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Home Student Loans Parent Student Loans What are Federal Parent PLUS Loans and How to Apply?
  • Contents
  • Parent PLUS Loan Interest Rates
  • Parent PLUS Loan Fees
  • How to Apply for a Parent PLUS Loan
  • Parent PLUS Loan Eligibility
  • Parent PLUS Credit
  • Denied a Parent PLUS Loan
  • Increased Loan Limits with a PLUS Denial
  • Other Requirements for a Parent PLUS Loan
  • Parent PLUS Loan Interest Rate
  • Parent PLUS Loan Origination Fee
  • Parent PLUS Loan Limits: How Much Can You Borrow
  • Parent PLUS Loan Refund Check
  • Parent PLUS Loan Deferment
  • Parent PLUS Loan Repayment
  • Recommendations
  • Learn More About Paying for College

What are Federal Parent PLUS Loans and How to Apply?

Photo of Elaine Rubin
By Elaine Rubin
Updated on November 8, 2023
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Summary: The Parent PLUS Loan is a federal Direct student loan available to the parents of dependent undergraduate students. The Direct Parent PLUS Loan offers a fixed 8.05% interest rate for the 2023 - 2024 school year and flexible loan limits. To be eligible, a parent can’t have an adverse credit history. However, the credit check for a Parent PLUS Loan is not as stringent as that for a private student loan. If you were denied a private student loan, you may still qualify for a Parent PLUS Loan. Parent PLUS Loans have a 4.228% origination fee for loans first disbursed on or after Oct. 1, 2023 through Sept. 30, 2024.

Before parents borrow from the Parent PLUS Loan program, it is best if their child exhausts eligibility for Direct Loans first, since these student loans have lower interest rates and fees.

Some parents borrow Parent PLUS Loans to make sure their children don’t take on too much student loan debt. But remember, nothing stops parents from helping their children with their student loan payments. Borrowing Direct Loans before Parent PLUS Loans will save the family money.

Parent PLUS Loan Interest Rates

Interest rates on PLUS Loans are fixed. The current interest rates for new PLUS Loans in 2023 - 2024 are 8.05% for parents of undergraduate students (Parent PLUS Loans) and for graduate students (Grad PLUS Loans). 

Private Student Loan Rates

Variable rates starting at:

5.09% APR

Fixed rates starting at:

4.24% APR

Lowest APRs shown for Private Student Loans are available for the most creditworthy applicants for undergraduate loans, and include a 0.25% interest rate reduction while enrolled in automatic payments. Interest rates as of June 5, 2023.

Federal Student Loan Rates

For loans first disbursed July 1, 2023 through June 30, 2024

5.50%

Undergraduate

7.05%

Graduate

8.05%

PLUS Loans

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Note: Interest rates on Parent PLUS and Grad PLUS Loans are the same.

Academic Year Direct PLUS Loans
2021-2022 6.28%
2020-2021 5.3%
2019-2020 7.08%
2018-2019 7.6%
2017-2018 7.0%
2016-2017 6.31%
2015-2016 6.84%
2014-2015 7.21%
2013-2014 6.41%

Parent PLUS Loan Fees

Loan disbursement and default fees are effectively a form of up-front interest. Assuming a 10-year repayment term, a 4% fee is the equivalent of an increase in the interest rate of about seven-eighths to one percentage point. Assuming a 30-year repayment term, a 4% fee is the equivalent of an increase in the interest rate of about one-third to half a percentage point. 

The relative impact of a fee is greater with a shorter repayment term or if the borrower prepays the loan, since the fee will be amortized over less time. This is why borrowers who plan to pay off a loan early may wish to avoid up-front fees, if possible.

History of fees on PLUS loans
Year Total Loan Fees
Oct. 1, 2020 - Sept. 30, 2021 4.228%
Oct. 1, 2019 - Sept. 30, 2020 4.236%
Oct. 1, 2018 - Sept. 30, 2019 4.248%
Oct. 1, 2017 - Sept. 30, 2018 4.264%
Oct. 1, 2016 - Sept. 30, 2017 4.276%
Oct. 1, 2015 - Sept. 30, 2016 4.272%
Oct. 1, 2014 - Sept. 30, 2015 4.292%

How to Apply for a Parent PLUS Loan

The first step in the application process is for the student to file the Free Application for Federal Student Aid (FAFSA®) at StudentAid.gov. The FAFSA is a requirement to borrow from the Parent PLUS Loan program.

Parent PLUS Loan Application

You, as the parent, will not need to complete the Direct PLUS loan application. You will need to log into Student.Aid.gov with your FSA ID.

