In this guide

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Updated: December 11, 2024

Best Private Student Loans for Parents

Savingforcollege.com has developed a methodology for ranking private student loans based on a set of objective criteria. Here are the best private student loans for parents:

Looking for a private student loan? It’s important to shop around for the best interest rate, fees, terms and conditions to suit your needs. Here are a few of our top picks for you to consider.

Lender

Fixed APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Variable APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Repayment Terms

Our Rating

Restricted to Texas residents

Brazos Education Lending Corporation
Pricing disclosure

2.70% – 6.85%

5.25% – 6.15%

5, 7, 10, 15, 20 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
2.70% – 6.85%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.25% – 6.15%

Terms
5, 7, 10, 15, 20 years

Fees
Late fees

Offers
Autopay discount (0.25%), Referral rewards program ($200), and only available for Texas residents

Parents Student Loan Rating

Check Rates
Read Review

ELFI

4.48% – 12.04%

4.98% – 12.54%

5 years, 10 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
4.48% – 12.04%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
4.98% – 12.54%

Terms
5 years, 10 years

Fees
Late fees

Offers
Full Deferment repayment option

Parents Student Loan Rating

Check Rates
Read Review

SoFi
Pricing disclosure
×

*Interest Rates: Eligibility and Important Details. Fixed rates range from 5.74% APR to 16.85% APR with a 0.25% autopay discount. Variable rates range from
6.07% APR – 16.85% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi
rate ranges are current as of 11/20/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term
and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates
reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable
interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up
to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25%
autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking
account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your
interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to
receive a loan from SoFi.

5.74% – 16.85%

6.07% – 16.85%

5 years, 7 years, 10 years, 15 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.74% – 16.85%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
6.07% – 16.85%

Terms
5 years, 7 years, 10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%) and cosigner release

Parents Student Loan Rating

Check Rates
Read Review

College Ave
Pricing disclosure
×

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.

(2)This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 12/02/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.

3.47% – 17.99% 1

4.99% – 17.99% 1

5, 15 years 2

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
3.47% – 17.99%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
4.99% – 17.99%

Terms
5, 15 years

Fees
Late fees

Offers
Autopay discount (0.25%)

Parents Student Loan Rating

Check Rates
Read Review

You can also view the top private student loans for parents by category:

Be sure to pursue other options, such as any financial aid you receive from the FAFSA before turning to private student loans to fill any funding gaps. This may include scholarships, grants and work-study, or other student loan options such as a graduate plus loan.

Best Student Loans by Category

When shopping for the best parent student loans, you may find that some eligibility requirements include having a cosigner. A cosigner is typically another adult who shares equal responsibility for your private parent student loan. Even if you don’t have bad credit, you may still need a cosigner if you don’t have a steady income or solid credit history.
If you prefer to take out a private parent loan without a cosigner, or you simply don’t have one, consider one of these best private loans for borrowers without a cosigner.

Lender

Fixed APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Variable APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Repayment Terms

Our Rating

SoFi
Pricing disclosure
×

*Interest Rates: Eligibility and Important Details. Fixed rates range from 5.74% APR to 16.85% APR with a 0.25% autopay discount. Variable rates range from
6.07% APR – 16.85% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi
rate ranges are current as of 11/20/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term
and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates
reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable
interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up
to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25%
autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking
account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your
interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to
receive a loan from SoFi.

5.74% – 16.85%

6.07% – 16.85%

5 years, 7 years, 10 years, 15 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.74% – 16.85%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
6.07% – 16.85%

Terms
5 years, 7 years, 10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%) and cosigner release

Parents Student Loan Rating

Check Rates
Read Review

Kentucky Higher Education Student Loan Corporation (KHESLC)
Pricing disclosure

2.84% – 6.23%

Not Available

10 years, 15 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
2.84% – 6.23%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%), Full Deferment repayment option, and Cosigner release

Parents Student Loan Rating

Check Rates
Read Review

College Ave
Pricing disclosure
×

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.

(2)This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 12/02/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.

