Student Loan Refinancing
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Managing Your Student Loan Debt
Parent PLUS Loan Refinancing
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How to Refinance Parent Student Loans
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Student Loan Refinance 101
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Parent PLUS Loans provide an excellent way for a parent to help their child pay for college. But when it comes time to start making payments, it can be challenging, especially with other competing financial goals.
If you’re trying to figure out how to pay off Parent PLUS Loans early or more effectively, there are several options to consider. Here are some ways to consider approaching yours.
As a parent with a college-age child, you may be in your 40s, 50s or even 60s. This means that in addition to paying off your student loans, you may also be working on saving for retirement, covering ever-increasing health care expenses and more.
Unfortunately, your Parent PLUS Loan payments may be making it difficult to make meaningful progress with those other important financial goals, let alone get by with your current needs.
If you can find a way to pay off your loans early, that’ll free up more cash flow to allocate toward other important expenses and goals. If you’re struggling to get by on your current budget, though, prolonging your repayment term to get a lower monthly payment may be a better path forward.
Over the past 5 years, Parent PLUS Loans have had an average rate of 6.7% — but refinance rates currently start at a historic low 1.88%.
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Either way, being proactive about your student loans can make a big difference for your situation and make for a better financial future.
Depending on your situation, there are several ways you can tackle your student loans and meet your goals with the debt payoff process. Here are five tips that can help.
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Parent PLUS Loan refinancing can be one of the best ways to pay off your student debt more quickly. Some of the benefits include:
It’s important to note, however, that not everyone qualifies for Parent PLUS Loan refinancing. Even if you do, there’s no guarantee you’ll get the terms you’re hoping to get.
Refinancing involves replacing your current loans with a new one through a private lender. The process starts with prequalification, which allows you to see which offers are available based on your credit profile. Prequalification doesn’t require a hard credit check, so it doesn’t impact your credit score.
With Purefy’s rate comparison tool, you can get prequalified with and compare several lenders in one place. The more lenders you view, the easier it will be to find the lowest interest rate available based on your financial and credit situation.
Once you’ve found the right lender for you, submit an application to get a final offer and proceed with the refinancing process.
Remember, if you’re trying to figure out how to pay off Parent PLUS Loans, refinancing may be one of the best ways to accomplish your goal. That doesn’t mean it works for everyone, though. Consider Parent PLUS Loan refinancing if:
Even after you refinance, you can still use some of the other tips we’ve provided for paying down your debt faster. Even with the best approach, paying off your student loans can take years. But the more focused you are over time, the more time and money you’ll save as you near your goal.
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