<p>Is it possible to take a ~$40,000 per year loan in my own name, without a co-signer? I'm 17...will be 18 in July. No credit card, but I've had a job and a checking account since fall 2007. Pretty good grades (2110 SAT, 3.8 gpa in an AP-intensive curriculum).</p>
<p>(I have one of those complicated family situations with divorce, abuse, mentally ill parents, etc... I already know all about dependency overrides, merit aid opportunities...I just need to know whether or not this kind of loan would be possible, as a last resort.)</p>
<p>IT was that kind of thing which destroyed the american economy, NINJA loans…
These wera available a couple of years ago but I very strongly doubt whether it will ne possible for you this year… bad luck</p>
<p>Even if it is possible do not do it. Run the numbers through a loan calculator such as the one at finaid.org [FinAid</a> | Calculators | Loan Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Loan Payment Calculator - Finaid) to see what your monthly payments would be for 10 years. Don’t forget to add and compound any interest that you are not paying as you go along as this will increase your debt by $20K+ before you start paying it…</p>
<p>If you really have such a bad situation, please discuss it with your financial aid department. They can be helpful. If one is not, another may be.</p>
<p>If you are still a minor, you may want to consider becoming an emancipated minor. Next year, that will get an automatic independent status by the feds (you’ll still have to document that you really are legally emancipated, of course).</p>
<p>If you “run the numbers,” you’ll learn that if you borrow $160,00 (total for 4 years), you will have to pay nearly $2,000 per month for 10 years. Do you have any idea how much money you would have to make in order for that to be “do-able” (meaning that you would still be able to pay rent/mortgage, car, food, etc. You’d have to make well over 200,000 a year to pay that back, and it still wouldn’t be “painless.”</p>
<p>could i also ask what is the upper limit for the amount of private loans per year that a student in my situation should take? as in, going to have to pay it back completely independently, no help whatsoever from parents. i’m guessing somewhere around $10,000?</p>
<p>That is entirely your call. Run the numbers & see what your repayment would be. You need to decide your own tolerance for debt.</p>
<p>Personally, I don’t like the idea of taking on a large amount of debt - especially not from a private loan. I think there are plenty of fine schools where a student can get a very good education at a decent price.</p>
<p>Even if you only borrow $10k every year, that will be $40k by the time that you are a senior (and likely more because tuition, etc, goes up every year.)</p>
<p>So, if you were to borrow a total of $45k, then you would have to make monthly payments of about $550 per MONTH for TEN LONG YEARS. That would certainly make your life very difficult unless you were making a VERY HIGH salary immediately after you graduate (very unlikely). </p>
<p>And, don’t forget, if for some reason you aren’t able to complete your education (for whatever reason), they you’ll have to start paying back the loan (although it may only be $20k at the time), with a non-professional salary. Even if you only end up borrowing 20,000, your payments can be over $250 a month - that is like an extra car payment for 10 years.</p>
<p>What do you think that your future profession might be? How much money does that profession typically earn right out of college and for the first few years? </p>
<p>Since you’ll have no help from families, once you graduate from college, whatever income you get from your “first real job,” will also have to pay for your rent, car, car expenses, cell phone, food, clothes, entertainment, etc. There won’t be any money to pay back that loan.</p>
<p>That 10 year loan will be like an anchor around your neck. It will prevent you from “moving ahead” with your life while your colleagues will be buying homes, etc.</p>
<p>You can’t take out ANY type of loan until you’re 18. You can get a credit card with probably about $300 on it when you do turn 18. No one is going to give you $40,000 without a VERY GOOD ESTABLISHED credit history. You’re out of luck. Why do you need $40,000 anyway? You need to pick a different college because it’s just not worth it…</p>