Parent Loan Refinance Refinance Parent PLUS Loans Quickly Did you know that you can refinance Parent PLUS loans? For parents who took out loans to help their children go to college, this can be an easy way for qualified borrowers to reduce their interest rate and pay off their loans sooner.Whether you want to pay off your loans quickly, free up more room in your monthly budget, or even transfer your Parent PLUS loans to a child, student loan refinancing can help you accomplish your financial goals — and simplify your finances. Get Started Refinance Parent PLUS Loans Quickly Did you know that you can refinance Parent PLUS loans? For parents who took out loans to help their children go to college, this can be an easy way for qualified borrowers to reduce their interest rate and pay off their loans sooner.Whether you want to pay off your loans quickly, free up more room in your monthly budget, or even transfer your Parent PLUS loans to a child, student loan refinancing can help you accomplish your financial goals — and simplify your finances. Get Started How Much Can You Save on Parent PLUS Loans? Compare Student Loan Refinance Rates With No Impact on Credit Today’s Rates Starting From 1.74% APR Compare Your Actual Prequalified Rates in 2 Minutes 123Education4Finance567Personal Information8Get Your Rates First Name* Last Name* Email Address* What type of student loans are you refinancing?* Loans for my education Parent loans Where did you go to school? Why do we ask? Some lenders use your school to determine your eligibility. If you went to more than one school, list the school from which you received your highest degree. School* Graduation Date or Last Attended Date* What is your highest degree? Why do we ask? Some lenders determine your eligibility and interest rate based on the type of degree you have. Highest Degree*SelectSome college, no degreeAssociate DegreeBachelor's DegreeGraduate DegreeMedical DegreeLaw DegreeWhere did you get your undergraduate degree? Why do we ask? Why do we ask? Some lenders use your school to determine your eligibility. Please list the school where you got your undergraduate degree (e.g. Bachelors). Undergraduate School* What is your annual income? What to include? Please include all of your verifiable income. Note: Alimony, child support, or separate maintenance income need not be revealed if the Borrower or Cosigner does not choose to have it considered for repaying this loan. Do not include household income from another family member. Annual Income*How much money do you have saved/invested? What to include? Please include the total balance of your checking and savings accounts, retirement accounts, investments, and other cash accounts. Total Assets* What is your living arrangement? Why do we ask Lenders use your housing payment to determine your monthly debt and debt-to-income ratio. Your debt affects your rates and/or eligibility. Living Arrangement*SelectRent or OtherOwn with MortgageOwn without MortgageLive with FamilyMonthly Housing Expense*How much would you like to refinance? How to calculate Please include the approximate balance of the student loan debt that you wish to refinance. Loan Amount* What is your refinancing goal? Why do we ask? Please select the option that best describes the financial outcome you would like to achieve by refinancing. Faster payoff and lower lifetime interest are associated with shorter loan terms, while lower monthly payments are associated with longer terms. Refinancing Goal* Get out of debt faster. (5-8 year term) Lower my monthly payment. (12-20 year term) A little bit of both. (8-12 year term) Where do you live? Why do we ask? Please provide the address where you receive bills and other mail. Full Address* Address Line 1 Address Line 2 City State SelectAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific Zip Code Last step! Comparing rates has no impact on your credit. How your data is protected All data is fully encrypted with the best technology available (SHA-256 with RSA Encryption). Your SSN and date of birth are only used to correctly locate your credit information. Comparing Rates Doesn’t Impact Credit Comparing rates through Purefy results in a soft check on your credit – meaning there is no impact on your credit score or credit history. Your Data Is Not For Sale Purefy does not believe in profiting from your personal information. Your data will never be sold in any way. Date of Birth* Phone Number*Citizenship*SelectU.S. CitizenPermanent ResidentSocial Security