How Parents Can Help With Picking A Student Loan

Flickr user Susan Solinski

Picking the right student loan can be challenging regardless of your age or the experience you have had dealing with finances and financial institutions. Imagine how much more difficult it must be for students who have had limited experience, or in some cases no experience at all with handling finances. Without any hindsight or familiarity, it is all too easy to make wrong decisions and end up borrowing too much or too little money. Or worse still, borrowing from the wrong lender. This is where parents can offer invaluable advice that comes backed by experience.

So how can you as a parent help your student pick the right student loan?

You may not have the money to fund your student’s education fully, but there are several other ways that you can help them with picking a student loan so they can get the money they need.

Here are a few things you can do:

Ascent company logo.

A loan designed with you in mind

Variable cosigned rates from 1.51% - 9.09% APR with auto-debit

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Borrow What You Need

Help your student understand how borrowing too much can impact their finances after graduation.

All About Interest Rates

Have an exhaustive discussion on interest rates, how interest accrues and how defaulting on their payments can have a serious impact on their credit history.

Loan Applications

Assist your student with their loan applications, reading through the fine lines before they sign any agreement.

Co-Sign

Agree to be a cosigner if necessary so their loan application gets approval.

Guiding your student towards making the right decision is crucial to protecting them from making disastrous financial decisions.

Sit down with your student and go through College Raptor’s new Student Loan Finder with them to compare lenders and interest rates side by side—for FREE!

 

Lender Rates (APR) Eligibility
Sallie Mae logo.
1.13% - 11.23% Variable
3.50%- 12.60% Fixed
Undergraduate and Graduate
VISIT SALLIE MAE
Credibe company logo.
0.99% - 11.99% Variable
2.94% - 12.99% Fixed
Undergraduate and Graduate
VISIT CREDIBLE
Lendkey company logo.
1.13% - 11.23% Variable
3.50% - 12.60% Fixed
Undergraduate and Graduate
VISIT LENDKEY
Ascent company logo.
1.51% - 9.09% Variable
3.24% - 11.33% Fixed
Undergraduate and Graduate
VISIT ASCENT
College Ave company logo.
0.99% - 11.98% Variable
2.94% - 12.99% Fixed
Undergraduate and Graduate
VISIT COLLEGE AVE
2.93% - 5.67% Variable
4.35% - 7.15% Fixed
Undergraduate and Graduate
VISIT ISL
Earnest company logo.
0.99% - 11.44% Variable
2.94% - 12.78% Fixed
Undergraduate and Graduate
VISIT EARNEST
1.20% - 11.52% Variable
3.20% - 11.99% Fixed
Undergraduate and Graduate
VISIT ELFi
College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.

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