Top 3 Parent Loans for College Funding
Discover the top three parent loan options for funding your child's college education. Federal Direct PLUS, SoFi, and College Ave loans offer competitive interest rates and flexible repayment plans. Understand the benefits of each to choose the best fit for your financial future while supporting your child's academic goals.
Top 3 Parent Loans for College Funding
Federal Direct PLUS loans: A trusted government-backed loan available since 1980, offering fixed interest rates. For 2016-17, the rate was 6.31%, with a 4.28% origination fee, and a repayment period of up to 10 years.
SoFi Parent Loans: Launched in 2011, SoFi offers some of the lowest interest rates on the market, with variable rates between 2.95% and 6.13% and fixed rates from 4.25% to 7.75%. No origination fees apply, and repayment options are available for 5 or 10-year terms.
College Ave Parent Loans: With variable APRs ranging from 4.03% to 6.03%, College Ave provides flexible repayment terms from 5 to 12 years, with no origination fee.
