Is a Parent PLUS Loan or a private loan better?

There's no one-size-fits-all answer. Most families start with scholarships, grants, savings, and federal student loans in the student's name. If additional funding is needed, a Parent PLUS Loan or parent student loan may help cover the gap.

What are the disadvantages of a Parent PLUS Loan?

A Parent PLUS Loan comes with an origination fee, and the debt remains in the parent's name. Beginning July 1, 2026, many borrowers are also subject to new annual and lifetime borrowing limits, along with changes to repayment options. Before borrowing, be sure to understand the loan's fees, repayment requirements, and how a new Parent PLUS Loan could affect any existing Parent PLUS Loans you already have.

What are the downsides of a parent student loan?

Parent student loans are credit-based, so approval, rates, and terms depend on the borrower's financial profile. Some borrowers may qualify for favorable terms, while others may receive a higher rate or not qualify. Private loans also don't include federal repayment programs or federal loan forgiveness options, so it's important to review the loan terms carefully before borrowing.

What are the 2026 Parent PLUS Loan limits?

Beginning July 1, 2026, Parent PLUS borrowing is generally limited to $20,000 per academic year and $65,000 total per dependent undergraduate student. Some families may qualify for a limited exception if the student meets specific enrollment and borrowing-history requirements. If you're unsure whether the exception applies, contact your school's financial aid office.

Can I get a Parent PLUS Loan with bad credit?

Parent PLUS approval is based on whether a borrower has an adverse credit history, not a specific credit score. If you're denied, you may still have options. Some borrowers are able to qualify with an eligible endorser or by documenting extenuating circumstances. PLUS Credit Counseling is required when using either path. Students whose parents cannot obtain a Parent PLUS Loan may also qualify for additional Direct Unsubsidized Loan funding through their school.

Can a grandparent borrow a parent loan?

A grandparent can't receive a federal Parent PLUS Loan based solely on being the student's grandparent. Parent PLUS eligibility is generally limited to an eligible parent or, in some cases, a stepparent. However, some private lenders, including Ascent's Parent Student Loan, allow eligible grandparents, guardians, and sponsors to apply. In those cases, the adult borrower is responsible for repaying the loan.

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