Direct PLUS Loan Application

Complete the Direct PLUS loan application. You will need to identify how much you would like to borrow, and authorize a credit check. The U.S. Department of Education will then conduct a credit check to determine if you have adverse credit. If you are determined to have adverse credit, you can then:

  • file an extenuating circumstances appeal, or
  • apply with a cosigner.

Parent PLUS Loan Master Promissory

The Master Promissory Note is the official loan agreement that describes the terms and conditions for repaying the loan. The same parent who completes the PLUS Loan Request must sign the MPN before the loan funds can be sent to the school. The MPN is also available on your StudentAid.gov account.

Note that an MPN is good for 10 years, so you may only need to sign this on the first application. However, in subsequent years, each request for a Parent PLUS Loan will start a new credit check.

If two different parents would like to apply for Parent PLUS Loans, each must complete this application process separately. If requesting funds in the same year for the same student, the total combined amount may not be higher than the school’s Cost of Attendance.

Guidelines for requesting a Parent PLUS Loan:

  • Same parent who will complete and sign the Master Promissory Note (MPN) should request the loan.
  • Parent, not the student, must request the loan.
  • A parent must sign into the StudentAid.gov with their FSA ID. If you don't already have one, you will need to create your own FSA ID.

Parent PLUS Loan Eligibility

Parent PLUS Loans are available only to the parents of dependent undergraduate students. The parents of independent undergraduate students are not eligible for the Parent PLUS Loan.

Parent PLUS Loan current interest rates 2020-2021

 

If a dependent student’s parents are divorced, both parents can take out separate Parent PLUS Loans with separate Master Promissory Notes (MPNs). But the combined Parent PLUS Loans cannot exceed your student’s cost of attendance minus other financial aid received.

Who Can Borrow From the Parent PLUS Loan Program

Biological or Adoptive Parent Yes
Stepparent Yes, but only for as long as the stepparent is married to the student’s parent
Grandparents, Aunts, Uncles, Other Relatives No, unless they have legally adopted the student
Legal Guardians or Foster Parents No

Eligibility for the Parent PLUS Loan does not depend on demonstrated financial need.

Parent PLUS Credit

Eligibility for a Parent PLUS Loan does not depend on the borrower’s credit score or debt-to-income ratio. However, the borrower of a Parent PLUS Loan must not have an adverse credit history, as defined by the U.S. Department of Education.

What is Adverse Credit History?

  • A current delinquency of 90 or more days on more than $2,085 in total debt; or
  • More than $2,085 in total debt in collections or charged off in the past two years (before the date of the credit report); or
  • Default, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of federal student loan debt in the past five years (before the date of the credit report)

Denied a Parent PLUS Loan

If you have adverse credit history, there are still options available to borrow from the Parent PLUS Loan program. You have two choices: either submit a successful extenuating circumstances appeal for an exceptional situation, or reapply with a cosigner without an adverse credit history.

To appeal the decision, submit a request and provide information about your denial. If successful, completing loan counseling may be required before receiving the Parent PLUS loan funds.

Alternatively, if you apply with a cosigner who doesn't have adverse credit, they need to complete an endorser application.

If neither of these options works, your denial for a Parent PLUS Loan makes your dependent undergraduate student eligible for independent undergraduate student Stafford loan limits. This means they can borrow additional funds under their name to help cover their college costs.

Increased Loan Limits with a PLUS Denial

If a dependent student’s parent is denied a Parent PLUS Loan, the student becomes eligible for the same Direct Unsubsidized Loan limits available to independent students.

If either parent later qualifies for a Parent PLUS Loan, the student’s loan limits return to the dependent student level. (Loan amounts already received under the additional Direct Unsubsidized Loan limits will not count against the lower loan limits.)

Other Requirements for a Parent PLUS Loan

The parent and dependent student must also satisfy the general eligibility requirements for federal student aid and federal student loans.

  • Students must be enrolled in school on at least a half-time basis
  • Male students must have registered with the Selective Service (not required for father)
  • Students and parents must be U.S. citizens or nationals, permanent residents, or eligible noncitizens
  • Students and parents can’t be in default on a federal student loan
  • Parent PLUS Loan proceeds must be used for educational purposes

Parent PLUS Loan Interest Rate

The interest rates on Parent PLUS Loans are fixed and do not change over the life of the loan. The interest rate for the 2020-2021 academic year is 5.30%.

Every year on July 1, interest rates are reset based on current market rates.

