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This rate is fixed for the life of the loan, and is currently lower than the 8.78 percent average rate for home equity loans. But consider that Parent PLUS loans come with a loan fee of 4.228 ...
These loans are issued directly to parents and the interest rate for Parent PLUS Loans first disbursed on or after July 1, 2023, and before July 1, 2024, is currently 8.05%, according to Sallie Mae.
Sallie Mae explains on its website that Parent Plus loans are federal student loans issued directly to parents. ... parents of 3.6 million students owe more than $107 billion in Parent Plus loans ...
If you’re looking for a student loan to help your child pay for college, you have two options: a private or a federal student loan. SoFi Parent Loan vs. Parent PLUS Loan: Which Is the Better Option?
The interest rate is currently fixed at 6.28% and charged from the date of the first disbursement until the loan is paid in full. For undergraduate students, the loan is a commitment by the parent, rather than the student. Several different repayment plans are available. Credit history is taken into account, while with Stafford loans it is not.
The Sallie Mae Parent Loan provides the option for anyone — parents, grandparents or even friends — to borrow on a student’s behalf. How Sallie Mae Student Loans Can Help Parents Pay for College
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