3.47% – 17.99% 1

4.99% – 17.99% 1

5, 15 years 2

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
3.47% – 17.99%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
4.99% – 17.99%

Terms
5, 15 years

Fees
Late fees

Offers
Autopay discount (0.25%)

Parents Student Loan Rating

Check Rates
Read Review

If your parents are willing to help you pay for college, they may have considered a federal Parent PLUS loan. However, depending on their credit score, your parent may be able to qualify for a lower interest rate by cosigning a loan with you.
Some lenders offer a cosigner release option, which is ideal for parents who are willing to help you get a loan but may not want a long-term commitment. Here is a list of the student loan providers with the best cosigner release options.

Lender

Fixed APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Variable APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Repayment Terms

Our Rating

SoFi
Pricing disclosure
×

*Interest Rates: Eligibility and Important Details. Fixed rates range from 5.74% APR to 16.85% APR with a 0.25% autopay discount. Variable rates range from
6.07% APR – 16.85% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi
rate ranges are current as of 11/20/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term
and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates
reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable
interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up
to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25%
autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking
account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your
interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to
receive a loan from SoFi.

5.74% – 16.85%

6.07% – 16.85%

5 years, 7 years, 10 years, 15 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.74% – 16.85%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
6.07% – 16.85%

Terms
5 years, 7 years, 10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%) and cosigner release

Parents Student Loan Rating

Check Rates
Read Review

Kentucky Higher Education Student Loan Corporation (KHESLC)
Pricing disclosure

2.84% – 6.23%

Not Available

10 years, 15 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
2.84% – 6.23%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%), Full Deferment repayment option, and Cosigner release

Parents Student Loan Rating

Check Rates
Read Review

Your repayment term will vary depending on the loan and lender you choose. Flexibility is critical for all borrowers, since anyone can be faced with an unexpected setback such as a job loss or medical emergency.
The following lenders offer parents the most flexibility when it comes to a repayment plan, repayment terms, your monthly payment, your loan term, grace periods, forbearances and discharge options.

Lender

Fixed APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Variable APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Repayment Terms

Our Rating

Citizens Bank
Pricing disclosure

5.99% – 1.06%

6.91% – 1.05%

5, 10 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.99% – 1.06%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
6.91% – 1.05%

Terms
5, 10 years

Fees
Late fees

Offers
Autopay discount (0.25%), Current customer discount (0.25%), and Multi-Year Option

Parents Student Loan Rating

Check Rates
Read Review

Iowa Student Loan

3.19% – 7.40%

Not Available

10 years, 15 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
3.19% – 7.40%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%) and Full Deferment repayment option

Parents Student Loan Rating

Check Rates
Read Review

Kentucky Higher Education Student Loan Corporation (KHESLC)
Pricing disclosure

2.84% – 6.23%

Not Available

10 years, 15 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
2.84% – 6.23%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%), Full Deferment repayment option, and Cosigner release

Parents Student Loan Rating

Check Rates
Read Review

Deferment allows you to temporarily pause or reduce your student loan payments.
Overall, a federal student loan, such as a direct PLUS loan, offers more deferment options than a private loan. But, there are some private lenders that allow borrowers to pause their loan payment in certain situations. The following private lenders offer the best deferment options for parent student loans.

Lender

Fixed APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Variable APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Repayment Terms

Our Rating

Citizens Bank
Pricing disclosure

5.99% – 1.06%

6.91% – 1.05%

5, 10 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.99% – 1.06%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
6.91% – 1.05%

Terms
5, 10 years

Fees
Late fees

Offers
Autopay discount (0.25%), Current customer discount (0.25%), and Multi-Year Option

Parents Student Loan Rating

Check Rates
Read Review

Restricted to Texas residents

Brazos Education Lending Corporation
Pricing disclosure

2.70% – 6.85%

5.25% – 6.15%

5, 7, 10, 15, 20 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
2.70% – 6.85%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.25% – 6.15%

Terms
5, 7, 10, 15, 20 years

Fees
Late fees

Offers
Autopay discount (0.25%), Referral rewards program ($200), and only available for Texas residents

Parents Student Loan Rating

Check Rates
Read Review

SoFi
Pricing disclosure
×

*Interest Rates: Eligibility and Important Details. Fixed rates range from 5.74% APR to 16.85% APR with a 0.25% autopay discount. Variable rates range from
6.07% APR – 16.85% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi
rate ranges are current as of 11/20/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term
and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates
reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable
interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up
to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25%
autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking
account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your
interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to
receive a loan from SoFi.

