What is a College Loan?
College Loans are a type of financial aid offered by banks, the federal government, and other financial institutions that help potential students cover the costs of attending college. College loans are the most common form of aid given to students, and in comparison to traditional loans, college loans have relatively low Annual Percentage Rates (APRs), flexible borrowing terms, and a favorable repayment period.
What are the Eligibility Criteria?
Even though different loan programs have different eligibility criteria, there are some universal requirements. These include:
How can I benefit from College Loans for Parents?
If you are looking to pursue higher education and need assistance covering the cost of college, you can look for financial assistance in the form of college loans. College loans pay for your tuition, study materials, and even living expenses, making the learning experience quite hassle free. College loans for parents help parents support their child's educational goals and pursuit for a career of their dreams. There are also various loans for parents who want their children to get a higher education. Some of the best banks such as Bank of America, Wachovia, and Chase offer flexible college loans for parents, which you can search for and compare using our Student Loan Comparison Tool above. With a good college loan, a student can expand their career prospects without putting too much burden on their family.
Q:What are the best college loans for parents?
A:Parents who are looking for loans to finance their children's education should look to obtain funds through the Parent PLUS Loan program, which are federal loans. These loans provide funds at lower interest rates as compared to the private market and also have more relaxed repayment options. However, parents who do not qualify for federal loans can look for private lenders.
Q:Are there any federal loans for parents of college students?
A:Parent PLUS loans are popular federal loans designed for parents of college going students. These loans are aimed at making education affordable for students, helping parents of students pay for their child's education. This loan is need-based and can be applied for through a simple FAFSA application, which can be found at fafsa.ed.gov.