Parent Loans for College

  • 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
parent loans

Here’s our current parent loan interest rates:

Variable rates

5.59%

to 17.99% APR

Fixed rates

4.22%

to 17.99% APR

(all rates shown include auto-pay discount)1

Repayment Options

The way you repay your parent loan drives how much your parent loan will cost long-term. If you start making payments sooner, or pay more each month, you can lower the cost of the loan over time. But if your monthly budget requires an option that’s more flexible, we can guide you to a loan that works better for you.

Pay During School

Interest Only Payment

Pay just the interest charges each month while your student is in school to manage your monthly budget.

Interest Plus Payment

As long as you cover at least the interest charges each month, we’ll let you set your own monthly payment while your child is in school.2

Full Principal & Interest Payment

Start repaying your principal and interest right away to save the most money.

Repayment Terms3

How many years will it take you to pay back your parent loan? We’ll help you choose the right loan-term that works with your life.

Apply Now

Slide here to see how your costs change based on which loan term you choose.

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.
*all rates shown include auto-pay discount1

Variable Rate

variable icon

5.59%

to 17.99% APR

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

fixed icon

4.22%

to 17.99% APR

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.

Learn More About Interest Rates

What parents and students are saying about us.

Easy and quick process

This is our 3rd student loan with CollegeAve. The most important part is, their process is very easy and it's quick as well to find the decision after pre-approval compared to other providers who generally takes many days before even you know the final decision. Thank you, College Ave team.

Anu

07/28/23

College Ave is a great place to get a student loan

College Ave is a great place to get money for students. The staff is so genuine, friendly and knowledgeable. They put you at ease. It takes the pressure off how am I going to pay for this semester or this year. It's a God sent. The application process is very easy and you don't feel violated or manipulated . And once the application process is finished you find out immediately if you have been approved. I don't know what I would have done if I didn't have College Ave.

Daisy

06/15/23

Highly recommend

I highly recommend College Ave for a student loan. The process was simple and quick. Not a lot of red tape. I like that my student was directly involved as well. Of course we discussed all the options but she ultimately made the decision herself. A good lesson in adulting.

Sandra

05/29/23

No surprises with our stress-free process

person using a laptop with notebooks on the floorperson using a desktop computerlaptop with autopay chart displayed

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
person using a laptop with notebooks on the floor

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.

person using a desktop computer

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.

laptop with autopay chart displayed

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

FAQ'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, 2024.

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.

2

You can elect a set monthly payment amount of "Interest Plus" in increments of $20. If you select a variable rate loan, note that we require you to pay at least the monthly interest charges during the in-school period, so your minimum monthly payment due will be the "Interest Plus" monthly payment amount that you selected or the interest due, whichever is greater. Loans will never have a full principal and interest monthly payment of less than $50.

3

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.

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