5.74% – 16.85%

6.07% – 16.85%

5 years, 7 years, 10 years, 15 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.74% – 16.85%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
6.07% – 16.85%

Terms
5 years, 7 years, 10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%) and cosigner release

Parents Student Loan Rating

Check Rates
Read Review

When shopping for a private education loan, don’t forget about customer service. Many borrowers have had issues with student loan companies, but fortunately complaints are often documented.
The list below includes the private student loan lenders with the best customer service, based on self-service options, call center characteristics, popularity and complaint rates.

Lender

Fixed APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Variable APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Repayment Terms

Our Rating

Citizens Bank
Pricing disclosure

5.99% – 1.06%

6.91% – 1.05%

5, 10 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.99% – 1.06%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
6.91% – 1.05%

Terms
5, 10 years

Fees
Late fees

Offers
Autopay discount (0.25%), Current customer discount (0.25%), and Multi-Year Option

Parents Student Loan Rating

Check Rates
Read Review

ELFI

4.48% – 12.04%

4.98% – 12.54%

5 years, 10 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
4.48% – 12.04%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
4.98% – 12.54%

Terms
5 years, 10 years

Fees
Late fees

Offers
Full Deferment repayment option

Parents Student Loan Rating

Check Rates
Read Review

Kentucky Higher Education Student Loan Corporation (KHESLC)
Pricing disclosure

2.84% – 6.23%

Not Available

10 years, 15 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
2.84% – 6.23%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%), Full Deferment repayment option, and Cosigner release

Parents Student Loan Rating

Check Rates
Read Review

Unlike federal student aid, which comes from the government, you can get a private student loan from a bank, credit union or online lender. In some cases, you may be able to qualify for a lower interest rate if you borrow a parent student loan from the bank you already use.
Here is a list of the best bank lenders for a parent borrower that offer student loans, based on costs, eligibility criteria, flexibility and customer service.

Lender

Fixed APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Variable APR
i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Repayment Terms

Our Rating

Restricted to Alaska residents

Alaska Commission on Postsecondary Education (ACPE)
Pricing disclosure
×

+ All state loan rate ranges are established annually at the lowest rate possible. State loans are funded through the Alaska Student Loan Corporation, which issues tax-advantaged bonds to offer lower rates, and more accessible credit criteria. State loans are not supported by the State of Alaska’s general funds.

+ The Annual Percentage Rate (APR) is the yearly cost of borrowing money, shown as a percent of the amount you borrowed. The APR is calculated based on the interest that will be charged over the life of the loan, the principal balance at origination, and the repayment schedule, assuming that all payments will be made on time.

++ You may be eligible to receive a 0.25% interest rate reduction on your loan by authorizing ACPE to automatically deduct qualifying loan payments from a checking or savings account during the in-school and repayment periods. The reduction will remain in effect as long as qualifying automatic payments continue without interruption. Participating in Auto-Pay will reduce the finance charges, resulting in a lower total cost of borrowing. To qualify, payments made during non-repayment periods such as the in-school, grace, deferment, and forbearance periods, must be a minimum of $50.00 per loan. Payments made during the repayment period must be a minimum of $5.00 and all loans must be current in repayment.

* Also requires an absence of adverse credit (nothing derogatory on your credit history)

** The lowest possible rate of 5.03% APR is based on a sample loan of $10,000, disbursed in two equal installments, with 120 monthly payments of $134.34. This rate requires participation in ACPE’s Auto-Pay Discount program. The APR may increase after consummation based on individual repayment behaviors.

