- Designed for parents who want to help pay for their child's education
- Flexible repayment options and no origination fees
- Takes only three minutes to apply and get an instant credit decision
Here’s our current parent loan interest rates:
Variable rates
4.89%
to 17.99% APR
Fixed rates
3.99%
to 17.99% APR
(all rates shown include auto-pay discount)1
Variable and Fixed Rates Explained
As a parent, you want only the best for your child. If you're pitching in financially for your child's education, you'll want to explore all of your options. Read more about variable vs. fixed interest rates1 on parent student loans.
Variable Rate
4.89%
to 17.99% APR
*all rates shown include auto-pay discount1
Variable interest rates are tied to a market index and will fluctuate - up or down - over time with the market. This will change your monthly payment amount.
Changes to the rate are typically based on a publicly available interest rate index such as the prime rate or SOFR.
Fixed Rate
3.99%
to 17.99% APR
*all rates shown include auto-pay discount1
Fixed interest rates stay the same for the entire repayment period. You will have the same monthly payment amount every month after entering full repayment.
College Ave at a Glance
Compare key details about College Ave private student loans, including available loan types, rate options, fees, cosigner considerations, borrowing limits, and what to prepare before applying.
| Topic | Details | |
|---|---|---|
| Loan type | Parent or Sponsor Loans for College. | |
| Who it is for | Loans for parents or sponsors who want to help pay for a students education. | |
| Fixed APR | 3.99% to 17.99% | |
| Variable APR | 4.89% to 17.99% | |
| Loan amount | $5,000 minimum up to $150,000, $300,000, or $500,000 depending on the highest degree earned of the loan being refinanced. | |
| Repayment terms | Choice of two payment options (interest only or full principle and interest payments) and range of repayment lengths (5 to 15 years). | |
| Eligibility | Parent/Sponsor borrowers must be a US citizen or permanent resident. Students must be enrolled in an eligible program which includes non-degree/continuing education, certificate programs, and degree programs. | |
| Autopay discount | 0.25% rate reduction, already reflected in the rates above. | |
| Fees | No application fee, no origination fee, no prepayment penalty. | |
| Information to prepare before applying | Your social security number, student's name, student's social security number, school name, estimated income and requested loan amount. |
Note: Rates shown include the auto-pay discount. Variable rates may increase after consummation. Approved rates depend on creditworthiness and other factors. Lowest advertised rates are available only to the most creditworthy applicants and may require selecting specific repayment options and loan terms.
No surprises with our stress-free process
1
Shop around for the right loan using our prequalification tool to see your estimated parent loan rates. Do this 60-90 days before school starts.
2
You and your student should have received a tuition bill about 30-45 days before school starts. Apply for a loan with College Ave in 3 minutes. When your loan is approved, we'll work with the school to certify the loan. All funds will be sent to the school on the date(s) they provide to College Ave.
3
About 10-14 days before school begins, make sure you’ve received confirmation that the money is scheduled to be sent to your child’s school.
Apply Now for a Loan Check Application Status 1
Shop around for the right loan using our prequalification tool to see your estimated parent loan rates. Do this 60-90 days before school starts.
2
You and your student should have received a tuition bill about 30-45 days before school starts. Apply for a loan with College Ave in 3 minutes. When your loan is approved, we'll work with the school to certify the loan. All funds will be sent to the school on the date(s) they provide to College Ave.
3
About 10-14 days before school begins, make sure you’ve received confirmation that the money is scheduled to be sent to your child’s school.
Apply Now for a Loan Check Application StatusFAQ's for Private Parent Loans
-
Can parents get a student loan for their child?
Yes! Parents, guardians, or other family members can choose to take out a private parent loan to help fund their student's college experience. The loan is entirely in the borrower's name rather than the student's, and the borrower takes full responsibility for repaying the loan.
-
What is a private parent student loan?
Private parent student loans come from private entities such as a bank or credit union. They are available to parents or guardians who want to take on the full responsibility for paying for any gaps in covering the expense of their child's education after financial aid, scholarships, and federal student loans.
Offered with a choice of fixed or variable interest rates, they cover education-related costs such as tuition and fees, room and board, books and supplies, and living expenses. Different lenders each have their own repayment plans.
A private parent student loan is taken out in the parent's name only and does not impact the credit or finances of the student. The parent is solely responsible for repayment of the loan.
-
Who is eligible for a private parent loan?
Eligibility for private parent loans may vary from lender to lender. College Ave's parent student loan is available to parents, grandparents, guardians or other family members (like aunts or uncles) who want to help cover the cost of the child's education. Approval for the loan will depend on the applicant's parent or guardian's credit history and income review.
-
What's the difference between a Parent PLUS Loan and a private parent loan?
A Parent PLUS Loan is a federal loan available to parents to cover the costs of their child's education. A private parent loan is money a parent borrows from a private entity such as a bank or credit union to help pay for their child's degree.
-
How do college parent PLUS loans work?
Applied for via the FAFSA, Free Application for Federal Student Aid, a Parent PLUS Loan comes with a fixed interest rate for the life of the loan. Parent PLUS Loans also include an origination fee of 4.228% of the principal loan amount. That fee applies to loans originated between October 1, 2020, and October 1, 2027.
Footnotes
1
Variable rates may increase after consummation. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
2
This informational repayment example uses typical loan terms for a parent borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 6.49% fixed Annual Percentage Rate ("APR"): 120 monthly payments of $113.50 while in the repayment period, for a total amount of payments of $13,620.00. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.