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I need a student loan for college, but I’m only seventeen and can’t find a lender. What should I do?
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I plan to attend Arizona State University in January, but I will be underage. My parents are willing to co-sign for my loan, but because of my age no lender will deal with me.
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12 Comments
November 6th, 2009 at 6:15 am
Aren’t federal student loans guaranteed for anyone who attends college, even a 10 year old prodigy? I’m not real sure…sorry, this was no help to you at all.
Check out the Federal Financial Aid website (FAFSA.GOV) they should have info on guaranteed student loans and I think the schools typically assign lenders, you don’t have to do that independently. I think.
John
November 7th, 2009 at 10:47 pm
The collage will help you fugue all that stuff out
November 9th, 2009 at 3:50 pm
What Students and Parents MUST Know about Student Loans
A student loan helps you get through college. Then you come out into a high-paying career. It’s a great investment in your (or your sons/daughters) future.
Student loans generally give you a good deal. You get below-market interest rates, and you get a $2500 federal tax credit on interest paid over any period of time (previously first 60 months only)
It doesn’t matter if the student, or parent takes out the loan; tax deduction remains the same.
* Did you know the federal government has a $50 billion student loan program ?
Not surprisingly, the federal government provides the largest percentage of student loans. Other student loans may come direct from colleges, private lenders or state governments.
One of the key advantages to a federal guaranteed loan is exactly that – it’s guaranteed. That means you don’t need collateral. It also means the terms are kinder than a typical lender might offer. Of course, your educational program has to be approved by the government.
Types of student loans
* Federal Stafford Loan – for undergraduate or graduate students
A popular and cost-effective source of a student loan. Stafford loans provide low-interest, government guaranteed funds.
Stafford Loans come in two types, subsidized or unsubsidized. Whether or not you’re eligible for subsidized depends on household income. The school ought to advise on this.
For subsidized, the government covers the interest right up to start of repayment i.e. they pay interest incurred during the course, in deferment and during the grace period before repayment begins. If you qualify for subsidized, it’s a great deal
For unsubsidized, the student must pay all interest incurred at all times, though they don’t start repaying until after grace period.
* Federal PLUS Loan – for parents of undergraduates
Parent Loan for Undergraduate Students (PLUS) allows parents to take a loan on their Childs behalf. They can contribute to their Childs future, and get a great low- interest loan with continuing future tax relief.
PLUS actually allows parents to borrow the total cost of their child’s education, minus any grants or other financial aid awarded. All tuition fees, meals, books, transport etc. can be included in the loan.
This really is a great deal, and has no income or asset requirements. Even poor credit history may be overcome. Repayment is flexible, and can include zero payments for up to 4 years.
Only one drawback to the Federal Stafford and Federal Plus loan – your school must be approved to participate in these programs. If your school isn’t approved, then you’ve got some other options…
* Banks
Many banks offer unsubsidized Stafford loans. You still get the money, which you must have to attend college, but repayment options are more limited. Some deals offer you an interest rate reduction if you make payments on time.
* State Loans
Most states offer guaranteed student loans. Apply direct to Banks, who’ll administer the State program. It’s usually a more expensive way to borrow than Stafford.
* College Board Extra Credit Loan
Administered by your college. Can be expensive, and best used only in an emergency e.g. your aid is withdrawn.
* Other Loan Sources
A number of other sources may be worth trying if you get a problem with your first choice lenders. Academic Management Services affiliates with approx. 2000 schools. AMS pay your tuition fees if you repay them in less than a year. College Resource Center also has loans available.
If your parent served in the military, then a military loan should be investigated.
College can be the experience of a lifetime. A child starts college as a high school kid, and emerges a full grown adult with high-earning potential…
But he or she needs money to survive and thrive in college. This article looked at the main sources of student loan funding, and those sources should be ideal for most students and their parents.
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The right Student Loan makes all the difference to a successful college career. Discover important information on choosing the right student loan, and guaranteeing your future success. Click ==>–loans.com/
November 11th, 2009 at 7:29 pm
Go to FAFSA.gov and fill out the FAFSA form. Also many banks offer what is called a PLUS Loan. The PLUS loan is a loan that parents can take out for college students. You may be able to make a deal with your parents and agree to pay the loan. Also, I would advise you to sign up for Fastweb.com this is an internet site that qualifies you for scholarships and you can apply to a number of them to get the funds you need to attend college.
November 13th, 2009 at 4:06 am
Student Loan can be sought through many different avenues. It all depends on your personal credit rating. The biggest challenge is finding one that offers the lowest interest rate.There are various routes to explore when seeking out a bad credit student loan and I would suggest that your first port of call would be the school for which you are about to attend. You will need to fill out a FAFSA form in order to initially apply for a federal loan. Perkins loans are combined school and government funds. A combination loan may be another alternative way of acquiring a bad credit student loan. This type of student loan enables you to consolidatestudent loans defer your payment until you have finished college. This in turn will allow you time to improve your credit rating and when you leave college you could then look into consolidating your bad credit student loan at a better interest rate. This will mean your monthly payments will be at a lower level and therefore more affordable.
November 15th, 2009 at 1:39 pm
Try and call the 1-800 number to talk to a representative about your options. They’ll approve you as long as you’re in college. It’s a student loan agency for college students. Call them first before you try anything else.
I can’t believe all these people are referring to their private agencies instead of a well known student loan agency. Becareful.
November 18th, 2009 at 4:22 pm
First of all, do NOT go to fafsa.com! That is NOT A DEPARTMENT OF EDUCATION WEBSITE!! You will be charged a fee for something you can do on for free. Okay, nuff said.
You can get a federal student loan at 17 to go to college. Go to to apply. Ignore most of the crap that’s posted here…. darn spam-bots are out in full force.
Good Luck
November 21st, 2009 at 3:28 am
contact one Mr Willson with this e-mail address he can help you out.
November 23rd, 2009 at 11:58 pm
Rich College loan consolidation for Parents
I found interesting information about your answer, college loans, scholarships, college grants & partime works here.http://all-student-loan-consolidation.blogspot.com/2007/07/college-loan-consolidation.htmlGood luck!
November 24th, 2009 at 10:56 pm
If you’re applying for a loan in your name only, then that’s the reason. You’re only 17 and aren’t even eligible for credit cards. My son’s financial aid office gave us all the information we needed to apply with Sallie Mae. I applied for his loan online and we found out by the end of the application if he was accepted with co-signers. This is what you need to do. There are tons of companies that will give you a loan with a co-signer. Maybe you’re just not wording it right when you apply. Just remember though that if your co-signer doesn’t have the best credit, you’ll have a higher interest rate. Choose someone who has excellent credit for that lower rate.
November 27th, 2009 at 10:47 pm
Have you considered applying for grants and scholarships? These are financial aid sources that are free and you don’t have to pay them back. You can read about them here:
Here are sites that offer scholarships:
Good luck!
November 29th, 2009 at 11:11 am
Fill out the FAFSA at If you do it now (you enter in the Arizona State University school code, which they can provide for you), you will be ready to attend in January.
I say fill out the fafsa first because then it will determine how much money you need to have Out of Pocket, if any.
When do you turn 18? You may have to wait a few months.
Check locally for private lenders, if your parents are willing to co-sign you should find a good deal.
Do your FAFSA, if it is determined that you need more money than your Pell grant and student loans would cover (you have a balance owing) maybe your parents will get a personal loan in their name to cover the rest?