*** All Refi rates are set at the lowest possible rate. Additional discounts for Auto-Pay are not available.

**** ACPE uses a FICO score, provided by Factual Data is to determine credit eligibility. A FICO score is a proprietary credit score, developed by Fair Isaac Company (FICO). FICO scores typically range from 300-850, the higher the score the better. Learn more about FICO scores: https://www.myfico.com/credit-education/

6.75% – 7.00%

Not Available

10, 15 years

Fixed APR

i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
6.75% – 7.00%

Var. APR

i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
10, 15 years

Fees
Late fees

Offers
Autopay discount (0.25%), Full Deferment repayment option, and only available for Alaska residents

Parents Student Loan Rating

Check Rates
Read Review

Restricted to Texas residents

Brazos Education Lending Corporation
Pricing disclosure

2.70% – 6.85%

5.25% – 6.15%

5, 7, 10, 15, 20 years

Fixed APR

i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
2.70% – 6.85%

Var. APR

i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.25% – 6.15%

Terms
5, 7, 10, 15, 20 years

Fees
Late fees

Offers
Autopay discount (0.25%), Referral rewards program ($200), and only available for Texas residents

Parents Student Loan Rating

Check Rates
Read Review

Iowa Student Loan

3.19% – 7.40%

Not Available

10 years, 15 years

Fixed APR

i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
3.19% – 7.40%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%) and Full Deferment repayment option

Parents Student Loan Rating

Check Rates
Read Review

Savingforcollege.com has developed a methodology for ranking private student loans based on a set of objective criteria. Here are the top 10 best private student loans for parents:

Lender

Fixed APR
i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Variable APR
i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.

Repayment Terms

Our Rating

Citizens Bank
Pricing disclosure

5.99% – 1.06%

6.91% – 1.05%

5, 10 years

Fixed APR

i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.99% – 1.06%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
6.91% – 1.05%

Terms
5, 10 years

Fees
Late fees

Offers
Autopay discount (0.25%), Current customer discount (0.25%), and Multi-Year Option

Parents Student Loan Rating

Check Rates
Read Review

Restricted to Alaska residents

Alaska Commission on Postsecondary Education (ACPE)
Pricing disclosure
×

+ All state loan rate ranges are established annually at the lowest rate possible. State loans are funded through the Alaska Student Loan Corporation, which issues tax-advantaged bonds to offer lower rates, and more accessible credit criteria. State loans are not supported by the State of Alaska’s general funds.

+ The Annual Percentage Rate (APR) is the yearly cost of borrowing money, shown as a percent of the amount you borrowed. The APR is calculated based on the interest that will be charged over the life of the loan, the principal balance at origination, and the repayment schedule, assuming that all payments will be made on time.

++ You may be eligible to receive a 0.25% interest rate reduction on your loan by authorizing ACPE to automatically deduct qualifying loan payments from a checking or savings account during the in-school and repayment periods. The reduction will remain in effect as long as qualifying automatic payments continue without interruption. Participating in Auto-Pay will reduce the finance charges, resulting in a lower total cost of borrowing. To qualify, payments made during non-repayment periods such as the in-school, grace, deferment, and forbearance periods, must be a minimum of $50.00 per loan. Payments made during the repayment period must be a minimum of $5.00 and all loans must be current in repayment.

* Also requires an absence of adverse credit (nothing derogatory on your credit history)

** The lowest possible rate of 5.03% APR is based on a sample loan of $10,000, disbursed in two equal installments, with 120 monthly payments of $134.34. This rate requires participation in ACPE’s Auto-Pay Discount program. The APR may increase after consummation based on individual repayment behaviors.

*** All Refi rates are set at the lowest possible rate. Additional discounts for Auto-Pay are not available.

**** ACPE uses a FICO score, provided by Factual Data is to determine credit eligibility. A FICO score is a proprietary credit score, developed by Fair Isaac Company (FICO). FICO scores typically range from 300-850, the higher the score the better. Learn more about FICO scores: https://www.myfico.com/credit-education/

6.75% – 7.00%

Not Available

10, 15 years

Fixed APR

i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
6.75% – 7.00%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
10, 15 years

Fees
Late fees

Offers
Autopay discount (0.25%), Full Deferment repayment option, and only available for Alaska residents

Parents Student Loan Rating

Check Rates
Read Review

Rhode Island Student Loan Authority (RISLA)
Pricing disclosure

5.74% – 8.74%

Not Available

10 years

Fixed APR

i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.74% – 8.74%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
10 years