Number* Comparing rates has no impact on your credit score. By clicking the Get Your Rate button below, you understand and agree that you are providing written consent to Purefy Inc. ("Purefy") under the Fair Credit Reporting Act authorizing Purefy to obtain information from TransUnion for the purposes of providing you with refinancing options for which you pre-qualify. This is a soft inquiry, and it will not affect your credit score. Please note that this is not a loan offer and you will be required to authorize a full credit report inquiry with the lender to proceed with your application later in the process. The data and other information you may provide to Purefy is not, and is not treated as, an application for a loan or a request to be pre-approved for a loan, or any similar concept. Your phone number may be used to call or text you to check in on your application status and offer assistance. Local texting rates may apply. You may opt out at any time. Hiddenreferrerxml Hiddenformpath end-widget Benefits of Refinancing Your Parent PLUS Loans Qualify for a Lower Interest Rate ultimately saving you money on interest costs over the life of your new refinanced loan. Pay Off Your Loans Faster with a lower interest rate — and flexible repayment terms Merge All Your Loans into One giving you just one monthly payment to worry about Lower Your Monthly Payment also with a lower interest rate — to have a smaller, more management monthly payment. Parent PLUS Loan Refinance: Interest Rates, Lenders, and Terms Check My Rate (2 Mins.) Fixed Rate 3.39% – 6.99% APR Term 5, 7, 10, 15, or 20 years Minimum Credit Score 680 Variable Rate 1.86% – 6.01% APR Eligible Loans Federal & Private Purefy Rating Fixed Rate 3.39% – 6.99% APR Term (years) 5, 7, 10, 15, or 20 Minimum Credit Score 680 Variable Rate 1.86% – 6.01% APR Eligible Loans Federal & Private Purefy Rating No maximum loan amount Up to 12 months of forbearance if you experience financial hardship Borrowers can refinance Parent PLUS loans in their own name Check My Rate (2 Mins.) Fixed Rate 3.49% – 7.99% APR Term 5, 7, 10, 15, 20 years Minimum Credit Score 650 Variable Rate 1.74% – 7.99% APR Eligible Loans Federal & Private Purefy Rating Fixed Rate 3.49% – 7.99% APR Term (years) 5, 7, 10, 15, 20 years Minimum Credit Score 650 Variable Rate 1.74% – 7.99% APR Eligible Loans Federal & Private Purefy Rating Free career planning, job search, and entrepreneurship support Forbearance options for financial hardship, natural disasters, and military service 98% of surveyed customers would recommend SoFi to a friend Check My Rate (2 Mins.) Fixed Rate 3.94% – 8.48% APR Term 5, 7, 10, 15, or 20 years Minimum Credit Score 670 Variable Rate Not Offered Eligible Loans Federal & Private Purefy Rating Fixed Rate 3.94% – 8.48% APR Term (years) 5, 7, 10, 15, or 20 Minimum Credit Score 670 Variable Rate Not Offered Eligible Loans Federal & Private Purefy Rating Loans available in all states except Maine and Oregon Loan forgiveness if the borrower dies or becomes totally and permanently disabled Options to postpone payments due to qualifying financial hardships Check My Rate (2 Mins.) Fixed Rate 2.99% – 7.99% APR Term 5 -20 years Minimum Credit Score 650 Variable Rate 1.74% – 7.99% APR Eligible Loans Federal & Private Purefy Rating Fixed Rate 2.99% – 7.99% APR Term (years) 5-20 Minimum Credit Score 650 Variable Rate 1.74% – 7.99% APR Eligible Loans Federal & Private Purefy Rating Lightning-fast loan processing Up to 12 months financial hardship deferment Doesn’t offer cosigned loans Parent PLUS Loan Refinance Basics First, what is student loan refinancing? Refinancing allows you to take out a loan from a private lender that covers the cost of your current debt. The new loan is completely different from your old ones — with a new repayment term, interest rate, and monthly payment. And, if you had multiple student loans before, refinancing gives you just one loan and one monthly payment going forward.Refinancing your Parent PLUS loans and lowering your current interest rate can be a very big deal for your finances — especially when considering Parent PLUS Loans typically have the highest interest rate of any federal student loan. Your student loan balance can quickly balloon with such a high rate, making refinancing Parent PLUS Loans a smart financial decision for many families.To get started with refinancing, use Purefy’s rate comparison tool . You’ll quickly and easily compare your actual student loan options from a tightly vetted list of refinance companies — all with one simple form.All our lenders have sterling reputations and offer loans with no origination fees or prepayment penalties. The rate comparison tool will show your rate and monthly payment options with absolute transparency, allowing you to make an informed decision that meets your financial needs.Some of our lenders also allow parents to transfer their Parent PLUS and private student loans into their child’s name — which can be a great way to help your children take charge of their education and start building up a credit history. 