Private Loans for Parents
These loans are specifically designed for parents of undergraduate and graduate students who want to co-sign the loan to pay for their child's education. These loans come in handy when the student does not have established credit history or income. In general, the better the credit, the more favorable the loan terms.
Am I eligible?
To qualify for a private loan:
- The borrower, student and any co-signer must have Social Security numbers
- The borrower and any cosigner must be U.S. citizens or eligible permanent residents
- The borrower must have good credit
- The student must be enrolled (full- or half-time) at an eligible college, graduate, trade or technical school
How much can I borrow?
A family may borrow the cost of attendance for an academic year.
Where can I spend the money?
The money can be applied toward tuition, books, meal plans, lab fees, computers and other education-related living expenses.
Interest Rates and Fees
Different lenders will charge their own interest rates and fees, so it is a good idea to do some comparison shopping before you agree to the terms of a loan. Any fees applied to the loan will not only depend on the lender, but also on the credit history of the borrower.
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After reading private Loans, learn about the application process in the section Understanding How to Apply for Student Loan