Fees
Late fees

Offers
Autopay discount (0.25%) and Single fixed rate option

Parents Student Loan Rating

Check Rates
Read Review

PA Forward
Pricing disclosure
×

2 Annual Percentage Rate (APR) Calculations: The lowest APR is based on the following assumptions: a loan of $10,000 made in a single disbursement, a borrower who selected an Immediate Repayment Plan, monthly payments of $188.16 for a period of 60 months, a fixed periodic interest rate of 5.13% and total payments of $11,289.78. The borrower in this sample qualified for a 0.25% Direct Debit benefit for the entirety of the repayment period. This APR is an estimate and may differ from the actual rate received. The highest APR is based on the following assumptions: A loan of $10,000 made in a single disbursement, a borrower who selected an Interest Only Repayment Plan and a repayment term of 180 months, monthly payments of $76.92 for 46 months and monthly payments of $102.80 for the remainder of the repayment term, a fixed periodic interest rate of 9.23% and total payments of $22,042.06. The borrower in this sample did not qualify for any interest rate discounts. These APRs are estimates and may differ from the actual rate received.

4.87% – 9.20%

Not Available

5, 10, 15 years

Fixed APR

i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
4.87% – 9.20%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
5, 10, 15 years

Fees
No fees

Offers
Autopay discount (0.25%)

Parents Student Loan Rating

Check Rates
Read Review

Restricted to Texas residents

Brazos Education Lending Corporation
Pricing disclosure

2.70% – 6.85%

5.25% – 6.15%

5, 7, 10, 15, 20 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
2.70% – 6.85%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.25% – 6.15%

Terms
5, 7, 10, 15, 20 years

Fees
Late fees

Offers
Autopay discount (0.25%), Referral rewards program ($200), and only available for Texas residents

Parents Student Loan Rating

Check Rates
Read Review

ELFI

4.48% – 12.04%

4.98% – 12.54%

5 years, 10 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
4.48% – 12.04%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
4.98% – 12.54%

Terms
5 years, 10 years

Fees
Late fees

Offers
Full Deferment repayment option

Parents Student Loan Rating

Check Rates
Read Review

Iowa Student Loan

3.19% – 7.40%

Not Available

10 years, 15 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
3.19% – 7.40%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%) and Full Deferment repayment option

Parents Student Loan Rating

Check Rates
Read Review

SoFi
Pricing disclosure
×

*Interest Rates: Eligibility and Important Details. Fixed rates range from 5.74% APR to 16.85% APR with a 0.25% autopay discount. Variable rates range from
6.07% APR – 16.85% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi
rate ranges are current as of 11/20/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term
and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates
reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable
interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up
to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25%
autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking
account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your
interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to
receive a loan from SoFi.

5.74% – 16.85%

6.07% – 16.85%

5 years, 7 years, 10 years, 15 years

Fixed APR

i
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While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
5.74% – 16.85%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
6.07% – 16.85%

Terms
5 years, 7 years, 10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%) and cosigner release

Parents Student Loan Rating

Check Rates
Read Review

Kentucky Higher Education Student Loan Corporation (KHESLC)
Pricing disclosure

2.84% – 6.23%

Not Available

10 years, 15 years

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
2.84% – 6.23%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
Not Available

Terms
10 years, 15 years

Fees
No fees

Offers
Autopay discount (0.25%), Full Deferment repayment option, and Cosigner release

Parents Student Loan Rating

Check Rates
Read Review

College Ave
Pricing disclosure
×

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.

(2)This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 12/02/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.

3.47% – 17.99% 1

4.99% – 17.99% 1

5, 15 years 2

Fixed APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
3.47% – 17.99%

Var. APR

i
x
While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts.
4.99% – 17.99%

Terms
5, 15 years

Fees
Late fees

Offers
Autopay discount (0.25%)

Parents Student Loan Rating

Check Rates
Read Review

FAQs

How do parent loans work?

Once you and your child exhaust college savings and all other resources (e.g., scholarships, grants, etc.), you may need to borrow a student loan to pay for college costs. A parent loan, like a student loan, enables you to borrow money to help pay for your child’s college costs. You will pay back the total amount at a later date, plus fees and interest. For example, if you borrow a $10,000 parent loan with a 5% interest rate and plan to pay it off over 10 years, you will pay $2,728 in interest over the 10 years that you repay the loan, in addition to repaying the $10,000 principal balance. There are two main types of student loans. Federal student loans are loans made by the U.S. federal government that come with many benefits. Private loans are made by a private lender, such as a bank or a credit union. It is often recommended that you turn to federal student loans before private loans.

