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Parent Student Loans

Federal Parent Plus Loans are aimed at parents who have a sound credit history and want to borrow money to help pay for their children's college education. AS with other loans, the student must be attending college at least half time.

This type of loan enables parents to borrow the entire cost of the child's education that is tuition fees, accommodation and living costs, books and other necessary supplies and expenses.

Parent Plus Loans aren't based on need and elegibility is determined by a credit check. It is sometimes necessary to complete a FAFSA form in order to get a parent plus loan and you should check with your college first.

What are the advantages of a Parent Loan?

Parent Plus Loans are guaranteed by the government.

The main advantages are that parents can borrow extra money to top up the student's own loan. And of course, the parents are the ones who have to pay this back, taking some of the burden of loan repayment away from their children.

Loans can also be consolidated, but they cannot be consolidated with the student's own federal loans or private loans.

And the disadvantages of a Parent Plus Loan?

The interest rate is higher than that of a Federal Stafford Loan and repayments must start while the student is still at college.

However, if both parents are denied a Parent Plus Loan, the student is then eligible for a higher Stafford Loan

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