This is a pretty bad plan to show your parents you don’t need their money - YOU DO! You need their money. You need them to sign the FAFSA for you to get the direct loan, you need them to support you. If you really don’t want to go to the school they want you to go to, then don’t go to school. If their only requirement is to go to school instate, pick the school you like the most, that is farthest away, that is big enough to get lost in. Even small states like RI or Del have several choices. Many states have agreements with neighboring states to keep the tuition down
The way to prove you are mature is not to take out loans but to come up with a plan where you don’t need outside loans. Earn a scholarship, get a job, get another job, pick a school that wants you and will give you a scholarship or grant.
It sounds like the friend doesn’t have enough income to qualify as a co-signer. Has that been pointed out to this student?
Simply telling him that it’s not a good idea, isn’t enough. Of course it’s not a good idea.
But, really, the friend won’t qualify due to lack of much income.
“Can my 19 y/o friend with good credit cosign on my student loans?”
Whether he can is up to the lender and your friend. Whether he should is clear – this is a monumentally bad idea.
My expectation is that potential lenders will probably feel the same way and not allow this. Also, if you are not 18 yet then I suspect that your parents could also veto this idea.
I didn’t think of this before but at 17 you cannot sign a contract. There is an exception made for Direct Student Loans, but I do not think there is an exception for private student loans, and there certainly isn’t for any other type of personal unsecured loans. You’d only be able to sign, and then have your friend co-sign, if you can qualify for a loan.
Unless your friend is filthy rich, it is a very bad idea. In that case, he can easily write a check to you.
If my kid came to me and said, look how smart I am, I borrowed tens of thousands (or my friend did,) for first year, I most certainly would not be impressed. I would not say, “Oh, little Jimmy, you’re so clever, here’s the other 100-200k you need.” Lol, not at all. I’d be seriously worried about judgement.
That’s different than a kid with a plan to earn, maybe over a gap.
Is this “friend” a boyfriend?