For the borrower

So you want to pay back your parents for helping you pay for school? It sounds kinda complicated, why not just borrow yourself? Here are a few good reasons.

You’ll save money.

Once you’ve maxed out your savings and Stafford loans, there’s often a gap. Borrowing to make up that shortfall can get expensive, and your goal when borrowing for school should be to get the most affordable and flexible loans possible. So check out a Federal Parent PLUS loan. The PLUS loan allows your parent(s) to borrow at a decent rate to pay your tuition bills, and Student Payback allows you to pay them back, on terms you and your parent agree to.

You’ll have flexibility.

Forget yoga, if you want flexibility in how you repay the borrowing your family does to send you to school, turn to us. Typically, a parent will want to be as supportive as possible so you can stay on track with school. You and your parent can agree to begin repayment 6 or 12 months after graduation. Or longer. Then, once repayment begins, if cash is tight and you ask nicely, your lender can agree to reschedule a payment, move it to the end of the schedule, or forgive it entirely. Which are probably things a bank won’t do.

It feels good.

Finding the money to pay for school is indeed a family affair. So when you know your loves ones are stretching themselves thin to help you, it sure feels good to do your part. When you want to pay back a PLUS loan, Student Payback is a way to, well, pay it back.