Bridge the gap or pay for essentials so that a loved one can focus on learning—with less financial stress
Stay in control. The loan will be in your name alone, as opposed to you cosigning a student loan with your child.
With an exclusive SEIU member discount of 0.25%1 and an additional 0.25% interest rate reduction with auto-pay enrollment,2 you can save on interest over time.
Choose how long you take to pay back the loan—between 5 and 15 years—and pay as little as the interest charges each month while your child is in school. You choose what works best for your budget.3
Funds are disbursed directly to the school to cover certified expenses.4
Most students qualify for some form of financial aid. Learn 6 ways to cover your costs and other resources to help you create a financial plan by watching this video.
HOW TO GET THIS
How To Apply
When you take out a parent loan, you are fully responsible for the repayment. Either you or your child can repay the loan, but if a default occurs, it will affect only your credit, not your child’s. That also means your child’s credit won’t benefit positively from on-time payments. In addition, with the SEIU Parent Loan, you have the option to directly control the allocation of loan funds.
When you cosign a student loan, your good credit is helping to secure the loan. You and the student share responsibility for the repayment. Your credit and your child’s credit both will be affected. And all of the private student loan funds will be directly disbursed to your child’s college to cover expenses.
1. SEIU members receive a 0.25% interest rate reduction on Parent loans that are opened through the SEIU Member Benefits portal. The SEIU member discount will be applied to your loan account after the initial disbursement occurs.
2. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit.
3. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
4. As certified by your school and less any other financial aid you might receive; minimum $1,000.
The SEIU Private Parent Loan Program - Undergraduate is provided by College Ave Student Loans. College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.