Granite Edvance introduces new parent loan to help families bridge funding gaps

Concord, NH – As part of a continued commitment to NH students and families, Granite Edvance has launched a new parent loan product, offering competitive rates in comparison with the Federal Parent Loan for Undergraduate Students (PLUS) Loan, as well as helpful benefits to support borrowers. The new Granite Edvance Parent Loan, which allows parents, stepparents, and legally adoptive parents to borrow on behalf of undergraduate students, features fixed APR rates starting at 4.489%, no origination fee, and a choice of three repayment term options (7, 10, and 15 years).   

“As a NH nonprofit whose mission is to support students in navigating their future pathways, we’re in tune with the changing needs of students and families and committed to helping them plan and pay for college and careers,” said Granite Edvance President and CEO Christiana Thornton. “We know that many families face funding gaps after utilizing savings, federal aid, grants, and scholarships, and our new loan is designed to help them bridge those gaps so that they can achieve their goals.”   

In comparison with the Granite Edvance Parent Loan, the Federal Parent PLUS Loan, available through the Direct Loan Program, currently offers an interest rate of 8.94% (all borrowers receive the same rate) with a 4.228% origination fee.* While this loan is offered by the federal government and includes many of the same benefits as federal student loans, its current rate is higher than the rate for federal subsidized and unsubsidized student loans (currently 6.39%).  

Granite Edvance recommends that families who need to borrow money for school first take advantage of federal student loans, which are typically offered as part of financial aid packages from colleges. If additional loans such as a parent loan are needed, families are advised to carefully compare interest rates and benefits.  

In comparison with a student loan, a parent loan is taken out by the parent rather than the student. The parent who takes out the loan is legally responsible for repaying it. Borrowers are encouraged to use Granite Edvance’s loan calculator and consult as needed with the Granite Edvance Customer Experience team to ensure they can repay the amount borrowed.   

To be eligible for a Granite Edvance Parent Loan, the primary borrower must be a NH resident and must be the parent, stepparent, or legally adoptive parent of a dependent undergraduate student. The benefiting student must also be enrolled at least half-time at an eligible institution. Underwriting is based on credit score, income, and debt-to-income ratio. A co–signer is allowed but not required.   

Granite Edvance also offers the following loan products for students and families: The Granite Edvance Private Student Loan, for undergraduate and graduate students who are residents of NH or attending college in NH; the EdvestinU Private Student Loan, for undergraduate, graduate, and international students who are neither NH residents nor attending college in NH; and the EdvestinU Refinance Loan, for borrowers in NH and beyond.   

“Our loan products are part of a growing toolbox that also includes scholarships, grants, and free services and resources,” Thornton said. “Our goal is to meet students and families where they are and support them through every part of the college-and-career journey.”  

Families who are interested in learning more about the Granite Edvance Parent Loan or applying for a loan can call 855-887-5430, email loansupport@graniteedvance.org, or schedule a free consultation at calendly.com/granite_edvance.  To learn more about Granite Edvance’s free college-and-career planning services and resources, visit graniteedvance.org.  

The Granite Edvance Parent Loan APRs depend in part on creditworthiness. Lowest APR is only available to our most creditworthy borrowers and assumes an application with a cosigner, a 7-year repayment term, and 0.25 percentage point interest rate reduction for optional automatic debit. Highest APR assumes 15-year repayment term, and 0.25 percentage point interest rate reduction for optional automatic debit.   

 *The Federal Direct Parent PLUS loan offers the same interest rate (currently 8.94%) to all borrowers and includes a 4.228% origination fee, while the Granite Edvance Parent Loan bases rates on the borrower’s or cosigner’s credit and includes no origination fee. Granite Edvance loan products are offered by Granite Edvance Corporation and may be funded by Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org) or Bank of Lake Mills, member FDIC.