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Best parent student loans – CBS News
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High college education costs are soaring, clocking in at between $27,100 and $58,600 per year, depending on whether your school is public or private. This often means that students can’t foot the bill all on their own — even with scholarships, grants, and federal financial aid.
When that happens, parents can pitch in to help. That might require pulling from savings or retirement accounts or, in many cases, loans could be necessary.
There are two ways to do this: First, parents can cosign a loan in the student’s name, ensuring both parties are on the hook for repayment. There are also parent loans, which are loans only for parents of students.
If you’re considering a private student loan for your child’s educational costs, it’s critical to do your research to determine the best lenders to utilize. Below, we’ll detail a few to consider, broken down into six categories.
Start by comparing the best parent student loan rates available here now.
Best parent student loans:
Here are some of the best parent student loans to consider for the upcoming semester:
Best overall: SoFi
Online bank SoFi is a smart choice if you’re looking for a parent loan. There are several repayment options, four term lengths, and no fees. The loans also come with competitive interest rates and a 0.25% discount if you set up autopay.
SoFi members also get access to exclusive benefits, and you can earn reward points to help pay down your balance.
Learn more about SoFi here now.
Best for low rates: College Ave
If you want the lowest interest rates, College Ave is your best bet. Its parent loans start at just a 3.89% rate on fixed-rate loans and 5.59% on variable-rate loans, including an autopay discount.
The application takes just three minutes to complete, and you can choose from two terms and several repayment options. College Ave charges no origination fees.
See what rate you can secure with College Ave online today.
Best for parents with good credit: Sallie Mae
Sallie Mae doesn’t have parent loans, but it does have loans you can cosign for your child. In fact, the lender says 88% of its loans are cosigned. Rates range from 3.99% to 16.46% and cover undergrad, graduate, and career training students. There are also zero origination fees.
Learn more about cosigning a loan with Sallie Mae here.
Best for no fees: Earnest
If no fees is your goal, Earnest is a good lender to go with. It doesn’t offer parent loans, but its cosigned loans have no fees, including no late payment fees. There are also a number of repayment plans (including a flat $25-per-month option that’s popular with borrowers), and you can check your eligibility in just two minutes. The lender also offers a lengthy nine-month post-graduation payment grace period.
Get started with Earnest online now.
Best for low origination fees: Ascent
Ascent charges no fees at all — no application fees, no origination fees, and no disbursement fees, and there is no early payoff penalty either.
Its parent loans come in five term lengths, and there’s a 0.25% discount for autopay. Rates start at just 4.70% for fixed-rate loans.
Best for parents with bad credit: LendKey
If you have bad credit, it may be challenging to qualify for a student loan for your child — and cosigning one might not help much either. In this case, using an option like LendKey, which gives you to access to loan options from several lenders at once, can be a smart move. This allows you to shop around and get the best deal.
Compare your options
Private student loans can be more expensive than federal ones, so it’s important you shop around when choosing a lender. Look at a few options and compare repayment terms, rates, fees and other details to be sure you get the best deal.
NEW YORK — Former New York Gov. David Paterson and his stepson were attacked in New York City on Friday night, authorities said.
The incident occurred just before 9 p.m. on Second Avenue near East 96th Street on the Upper East Side, according to the New York City Police Department.
Police said officers were sent to the scene after an assault was reported. When officers arrived, police say they found a 20-year-old man suffering from facial injuries and a 70-year-old man who had head pain. Both victims were taken to a local hospital in stable condition.
In a statement, a spokesperson for the former governor said the two were attacked while “taking a walk around the block near their home by some individuals that had a previous interaction with his stepson.”
The spokesperson said that they were injured “but were able to fight off their attackers.”
Both were taken to Cornell Hospital “as a precaution,” he added.
Police said no arrests have been made and the investigation is ongoing.
The 70-year-old Paterson, a Democrat, served as governor from 2008 to 2010, stepping into the post after the resignation of Eliot Spitzer following his prostitution scandal. He made history at the time as the state’s first-ever Black and legally blind governor.
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A 17-year-old boy was critically injured and a person is in custody after a gunman opened fire on a SEPTA bus in North Philadelphia Friday evening, police said.
At around 6:15 p.m., Philadelphia police were notified about a shooting on a SEPTA bus traveling on Allegheny Avenue near 3rd and 4th streets in North Philadelphia, Inspector D F Pace told CBS News Philadelphia.
There were an estimated 30 people on the bus at the time of the shooting, Pace said, but only the 17-year-old boy was believed to have been shot. Investigators said they believe it was a targeted attack on the teenager and that he was shot in the back of the bus at close range.
According to Pace, the SEPTA bus driver alerted a control center about the shooting, which then relayed the message to Philadelphia police, who responded to the scene shortly.
Officers arrived at the scene and found at least one spent shell casing and blood on the bus, but no shooting victim, Pace said. Investigators later discovered the 17-year-old had been taken to Temple University Hospital where he is said to be in critical condition, according to police.
CBS Philadelphia
Through their preliminary investigation, police learned those involved in the SEPTA shooting may have fled in a silver-colored Kia.
Authorities then found a car matching the description of the Kia speeding in the area and a pursuit began, Pace said. Police got help from a PPD helicopter as they followed the Kia, which ended up crashing at 5th and Greenwood streets in East Mount Airy. Pace said the Kia crashed into a parked car.
The driver of the crashed car ran away but police were still able to take them into custody, Pace said.
Investigators believe there was a second person involved in the shooting who ran from the car before it crashed. Police said they believe this person escaped near Allegheny Avenue and 4th Street, leaving a coat behind.
According to Pace, police also found a gun and a group of spent shell casings believed to be involved in the shooting in the same area.
“It’s very possible that there may have been a shooting inside the bus and also shots fired from outside of the bus toward the bus,” Pace said, “We’re still trying to piece all that together at this time.”
This is an active investigation and police are reviewing surveillance footage from the SEPTA bus.