The interest on a Parent PLUS Loan starts to add up (accrue) from the date the loan is first disbursed. (Generally, federal student loans are sent to schools in two or more disbursements, except at colleges and universities that have a low default rate.) If the borrower does not pay the interest as it accrues, it will be capitalized (added to the loan balance), increasing the size of the loan.

Parent PLUS Loan Origination Fee

The current origination fee on Parent PLUS Loans is 4.228. Fees are deducted from each loan disbursement. Borrowers can ask the college financial aid office to increase the amount borrowed to cover the fees.

Parents should compare the costs and benefits of PLUS Loans and private student loans. Parents with excellent credit may qualify for private student loan interest rates that are lower than the current PLUS Loan rate.

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Parent PLUS Loan Limits: How Much Can You Borrow

The annual loan limit on a Parent PLUS Loan is the full annual cost of attendance minus other financial aid received by the student. There is no aggregate (cumulative) loan limit.

The cost of attendance includes:

  • Tuition and fees
  • Room and board
  • Books
  • Supplies
  • Equipment
  • Transportation
  • Miscellaneous personal expenses

Parent PLUS Loan Refund Check

If the Parent PLUS Loan creates a credit balance on the student’s account, parents have the option to accept the refund or have the refund issued to the student. You can specify the recipient of leftover funds during the application process, or contact the school to update this information.

Parent PLUS Loan Deferment

Repayment on a Parent PLUS Loan normally begins no later than 60 days after the loan is fully disbursed. However, borrowers can defer repayment of a Parent PLUS Loan while the student is in school and during a six-month grace period after the student graduates or drops below half-time enrollment status. Parent PLUS Loans can also be deferred while the parent borrower is enrolled on at least a half-time basis in an eligible program. However, interest continues to accrue during these deferment periods.

Parent PLUS Loan Grace Period

Parent PLUS loans don’t technically have a grace period because they enter repayment within 6- days after the loan is fully disbursed. However, the in-school deferment option (explained above) can be used to postpone payments.

Parent PLUS Loan Repayment

The standard repayment term on Parent PLUS Loans is 10 years. However, borrowers may qualify for a longer repayment term if they consolidate the loans or have more than $30,000 in federal student loans.

Eligible Repayment Plans

Standard Repayment Yes
Extended Repayment Yes
Graduated Repayment Yes
Income-Contingent Repayment (ICR) No, unless the Parent PLUS Loan entered repayment on or after July 1, 2006 and it is consolidated, then the Direct Consolidation Loan is eligible
Income-Based Repayment (IBR) No
Pay-As-You-Earn Repayment (PAYE) No
Revised Pay-As-You-Earn Repayment (REPAYE) No
Private Student Loan Refinance Yes

Parent PLUS Loans are not eligible for public service loan forgiveness, unless the loans are consolidated and repaid under an ICR plan.

A parent’s Parent PLUS Loans cannot be consolidated with the student’s federal student loans, since the borrowers are different. However, a parent can consolidate their own federal student loans with Parent PLUS Loans, since these loans have the same borrower.

Student loan refinancing allows you to combine private and/or federal student loans into a new loan, or just refinance one student loan, depending on your needs.

Refinancing may reduce your interest rate, monthly payment, or allow you to remove a cosigner. You have the option to choose your lender based on the loan which has the most beneficial terms for you. Some private student refinance lenders may also allow you to transfer the loan debt to your child, it will require your child to qualify for a refinance loan. We work with many private student loan refinance lenders, check out our partners to see what types of terms may be available.

A Parent PLUS Loan is discharged if:

  • Borrower becomes totally and permanently disabled
  • Borrower dies
  • Student dies

Recommendations

  1. File the FAFSA every year to maintain eligibility for student aid.
  2. Dependent students should take out Direct Subsidized Loans (if eligible), and Direct Unsubsidized Loans before parents consider taking out a PLUS Loan.
  3. Compare the costs and benefits of Parent PLUS Loans vs. private student loans. Parents with excellent credit may qualify for private student loan interest rates that are lower than the current PLUS Loan rate.
  4. If a parent is denied for a PLUS Loan due to an adverse credit history, the student should contact the school’s financial aid office to request a higher limit on the Direct Unsubsidized Loan.

Learn More About Paying for College

Best Private Student Loans for November 2023

Private Parent Student Loans

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How Does Student Loan Interest Work

Best Private Parent Loans for College

College Ave Student Loans

Recommendation
Best for Private Loans
Repayment Terms

5, 8, 10 or 15 years2

Interest Rates

Variable rates as low as: 5.29% APR1

Fixed rates as low as: 5.05% APR1

Apply Now More Info
College Ave Student Loans
  • Competitive fixed and variable APRs starting at 5.05%1
  • Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
  • Flexible payment terms ranging from 5, 8, 10, and 15 years2
  • Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
  • No origination, application and processing fees, no fees for early repayment
  • Apply online in 3 minutes and get an instant credit decision
  • Applying with a cosigner can increase your chances of getting approved and could result in a lower interest rate

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. 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. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 10/04/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the 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.

