Can Parents Take Out Loans?

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

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Can Parents Take Out Loans?

Postby watered » Sat Jan 27, 2018 2:54 pm

My parents want to contribute somewhat to my law school tuition, but they would prefer to structure their contributions as loans rather than contributing a lump sum. Can they borrow from the federal government for this?

coskigirl

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Re: Can Parents Take Out Loans?

Postby coskigirl » Sat Jan 27, 2018 6:46 pm

I believe parents only qualify for undergraduate work. They would need to go private but depending on credit may qualify for some pretty low rates, possibly lower than federal loans.

watered

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Re: Can Parents Take Out Loans?

Postby watered » Mon Jan 29, 2018 8:06 pm

coskigirl wrote:I believe parents only qualify for undergraduate work. They would need to go private but depending on credit may qualify for some pretty low rates, possibly lower than federal loans.


Thank you. Do you know which lenders they should approach? Also, what's the federal interest rate for student borrowing?

coskigirl

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Re: Can Parents Take Out Loans?

Postby coskigirl » Mon Jan 29, 2018 10:44 pm

watered wrote:
coskigirl wrote:I believe parents only qualify for undergraduate work. They would need to go private but depending on credit may qualify for some pretty low rates, possibly lower than federal loans.


Thank you. Do you know which lenders they should approach? Also, what's the federal interest rate for student borrowing?


There are probably hundreds of lenders that offer education or personal loans.

https://studentaid.ed.gov/sa/types/loans/interest-rates



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