About Student Payback

Paying for school is a family affair. Parents get involved, sometimes using a Federal Parent PLUS loan, sometimes co-signing private loans and sometimes by writing the checks themselves. Student Payback is a simple way for students to shoulder part of the burden and learn some financial skills along the way.

Here's how it works. Say a parent takes out a PLUS loan (a smart federal financing option offering a fixed affordable rate for parents who want to borrow to pay tuition bills.) Tell us how much you want the student to repay the parent, at what terms, and we will document the debt. When repayment begins, we provide email reminders, electronic debits and friendly customer support. You can set extremely patient and forgiving terms (most parents do) and can restructure the loan or forgive payments once it's underway. Each year, as the parent borrows more for tuition, add that amount to your Student Payback, up to 10 times. If you know for sure that you will only borrow once from your relative or friend, use our Handshake Plus for $199 plus $9 per payment.

School's in. Set up your Student Payback loan online or call with questions.