<p>I met a student today from the college my child wants to attend. That student said that she got student loans without her parents' help. Do you know how my child could try the same? Thank you.</p>
<p>If your child fills out a FAFSA, he/she qualifies for a $5500 Direct Loan as a dependent freshmen (6500 sophomore year, 7500 junior & senior year). </p>
<p>Above and beyond that requires a co-signer and is almost universally ill-advised. </p>
<p>See <a href=“http://www.direct.ed.gov/”>http://www.direct.ed.gov/</a> for more information</p>
<p>That student is probably talking about fed student loans. for frosh that is 5500. sometimes a little bit more if Perkins loans are given as well.</p>
<p>If the problem is that you (the parent) cant qualify for Parent Plus loans, then if you apply and are denied, then your child can borrow an additional $4k…so about $9500 for frosh year (if you are denied).</p>
<p>however, borrowing that much is risky because the total debt upon graduation will likely be too much to be affordable and then your child’s credit will suffer. </p>
<p>How much does your child need to borrow?</p>
<p>Direct Loans are in the student name only , and for the base amounts ($5500 first year) no parental signature for the loan is necessary. But a FAFSA has to have been filed which requires parental involvement. Perkins is another federal loan but that one is always part of a financial aid package so again the FAFSA is needed and that is one of the first things that tends to go when it comes to getting fin aid from a school. It has to be offered up by the school as part of the fin aid package. Some schools also do give some student loan money. Not many–know only of one, but that is in sometimes in the picture. Whether FAFSA is needed, there , depends upon the school as they can do what they please with their own funds.</p>
<p>Federal student loans don’t require a cosigner. As others have said, the max student direct loan for a Freshman is $5500. There are also Perkins loans, but they have limited funding and availability and most students are not awarded them.</p>
<p>Anything over that will be a parent PLUS loan, or a private loan with a cosigner with good credit. Private lenders are not going to lend to a student with no credit and no job. If the parent is denied the PLUS, the student is eligible for an additional $4000 of direct loans. </p>