<p>Our daughter lost her scholarship for her senior year in the fall. We need to find a parent loan for approximately 28K. We have some options in getting a home equity loan where the interest rate may be lower. We've seen sallie mae, parent plus and other information and we don't know where to begin.
Help please</p>
<p>You might try contacting the college and asking if they can qualify you for a Federal Direct PLUS Loan. If the school authorizes it, you then go to a federal government web site (<a href=“http://www.studentloans.gov%5B/url%5D”>www.studentloans.gov</a>) and fill in an online form and they will send the funds to the school. A PLUS loan has a higher interest rate than a Stafford loan, and interest begins accruing immediately (but can be wrapped into the loan if you want to). You have until August 1 to apply for that loan.</p>
<p>Or if you haven’t already done so, you can go to your bank or credit union and ask. Student loans are no longer provided through banks, but now come directly through the government (that change was part of Obama’s health care law), but they might be able to tell you what other options you have.</p>
<p>Good luck!</p>
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<p>What’s your source for this? Chase, Discover, and Wells Fargo are all offering private students loans.</p>