Student Loan for a Person under 18?
January 29th, 2010
Some people believe that a federal loan is available for people of age 18+ only and many people are usually confused and want to know the lower age limit of stafford student loans. Well, the answer is that there is no age limit here but usually up to age 16 it’s easier to obtain them even though minors have not built up any credit history as they are not 18+ yet.
Many parents usually get shocked when they hear their young son or daughter obtaining this loan as their biggest concern is the ability of their child to pay it back easily ensuring they graduate on time and able to secure their job. The only requirement for the borrower is to have a high-school diploma or certificate and they can easily and legally obtain this loan.
Usually, minors cannot be held liable for a student loan contract they sign but the Higher Education Act was amended in 1992 to hold these minors liable for their student loans which were signed without any accompanying parent.
Categories: Federal Student Loan
I thought it’s not possible for under age to get a loan. Are you sure, the information here is correct?
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