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Private parent loans are an alternative to federal loans. If for some reason you can not obtain a federal parent loan you can always ask a private bank or a private institution to review your application for a loan.

The major difference between federal and private parent loans is the source of funds. In this case the lender is a private bank or investor. The U.S. Department of Education is not involved.

The Interest Rates for private parent loans are slightly higher than for federal once, but they are still reasonable. The money is repaid to the bank and there are no grace periods.

Good Credit History is taken into consideration when applying for this loan. In order to apply for this loan parents should visit our apply section or visit private banks that offer loans to parents.

Students with their parents look for private education loans when the federal loans don't provide enough money or when they need more flexible repayment options. Most of the time these loans are taken out to supplement other types of Financial Aid.

Private parent loans come with the following benefits:

  Flexible Negotiations
  Deferment Of Payment Until Graduation
  Better Repayment Options Than With Federal Loans
  Student's Credit History Does Not Matter
  0.25% Interest Reduction For Automatic Debit Draft From A Bank Account
  You Can Borrow Up To Full Cost of Attendance
  Some Money In Interest May Be Tax Deductible
  Any Parent Can Borrow
  Parents Can Apply Anytime

Private parent loans come with the following drawbacks:

  Higher Interest Rate Than With Federal Parent Loans
  These Loans Can Not Be Forgiven
  Higher Overall Cost
  Credit History Is Required

Private parent loans are not based on the financial need, so everyone could be eligible including: Parents looking to borrow for their, Undergraduate, and Graduate students.

Applicants must be a U.S. citizen or a permanent residents.

In order to be eligible to receive an alternative loan for parents, applicants are required to pass a credit check. Good Credit History is a must.

The easiest way is to visit our Apply Section. You may also contact private banks in your area and ask if they provide private parent loans.

These loans are made by private investors. Private parent loans have good repayment options. The private lenders started to offer loans where you do not have to pay off the principal until your child graduates. This feature makes these loans popular.

In case of a default your Credit History will be affected with this loan and you will have to work with the lender to fix the problem. The good news is these loans can be consolidated.