Does Sofi Refinance Parent Plus Loans

Currently interest rates are fixed variable rates are unavailable. But be mindful that private student loans aren t as flexible if you run into economic hardship.

Are You Desperately Trying To Pay Off Your Student Avoid Burnout

Each year congress sets the rates on federal student loans including parent plus loans.

Does sofi refinance parent plus loans. How does the parent plus loan from sofi. The interest rate for federal direct plus loans disbursed on or after july 1 st 2015 and before july 1 st 2016 is 6 84. Parent plus refinancing variable rate loans for 5 7 and 10 year terms are capped at 8 95 apr 15 year terms are capped at 9 95 apr.

Back to parent plus loan refinancing. Licensed by the department of business oversight under the california financing law license no. Plenty of parents are taking out parent plus loans to help their children get a good education in an era of steeply rising tuition costs.

A parent plus loan is a type of federal student loan potentially available to parents when their children are enrolled at least part time in an eligible education program. Sofi offers student loan refinancing to undergraduates graduate students and medical dental residents and private student loans for undergraduates. There are clear benefits to parent plus loans as well as challenges to consider.

Rates in this table reflect prices as of 5 17 20. Licensed by the department of business oversight under the california financing law license no. 8 best parent plus loan refinance lenders of june 2020 anna helhoski may 18 2020 many or all of the products featured here are from our partners who compensate us.

Compare to a federal plus loan. Sofi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as income based repayment or income contingent repayment or paye. Sofi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as income based repayment or income contingent repayment or paye.

Or if you as a parent would like to refinance your parent plus loan to potentially qualify for a lower interest rate or better loan terms you can do so though that would mean keeping the debt in your name. Parent plus loans come with high interest rates and fees which can add up over time. The answer is that your child may be able to apply for a student loan refinance and use that refinanced loan to pay off your parent plus loan.

Because parent plus loans come with relatively high interest rates and origination fees they might cost you more than a private student loan such as sofi student loans for parents. During much of the 2000s interest rates were higher.

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