Thumper is right. His income is irrelevant. He could be Bill Gates for all we care.
WHAT will the repayment terms be?
My concern is this…He’s new in your life.
At some point, the money could become a “weapon” (you do what I say or…) or (I’m not lending you the money to major in …) or he may just realize at some point that there’s no way you’ll be able to afford to pay him back and refuse to lend you for junior and senior years.
Who knows what he’s thinking. Maybe he thinks that you’re going to live at home once you graduate so that you can repay him “quickly” since you won’t have to pay rent. The problem with that is…you may not find a job within commuting distance from your home…or you may be in a committed relationship at that point, and not want to live at home.
If he charges you no interest at all, you’d still have to pay him $26,000 a year for 10 LONG years.
Don’'t just assume that everything will work out. Find out what the details and expectations are.
Ask him what the repayment terms will be.