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Updated: December 6, 2021

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.

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.
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.
Advertising Disclosure
×

College Ave Student Loans products are made available through either Firstrust 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. Variable rates may increase after consummation.

Information advertised valid as of 10/21/2021. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

3.59% - 13.24%
1.29% - 12.23%
5, 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.
3.59% - 13.24%
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.
1.29% - 12.23%
Terms
5, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
Advertising Disclosure
×

Lowest rates shown include the auto debit discount. APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan with a 4-year in-school period.

The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

Example of a typical transaction for a $10,000 Parent Loan with the most common variable rate, the Principal and Interest Repayment Option, a 48-month in-school period, and two disbursements: It works out to a 12.99% variable APR, 4 payments of $75.05, 115 payments of $151.38 and one payment of $80.65, for a Total Loan Cost of $17,789.55. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. Variable rates may increase over the life of the loan.

Information advertised valid as of 07/22/2021.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Saving for College is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

©2021 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks if Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America

5.49% - 13.87%
3.37% - 12.99%
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.
5.49% - 13.87%
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.
3.37% - 12.99%
Terms
10 years
Fees
No fees
Offers
0.25 percentage point interest rate reduction with autopay
Parents Student Loan Rating
Advertising Disclosure
4.23% - 10.66%
1.20% - 11.23%
5 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.
4.23% - 10.66%
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.
1.20% - 11.23%
Terms
5 years, 10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.125%), and Cosigner release
Parents Student Loan Rating

Restricted to Texas residents

Advertising Disclosure
2.95% - 5.65%
0.93% - 5.53%
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.
2.95% - 5.65%
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.
0.93% - 5.53%
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

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

  • Best Rewards
  • Best for Borrowers without a Cosigner
  • Best Cosigner Release Option
  • Best Flexibility for Repayment
  • Best Deferment Options
  • Best Customer Service
  • Best Bank Lender
  • Top Rated

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.

Some private student loan lenders offer perks such as rewards for good grades and graduation, and autopay discounts. You may want to consider these incentives when evaluating your private student loan 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.
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.
Repayment Terms
Our Rating
Advertising Disclosure
4.23% - 10.66%
1.20% - 11.23%
5 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.
4.23% - 10.66%
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.
1.20% - 11.23%
Terms
5 years, 10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.125%), and Cosigner release
Parents Student Loan Rating
Advertising Disclosure
4.55% - 7.58%
1.97% - 7.06%
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.
4.55% - 7.58%
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.
1.97% - 7.06%
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

Restricted to Texas residents

Advertising Disclosure
2.95% - 5.65%
0.93% - 5.53%
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.
2.95% - 5.65%
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.
0.93% - 5.53%
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

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.
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.
Repayment Terms
Our Rating
Advertising Disclosure
×

College Ave Student Loans products are made available through either Firstrust 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. Variable rates may increase after consummation.

Information advertised valid as of 10/21/2021. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

3.59% - 13.24%
1.29% - 12.23%
5, 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.
3.59% - 13.24%
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.
1.29% - 12.23%
Terms
5, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
Advertising Disclosure
×

Lowest rates shown include the auto debit discount. APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan with a 4-year in-school period.

The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

Example of a typical transaction for a $10,000 Parent Loan with the most common variable rate, the Principal and Interest Repayment Option, a 48-month in-school period, and two disbursements: It works out to a 12.99% variable APR, 4 payments of $75.05, 115 payments of $151.38 and one payment of $80.65, for a Total Loan Cost of $17,789.55. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. Variable rates may increase over the life of the loan.

Information advertised valid as of 07/22/2021.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Saving for College is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

©2021 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks if Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America

5.49% - 13.87%
3.37% - 12.99%
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.
5.49% - 13.87%
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.
3.37% - 12.99%
Terms
10 years
Fees
No fees
Offers
0.25 percentage point interest rate reduction with autopay
Parents Student Loan Rating
5.49% - 13.99%
3.99% - 12.99%
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.
5.49% - 13.99%
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.
3.99% - 12.99%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating

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.
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.
Repayment Terms
Our Rating
Advertising Disclosure
×

Lowest rates shown include the auto debit discount. APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan with a 4-year in-school period.

