A Parent Loan allows parents to borrow money for their children's education. We always strongly encourage applicants to pursue lower-cost or free financial aid options first by contacting their student’s financial aid office. If you have exhausted those options, parents have two choices when considering lender financing: federal Parent PLUS Loans, or Private Student Loans. Parent PLUS loans generally have the highest interest rates for federal funding, but you may qualify for a lower interest rate through a private lender like Earnest, especially if you have a good income and credit score. We encourage all our clients to review our Eligibility Guidelines before beginning an application. For review and funding timelines, please refer to this article.