Student Loans

NEA Parent Loan Program

Help your child manage their degree expenses with a customized private parent loan.

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Help your child cover their college expenses—on your terms

Federal grants and loans don’t always cover the complete costs of higher education. The NEA Parent Loan Program offers customizable private loans that can help you pay for school-certified expenses as well as books, electronics or dorm supplies.

  • NEA members are eligible for a special 0.25% interest rate discount.1
  • Start repaying in full immediately or choose to pay as little as the interest charges each month while your child is in school.
  • Get an additional 0.25% interest rate discount when you enroll in auto-pay.2
  • You can even have up to $2,500 sent directly to you for education costs outside of tuition and fees.3
  • There are no origination or application fees, or pre-payment penalties.
  • Decide how long you’ll take to repay your loan with terms from 5 to 15 years.4

How It Helps

Use the strength of your credit to secure college funding for your child

Get approved quickly

The NEA Parent Loan Program, in conjunction with College Ave Student Loans, allows you to apply online and get a credit result in as little as three minutes. The loan will be in your name alone, as opposed to you cosigning a student loan with your child.

Save on interest with a special rate reduction

With an exclusive NEA member discount of 0.25%1, plus an additional 0.25% interest rate reduction with auto-pay enrollment,2 you can save on interest over the long-term.

Your child’s bills are covered automatically

Funds are disbursed directly to the school to cover certified expenses, with the option to have up to $2,500 sent directly to you so you can manage how the money is spent.3

You’re in control of your repayment options

Choose from 5 to 15 year loan terms and pay as little as the interest charges each month while your child is in school. You choose what best fits your financial needs.4

How It Works

How to apply for a parent loan

  1. Make sure you’re logged in to your NEA Member Benefits account, then click the “Get Started” button to go to the College Ave website.
  2. On the College Ave website, click the “Apply Now” button and complete the online application. It only takes about three minutes.
  3. Receive an instant credit decision.
  4. Upon approval, choose your loan terms.

FAQs

Your questions, answered

Help finance life’s bigger expenses

Terms & Conditions

1. NEA members receive a 0.25% interest rate reduction on Parent loans that are opened through the NEA member benefits portal. The NEA member discount will be applied to your loan account after the initial disbursement occurs.

2. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

3. In order to receive up to $2,500 direct, a valid bank account must be designated for direct deposit of funds, and $1,000 or more must be certified by, and scheduled for direct disbursement to, the school.

4. This informational repayment example uses typical loan terms for a parent borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 6.83% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $114.82 while in the repayment period, for a total amount of payments of $13,778.89. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

5. As certified by your school and less any other financial aid you might receive. Minimum $1,000.

The NEA Parent Loan Program is provided by College Ave Student Loans. College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.