The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

Example of a typical transaction for a $10,000 Parent Loan with the most common variable rate, the Principal and Interest Repayment Option, a 48-month in-school period, and two disbursements: It works out to a 12.99% variable APR, 4 payments of $75.05, 115 payments of $151.38 and one payment of $80.65, for a Total Loan Cost of $17,789.55. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. Variable rates may increase over the life of the loan.

Information advertised valid as of 07/22/2021.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Saving for College is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

©2021 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks if Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America

5.49% - 13.87%
3.37% - 12.99%
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.
5.49% - 13.87%
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.
3.37% - 12.99%
Terms
10 years
Fees
No fees
Offers
0.25 percentage point interest rate reduction with autopay
Parents Student Loan Rating
Advertising Disclosure
4.23% - 10.66%
1.20% - 11.23%
5 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.
4.23% - 10.66%
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.
1.20% - 11.23%
Terms
5 years, 10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.125%), and Cosigner release
Parents Student Loan Rating
3.50% - 6.99%
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.
3.50% - 6.99%
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.
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

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.
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.
Repayment Terms
Our Rating
Advertising Disclosure
×

Lowest rates shown include the auto debit discount. APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan with a 4-year in-school period.

The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

Example of a typical transaction for a $10,000 Parent Loan with the most common variable rate, the Principal and Interest Repayment Option, a 48-month in-school period, and two disbursements: It works out to a 12.99% variable APR, 4 payments of $75.05, 115 payments of $151.38 and one payment of $80.65, for a Total Loan Cost of $17,789.55. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. Variable rates may increase over the life of the loan.

Information advertised valid as of 07/22/2021.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Saving for College is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

©2021 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks if Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America

5.49% - 13.87%
3.37% - 12.99%
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.
5.49% - 13.87%
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.
3.37% - 12.99%
Terms
10 years
Fees
No fees
Offers
0.25 percentage point interest rate reduction with autopay
Parents Student Loan Rating
3.50% - 6.99%
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.
3.50% - 6.99%
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.
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
5.49% - 13.99%
3.99% - 12.99%
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.
5.49% - 13.99%
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.
3.99% - 12.99%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating

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.
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.
Repayment Terms
Our Rating
5.49% - 13.99%
3.99% - 12.99%
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.
5.49% - 13.99%
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.
3.99% - 12.99%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
Advertising Disclosure
4.55% - 7.58%
1.97% - 7.06%
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.
4.55% - 7.58%
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.
1.97% - 7.06%
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

Restricted to Texas residents

Advertising Disclosure
2.95% - 5.65%
0.93% - 5.53%
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.
2.95% - 5.65%
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.
0.93% - 5.53%
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

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.
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.
Repayment Terms
Our Rating
Advertising Disclosure
×

Lowest rates shown include the auto debit discount. APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan with a 4-year in-school period.

The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

Example of a typical transaction for a $10,000 Parent Loan with the most common variable rate, the Principal and Interest Repayment Option, a 48-month in-school period, and two disbursements: It works out to a 12.99% variable APR, 4 payments of $75.05, 115 payments of $151.38 and one payment of $80.65, for a Total Loan Cost of $17,789.55. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. Variable rates may increase over the life of the loan.

Information advertised valid as of 07/22/2021.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Saving for College is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

©2021 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks if Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America

5.49% - 13.87%
3.37% - 12.99%
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.
5.49% - 13.87%
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.
3.37% - 12.99%
Terms
10 years
Fees
No fees
Offers
0.25 percentage point interest rate reduction with autopay
Parents Student Loan Rating
5.49% - 13.99%
3.99% - 12.99%
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.
5.49% - 13.99%
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.
3.99% - 12.99%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
Not Available
Not Available
5 years, 7 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.
Not Available
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.
Not Available
Terms
5 years, 7 years, 10 years
Fees
Late fees
Offers
Full Deferment repayment option
Parents Student Loan Rating

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.
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.
Repayment Terms
Our Rating
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4.55% - 7.58%
1.97% - 7.06%
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.
4.55% - 7.58%
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.
1.97% - 7.06%
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

Restricted to Texas residents

Advertising Disclosure
2.95% - 5.65%
0.93% - 5.53%
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.
2.95% - 5.65%
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.
0.93% - 5.53%
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
4.60% - 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.
4.60% - 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.
Not Available
Terms
10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%) and Full Deferment repayment option
Parents Student Loan Rating

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:

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.
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.
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Lowest rates shown include the auto debit discount. APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan with a 4-year in-school period.