Cosigner Recommended

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Repayment Terms

10-15 Years6

(undergraduate)

Interest Rates

Variable Rates: 6.37% APR - 16.70% APR1

Fixed Rates: 4.50% APR - 15.49% APR1

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Sallie Mae Private Student Loans
  • Variable Rates: 6.37% APR - 16.70% APR. Fixed Rates: 4.50% APR - 15.49% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
  • Apply online in minutes and receive an instant credit result2
  • Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
  • Last year, students were 3x more likely to be approved with a cosigner4 and it may help you get a better rate.
  • Borrow up to 100% of school-certified expenses, whether you're online or on campus5

Borrow Responsibly

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

2In 2022, instant credit decisions were provided to 97.8% of applicants.  Other applications typically received credit decisions in 3 to 5 business days.

3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4Based on the percentage of borrowers who were approved for an undergraduate loan with a cosigner compared to the percentage of borrowers who were approved for an undergraduate loan without a cosigner from October 1, 2021 through September 30, 2022. 

5 For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school.  Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount.  Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. 

6 Examples of typical costs for a $10,000 Smart Option Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44.  For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment may receive a loan term that is less than 10 years. 

Information advertised valid as of 08/25/2023.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.

Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

© 2023 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Repayment Terms

5 , 7 , 10 and 15 years

Interest Rates

Variable: 4.98% APR - 12.79%APR1

Fixed: 4.48% APR – 12.29% APR1

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Sallie Mae Private Student Loans
  • Prequalification: Prequalify to estimate your rate without affecting your credit score
  • Online Application Process: Submit online application in minutes
  • Flexible Repayment Options: ELFI offers immediate, interest only, partial payment, and fully deferred repayment options
  • No Fees: No application fees, origination fees, or prepayment penalties
  • Low Rates: Fixed rates from 4.48% to 12.29% and variable rates from 4.98% - 12.79% 
  • Award winning Customer Service: Individually paired Student Loan Advisor to guide you through the application process

*Education Loan Finance is a nationwide student loan provider offered by Tennessee based SouthEast Bank. ELFI is designed to assist students financially with receiving their education. Subject to credit approval. See Terms & Conditions. Interest rates current as of 04-01-2023. Variable interest rates may increase after closing but will never exceed 18.00%. Interest rates may also differ from the rates shown above. The term of your loan, financial history, and other factors, including your cosigner’s (if any) financial history can affect the interest rate. For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.

 

Ascent offers loans that power bright futures

Recommendation
Best for Private Loans
Repayment Terms

5, 7, 10, 12 and 15 years

Interest Rates

Variable rates as low as: 6.15% APR1

Fixed rates as low as: 4.83% APR1

Apply Now More Info
Ascent offers loans that power bright futures
  • AFFORDABLE variable rates starting at 6.15% APR with Automatic Debit Discount*
  • 1% CASH BACK Graduation Reward*
  • NON-COSIGNED option may be available for undergraduate juniors and seniors.
  • PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
  • FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
  • COVER UP TO 100% of your tuition and eligible living expenses.

* Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs

Rates are effective as of 11/01/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates

1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner.  Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.  

The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Repayment Terms

Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget

Interest Rates

Variable rates as low as: 5.99% APR (with autopay)*

Fixed rates as low as: 4.44% APR (with autopay)*

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: Starting variable rates range from 5.99% APR to 14.83% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
  • Fixed Rates: Fixed rates range from 4.44% APR to 14.83% APR (with autopay)*
  • Easy online application!
  • No origination fees, late fees, and no insufficient fund fees. Period
  • Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
  • 0.25% discount when you set up autopay*

*UNDERGRADUATE LOANS: Fixed rates from 4.44% to 13.80% annual percentage rate ("APR") (with autopay), variable rates from 5.99% to 14.30% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.99% to 13.60% APR (with autopay), variable rates from 5.99% to 14.10% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 14.83% APR (with autopay), variable rates from 6.32% to 14.83% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 11/15/2023.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

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Edvisors provides expert advice on planning and paying for college. On Edvisors.com easily compare student loan lenders, learn how to apply for financial aid, and discover scholarships. Learn about federal and private student loans for students and parents, how and when to apply to college, and more!

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

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Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

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