A college degree is the foundation of many fruitful and rewarding careers. However, the costs of attending college mean many aspiring students have to seek out financial assistance to pursue their dreams and goals.
Parent loans are private student loans, offered through the lender Sallie Mae®. Although the name implies that parents are the preferred borrowers, anyone who wants to support the education of a loved one — including parents, grandparents, aunts, uncles, spouses, guardians, close friends and others — can apply. A strong credit history and score can make approval more likely.
One of the most important benefits of parent loans is flexibility. A parent loan can provide full funding, up to the school-certified cost of attendance, or fill in the gaps when other types of financial aid fall short. The minimum amount that can be borrowed is $1,000. Loved ones can apply for a loan that aligns with their own personal budgets while providing the financial support that the student they know needs.
Other benefits of parent loans include the ability to choose between variable and fixed interest rates, no origination fees or prepayment penalties, and opportunities for benefits and interest reduction rates.
Comerica Bank is here to help borrowers secure parent loans that support the educational goals of their loved ones. Check out our infographic to learn more about parent loans, and get in touch with us today to learn more.