01 Top Reasons to refinance Parent PLUS Loans 02 Parent PLUS loan Consolidation vs Refinancing 03 What to expect when you apply 04 How to pay off Parent PLUS Loans quickly 05 Refinancing Parent PLUS Loans to Child 06 How to choose the best Parent PLUS loan refinance option 01 Top Reasons to Refinance Parent PLUS Loans Save MoneyAll Parent PLUS loans get the same high, fixed interest rate regardless of your credit score. This rate is set every year by the federal government. For example, the rate for the 2018-2019 school year was 7.60%.If you choose to refinance with a new provider and have good credit, you may find that you qualify for a substantially lower interest rate on multiple student loan options — saving you a large sum of money in the process of paying off your new loan. Get One Simple PaymentRefinancing also serves as a Parent PLUS loan consolidation. If you have multiple loans (federal or private) they are all combined into one easy-to-manage loan, with just one monthly payment to your new provider. Reduce Your Monthly PaymentStruggling to afford your current monthly payment? Refinancing can help with that, too.When you refinance, you get a chance to choose a new loan repayment term and can opt for a longer term that reduces your payment each month. This flexibility lets you dial in your monthly payment exactly how you want it, so you can be more comfortable with the rest of your financial responsibilities.For example, if you had $30,000 in student loans at 7.08% interest and a 10-year repayment term, your minimum monthly payment would be $350.If you refinance your loans, keep your same interest rate, but extend your repayment term to 15 years, your payment would drop to only $271 per month. Refinancing would free up an extra $79 in your monthly budget.Extending your repayment term can cause you to pay more in interest over time, but it may be worth it to get some extra breathing room each month to help with other necessary expenses. 02 Parent PLUS Loan Consolidation vs Refinancing Parent PLUS Loans While refinancing can be a powerful tool for managing your Parent PLUS loans, there are some drawbacks to consider.When you refinance Parent PLUS loans, you lose federal student loan benefits such as:Deferment or ForbearanceIncome-Driven Repayment PlansPublic Service Loan Forgiveness ProgramIf these federal benefits are important to you, an alternative option to refinancing is consolidating Parent PLUS loans with the federal government through a Direct Consolidation Loan. This program consolidates all your federal loans, and the new rate is based on the weighted average of your current loans. So, although you’ll only have one loan and monthly payment to manage, there’s little chance you will save money on interest costs compared to the savings possible through refinancing.It’s also worth noting that federal Parent PLUS loan consolidation does not let you combine your federal loans with your private student loans. For that, you would need to refinance. 03 What to Expect When You Apply If you decide to refinance Parent PLUS Loans, use Purefy’s rate comparison tool first to view offers from multiple lenders at once, with just one simple form, and find your best rate.To be eligible for Parent PLUS Loan refinancing, you’ll need to meet the following criteria:Have a strong credit historyHave at least one outstanding education loanHave steady incomeQualified borrowers may be offered significantly better rates and terms than they currently have on their Parent PLUS Loans, based on their creditworthiness including credit score, income, debt-to-income ratio, and other factors. If you have bad credit, you may be able to qualify by adding a creditworthy cosigner to your application. Once you have decided on your lender of choice for your Parent PLUS loan refinance, you will be taken to that lender’s application, which can generally be completed in less than 15 minutes.You’ve gone through enough loan application processes to know what to expect, but one tip is to have your current loan statements handy when applying — the lender will want to know the details.If you are preapproved, you will need to submit documents to verify the information on your application including:IDPaystubLoan statementsOther possible documentation, depending on the lender’s guidelinesAll in all, the process is usually a bit more rigorous than something like an auto loan. To offer such low rates on unsecured loans (loans with no collateral), the lender’s underwriters must do their due diligence. 