How can I avoid borrowing parent loans?

Saving for college is a great solution to reducing parent loans, and you can consider opening a 529 college savings plan account. If you haven’t been able to save enough for your child’s college, you can encourage them to apply for as many scholarships as they can. Assist with filling out the FAFSA to apply for grants and work-study opportunities. Talk to your children about choosing an affordable college, staying on track to graduate and reducing expenses as much as possible while they are in school.

What is the difference between federal parent student loans and private student loans?

Federal parent loans are loans made by the U.S. federal government and private loans are made by a private lender, such as a bank or a credit union. The federal loan for parents is called the Federal Parent PLUS Loan. Federal loans, including this one, offer better benefits than private loans, including the possibility of student loan forgiveness, an option to make payments based on your income, and options to postpone payments during times of unemployment and economic hards

What is the Federal Parent PLUS Loan?

The Federal Parent PLUS Loan is available to parents of dependent undergraduate students. Interest rates are fixed and will remain the same for the life of the loan. This loan is unsubsidized and interest starts accruing immediately. Repayment may be deferred while the student is enrolled in college on at least a half-time basis and for six months afterwards.

What is required for the Federal Parent PLUS loan?

Unlike federal student loans, the Federal Parent PLUS loan does require a credit check. Requirements are less strict for this loan compared to private parent loans, but borrowers must not have an adverse credit history. No credit scores are required. Students and parents must also not be in default on a federal student loan.

What’s the difference between borrowing parent loans and cosigning a student loan?

A parent loan is in your name, while cosigning a private student loan will be in your child’s name. Parents are expected to pay the parent loan and the student is expected to pay their own private loan. However, even though you are cosigning, you are still equally responsible for repaying the cosigned loan. The cosigned loan also appears as debt on your credit and lowers your debt-to-income ratio. The student is not obligated to repay a parent loan.

What is the difference between fixed and variable interest rates?

A fixed rate does not change, but as a variable rate can increase or decrease. A variable rate may seem desirable because it is often lower than a fixed rate, but it is more of a risk, since it could very well increase. A variable rate can change as often as monthly. A fixed rate offers more predictability.

Who is responsible for repaying a parent loan?

A parent is responsible for repaying a parent loan. When it is time to start repaying a parent loan, some lenders allow the student to refinance parent loans into their own name. Keep in mind that refinancing federal loans into private loans means a loss in irreplaceable benefits, including income-driven repayment, potential loan forgiveness and generous deferment periods. A borrower may not qualify for a refinance, though, so it’s best not to count on this.

How do I choose a lender for borrowing private parent loans?

Consider which lender offers the lowest interest rate and loan terms that work best for you. Some lenders offer other benefits, such as due date flexibility and options to pause payments if you lose your job. Compare reputation and reviews and find the best lender for your situation.

What is required for private parent loans?

Most private student loan lenders require a credit score of at least 650 to be approved. The higher the credit score, the more likely you are to be approved and the lower interest rate you’ll get. Lenders also want to see steady income and a low debt-to-income ratio. Parent loans can also have a creditworthy cosigner to increase the chances of being approved. Cosigning any student loans is extremely risky, since the cosigner is equally responsible for repaying the loan and their credit is negatively impacted by the debt.

Important Disclaimers

Savingforcollege.com provides our readers with free access to objective information, articles and tools to help them make informed decisions about saving and paying for education. We are able to do this because we are compensated by our partners, including some private student lenders. Some, though not all, of the products featured here are offered by partners who may pay us a sales commission. Our partnerships do not influence our ratings or reviews, which are based on in-depth research and objective methodologies, though they may influence which products we write about and where those products appear on our site. Our opinions are our own.

While Savingforcollege.com strives to keep our information up to date, the lender rates, terms and other information are subject to change at any time.

Exhaust all other resources, such as scholarships and grants, before borrowing student loans. If you need to borrow loans, federal student loans offer many benefits that private student loans do not. Read the fine print and disclaimer from any potential lender and understand how student loans work before borrowing.

Savingforcollege.com is an independent publisher. We do not provide legal, financial, accounting or tax advice. The information and tools published on this website are general in nature and may not apply to your specific circumstances. You should seek specific guidance from a qualified legal, financial, accounting or tax professional.

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