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Parent Loan

Taking On a Loan for Your Student

Graduating student hugs his family after graduation, after a Parent Loan helped pay for college

Parent Loan℠ for First Source by Sallie Mae®

As a parent helping your child pay for college, a loan in your name helps you give the gift of college to your student, relieving them of the financial responsibility. Any creditworthy individuals, including parents, grandparents, aunts, uncles, spouses, and guardians, can help a student achieve their dream of college.

The Parent Loan offers competitive interest rates, and the flexibility of two repayment options.

This loan can help your student pay for college expenses not covered by scholarships and federal loans.

  • A variable or fixed interest rate to choose from 

  • No origination fee and no prepayment penalty 

  • Benefits including an interest rate reduction available 

  • 100% U.S.-based student loan specialists 

Note: Students aren’t eligible to be a borrower or cosigner for the Sallie Mae Parent Loan. Borrowers, cosigners, and students must be U.S. citizens or U.S. permanent resident aliens. 

Learn more about the Parent Loan or apply:

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Now that you’ve been accepted the fun begins…how are you going to pay for college?

— First Source Blog
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These loans are made by Sallie Mae Bank or a lender partner. First Source FCU is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.

This information is for borrowers with students attending degree-granting institutions only. The student is not eligible to be a borrower or cosigner and must be attending or have attended a participating school during an eligible prior enrollment period, or be enrolled in an eligible study abroad program. The borrower, cosigner and student must be U.S. citizens or permanent residents. The school may refund loan funds directly to the student, and if that occurs, borrower and cosigner (if applicable) would still be responsible for repaying that amount to Sallie Mae. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply. 

*Federally insured by NCUA. Membership and credit requirements apply. Rates and terms determined by overall credit history and subject to change.