04 How to Pay Off Parent PLUS Loans Quickly A Lower RateHave good credit? By refinancing your Parent PLUS loans — which have a high standardized interest rate — you can qualify for a much lower rate to save a lot of money on interest costs.This can help you pay off your debt faster, too. If you’re saving money through a lower interest rate, you can put the extra cash toward additional prepayments, to pay off your loan more quickly — while maintaining the safety net of the same 10-year repayment term in case other expenses take priority. For example:Let’s say you had $30,000 in Parent PLUS Loans at 7.08% interest and a 10-year repayment term. Over the course of your repayment, you’d pay a total of $41,948.However, if you refinanced your loans and qualified for a 10-year loan at 5% interest, you’d repay just $38,184.By just refinancing your debt, you’d save over $3,700 in extra funds that can be used to increase your monthly payments and get rid of your debt sooner. A Shorter TermAn alternative option is to simply refinance your Parent PLUS loans to a shorter total repayment term, coupled with your reduced interest rate. Shorter repayment terms also typically come with even lower rates, as an added bonus.This method will set you up for faster repayment success. You’ll have a higher must-pay monthly payment, but also a much smaller total debt thanks to your lower rate — allowing you to ultimately pay less while putting you on course to shed your debt in less than 10 years. . Orginal Loan at 7.08% Interest Refinance Loan at 5% Interest Loan Amount $30,000 $30,000 Repayment Term 10 years 10 years Monthly Payment $350 $318 Total Interest Paid $11,948 $8,184 Total Repaid $41,948 $38,184 05 Refinancing Parent PLUS loans to child An excellent benefit of refinancing Parent PLUS loans is the ability to refinance them from your name to your child’s.If you took out Parent PLUS Loans to help your child pay for school, those loans are entirely in your name which can be a serious burden. That means you’re solely responsible for repaying them, and with high interest rates, the loans can be expensive and difficult to repay. Plus, having them on your credit report can affect your ability to qualify for other forms of loans, such as a mortgage. If your child is doing well in their career and is earning enough money to take over the loans, you may be able to transfer the loans into their name through student loan refinancing.By using this strategy, your child will then be responsible for the loan, and you would no longer be obligated to repay the debt — allowing you to focus on your other financial goals.If your child has bad credit and doesn’t qualify on their own, you may also consider cosigning on a refinance loan with them. Some lenders, like PenFed Credit Union, offer both parent plus transfer capabilities as well as a cosigner release program, which could remove you from the loan after a certain period of time, after your child’s credit has improved. 06 How to choose the best Parent PLUS loan refinance option Ready to easily find your top refinancing option?Using our rate comparison tool , you can quickly tell which lenders are offering the best rate that is tailored to your financial profile — no teaser rates or “bait and switch” with Purefy.You can use our sortable chart to see your best rates, and by entering your current loan details, you can compare monthly payments at the various term lengths on offer — whether you’re looking for a shorter or longer repayment term. If you’re currently dealing with Parent PLUS Loans and a high interest rate, student loan refinancing can be a useful strategy to help you save money, reduce your monthly payment, or even to transfer them to your child.We also have a team of personal loan advisors who are available to help you through the process. If you have any questions, you can contact us by phone at 202.524.1115 or by email at [email protected].com.