Question About Securing Loans

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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Question About Securing Loans

Postby snowbowl360 » Sat Dec 22, 2012 2:50 pm

Is there ever a situation where an admitted student is not able to secure the loans to attend private law schools, such as Cornell, NYU, Penn, or Columbia? For the record, my credit is good. But, my family is not able to pay anything toward my education (and I don't think it would help my loan approval if one of them co-signed) and I'm unable to ask one of my parents for their financial information to fill out the financial aid forms (haven't had any contact with this parent in 8 years, and my private undergraduate institution waived the requirement for this parent's information for their financial aid process).

Thanks in advance for any advice or help!

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Re: Question About Securing Loans

Postby vanwinkle » Sat Dec 22, 2012 3:25 pm

Both public and private schools are able to issue federal student loans. To get federal loans, the requirements are fairly straightforward (be a U.S. citizen, don't be delinquent on any existing loans you have, be enrolled in an accredited education program).

This is true whether or not you provide parental information. Parental finances are only used by these schools to calculate your total wealth, with a presumption that those under a certain age (usually 26 to 29) will get support from their parents. This is used to decide who they give need-based financial aid to, but federal student loans aren't "need-based" in that sense, they're available to anyone regardless of their income.

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Re: Question About Securing Loans

Postby mommalee » Thu Dec 27, 2012 11:13 pm

You can also get federal student loans if you are a permanent resident.

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