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Last Updated: December 10, 2024
Parent Loan: A Parent loan is money a student’s parent or guardian borrows to help pay for school. The loan is entirely in the parent’s or guardian’s name, and they are taking full responsibility for repaying the loan. Like other student loans, a Parent loan is used to cover college-related costs, such as tuition, supplies, or room and board.
Undergraduate or Graduate Student Loan: When an Undergraduate Student Loan or Graduate Student Loan is cosigned, it is in both the student and cosigner's name. The cosigner is taking equal responsibility with the student and are providing their financial background to help guarantee that the loan will be paid back. |