Which private student loan lenders are best with parent co-signers for FAFSA gap coverage?

We went with College Ave for my daughter last year. They had the lowest interest rate (5.8% fixed) with us as co-signers, and the application process took less than a week from start to finish. Definitely check Earnest and SoFi too - they were our second and third choices. I'd suggest applying to at least 3 different companies because the rates they offer can vary by more than 2% for the exact same credit score! Sallie Mae was actually our WORST experience... they offered us a ridiculously high rate despite our 800+ credit scores.

dont use sallie mae!!! they charged my son like 3 extra fees we didnt know about and the interest rates are a RIP OFF. we switched to discover student loans this yr and its way better, plus they give a 1% cashback for good grades which adds up

Has your son completed the CSS Profile too? Some schools require both FAFSA and CSS for their institutional aid. My daughter almost missed out on $9,000 in additional grants because we didn't realize Berkeley wanted both! Might be worth double-checking before taking on all that private loan debt.

Private loan parent co-signer here! We've used both Ascent and Earnest for my two kids. Here's what I've learned: 1. Apply to AT LEAST 5 different lenders - rates varied by as much as 3.2% for us with identical information 2. Look beyond interest rates - some lenders offer forbearance options, co-signer release after 24 payments, or no origination fees 3. Fixed rates are generally safer than variable, even if slightly higher 4. Ask about autopay discounts (usually 0.25%) 5. Check if they allow you to make interest-only payments while in school to reduce total cost We found PNC, Citizens, and Sallie Mae to have the highest rates. Earnest, SoFi, and Ascent were consistently better for us as co-signers.

anyone else have to call the financial aid office like 50 times to get everything sorted out??? my daughter's school kept losing our documents and i could NEVER get through to a real person

One strategy that worked for us was having my daughter apply WITH me as co-signer to several lenders, but then I also applied separately for Parent PLUS loans. We compared all the offers and surprisingly, the Parent PLUS loan had a better rate than several of the private options once we calculated the actual APR including all fees. Don't forget that federal loans have protections that private loans don't (income-based repayment, possible forgiveness, etc). If you decide to go private, we had good experiences with Discover and Citizens Bank.

Financial aid counselor here - I strongly recommend examining ways to reduce the amount you need to borrow before committing to private loans. Some options: 1. Contact Berkeley's financial aid office to request a professional judgment review if your financial situation has changed since filing FAFSA 2. Ask about payment plans - many schools offer 3-5 month extensions with minimal fees 3. Check if your student qualifies for any last-minute institutional scholarships or grants 4. Consider outside scholarships - some have late deadlines or rolling applications If you must go with private loans, ensure you understand the terms fully. Most private loans begin accruing interest immediately, unlike subsidized federal loans. Also, be wary of variable rates that start low but can increase significantly.

has anyone used credible? its like a comparison site for student loans. we used it for my oldest and got a better rate than going direct

Another important consideration is whether you want loans in your name or your son's name with you as co-signer. Parent PLUS loans are solely in your name, while private loans co-signed for your son build his credit history but keep you equally liable. We decided to split the difference - some in our daughter's name (co-signed) to help her build credit, and some as Parent PLUS to maintain certain federal protections. Just something to think about in your planning.

I went through this exact same situation with my daughter at UCLA last year - the sticker shock of UC tuition is real! Here's what worked for us: we applied to 6 different lenders and the rates ranged from 4.2% to 8.9% with identical credit scores (mid-700s). Our best offers came from SoFi (4.2% fixed), Earnest (4.6% fixed), and CommonBond (4.8% fixed). The key was applying within a 2-week window so all the credit checks counted as one inquiry. Also, don't overlook local credit unions - ours offered a competitive rate and much better customer service than the big national lenders. One last tip: see if Berkeley offers any emergency grants or work-study positions that might reduce what you need to borrow. Sometimes they have last-minute funding that doesn't show up in the initial aid package.