A Parent Loan allows parents to borrow money for the education of their children. We always strongly encourage applicants to pursue lower-cost or free financial aid options first by communicating with your 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. For more information on what we look for on an application, feel free to review this article here. For review and funding timelines, please feel free to visit this article.
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