The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

Example of a typical transaction for a $10,000 Parent Loan with the most common variable rate, the Principal and Interest Repayment Option, a 48-month in-school period, and two disbursements: It works out to a 12.99% variable APR, 4 payments of $75.05, 115 payments of $151.38 and one payment of $80.65, for a Total Loan Cost of $17,789.55. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. Variable rates may increase over the life of the loan.

Information advertised valid as of 07/22/2021.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Saving for College is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

©2021 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks if Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America

5.49% - 13.87%
3.37% - 12.99%
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.
5.49% - 13.87%
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.
3.37% - 12.99%
Terms
10 years
Fees
No fees
Offers
0.25 percentage point interest rate reduction with autopay
Parents Student Loan Rating
Advertising Disclosure
4.55% - 7.58%
1.97% - 7.06%
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.
4.55% - 7.58%
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.
1.97% - 7.06%
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
4.54% - 4.54%
Not Available
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.
4.54% - 4.54%
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.
Not Available
Terms
10 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Single fixed rate option
Parents Student Loan Rating
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College Ave Student Loans products are made available through either Firstrust 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. Variable rates may increase after consummation.

Information advertised valid as of 10/21/2021. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

3.59% - 13.24%
1.29% - 12.23%
5, 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.
3.59% - 13.24%
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.
1.29% - 12.23%
Terms
5, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
5.49% - 13.99%
3.99% - 12.99%
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.
5.49% - 13.99%
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.
3.99% - 12.99%
Terms
15 years
Fees
No fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
Advertising Disclosure
4.23% - 10.66%
1.20% - 11.23%
5 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.
4.23% - 10.66%
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.
1.20% - 11.23%
Terms
5 years, 10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Current customer discount (0.125%), and Cosigner release
Parents Student Loan Rating
3.50% - 6.99%
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.
3.50% - 6.99%
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.
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
Advertising Disclosure
×

Advertising Disclosure
1 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 $100.87 for a period of 120 months, a fixed periodic interest rate of 4.17% and total payments of $12,103.84. 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 $54.75 for 46 months and monthly payments of $87.50 for the remainder of the repayment term, a fixed periodic interest rate of 6.57% and total payments of $18,267.78. 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.

2 Repayment Terms: A borrower of a $10,000 loan who selects a 10-year (120 months) repayment term may receive an APR between 4.16% and 6.06%, monthly principal and interest payments between $102.06 and $111.37, and a total amount repaid between $12,246.61 and $15,691.52. A borrower of a $10,000 loan who selects a 15-year (180 months) repayment term may receive an APR between 4.66% and 6.55%, monthly principal and interest payments between $77.37 and $87.50, and a total amount repaid between $13,926.78 and $18,267.78. No interest rate discounts were applied to these examples. Applicants are subject to credit qualifications, completion of an application and credit agreement, and verification of application information.

NOTE: Subject to aggregate loan limits.

The PA Forward Student Loan Program is a credit-based loan program. Applicants are subject to credit qualifications, completion of an application and credit agreement, and verification of application information. PHEAA uses applicant(s) FICO score(s) to determine eligibility and interest rates. Higher credit scores may mean an applicant is offered a lower interest rate.

PHEAA reserves the right to discontinue all programs or benefits without prior notice.

3.91% - 6.55%
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.
3.91% - 6.55%
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.
Not Available
Terms
10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%)
Parents Student Loan Rating
4.60% - 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.
4.60% - 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.
Not Available
Terms
10 years, 15 years
Fees
No fees
Offers
Autopay discount (0.25%) and Full Deferment repayment option
Parents Student Loan Rating

Restricted to Texas residents

Advertising Disclosure
2.95% - 5.65%
0.93% - 5.53%
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.
2.95% - 5.65%
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.
0.93% - 5.53%
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
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 hardship.

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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