerations for Families : This is the mandatory first step for federal loans
If you have excellent credit, you might find lower interest rates through private lenders like College Ave , Sallie Mae , SoFi , Earnest , or Citizens Bank . of Education Banks/Credit Unions Interest Rate Fixed (8
: Generally begins within 60 days of disbursement, though parents can request a deferment until six months after the student graduates or drops below half-time enrollment.
: You can borrow up to the full COA minus any other financial aid the student receives.