<p>What non-need-based loans are available for full time undergrad students? </p>
<p>There's the unsubsidized Stafford loan, but that's capped at a few thousand.
Considering most schools I'm looking at are about 47k/yr total cost, that leaves over 40k/yr. My parents will pay 15-20k/yr AT MOST. So that leaves a gap of about 35k/yr. (My family's "too rich" for financial aid.) I'm definitely going to work to pay off a bit myself, but that's not going to make much of a dent.</p>
<p>So what other low interest student loans are there to cover that $35k/yr or $140,000 total? (It'd be really helpful if you guys noted the typical interest rate of the loans too.) Both parents have really good credit if that helps. (I myself have no credit history...)</p>
<p>Oh, I guess I can take out that 140k in PLUS loans but is there a cheaper alternative?</p>
<p>Sorry, if this is in the wrong forum, but the one in Financial Aid & Scholarships wasn't getting much responses, and I thought a few parents ought to have done research on the best loan option. ;) Thanks.</p>
<p>First let's look at your math again and ask some questions. Stafford loans in your name - limited. Parental contribution - Are you sure that your parents intend to pay that $15-20k with all cash? Might they not borrow some of that with the plus loans? </p>
<p>So that's what you've got. Somewhere between 1/2 and 1/3 of what a school year will costs at our most expensive private schools. </p>
<p>Are you making the assumption that your parents will take out (additional) parent plus loans for the $23.5 to $30K a year you will need? You do realize that their credit gets these loans and they are the responsible parties, right? </p>
<p>Are you saying that they'll take out the loans and you will pay them back? With what? Your earnuings from the first few years ? What about your future plans? Grad school? </p>
<p>Realize with no credit history there is not one single lender extant on the planet that will loan you six figues under your name solely. ThAT doesn't exist except on CC. They are NOT real. It is magical thinking. </p>
<p>So the question really needs reframing as : Is there a place out there that will loan my parents six-figures at a better rate than plus loans? Maybe yes, depending on their credit and the collateral they will put at risk (maybe their house).</p>
<p>"So the question really needs reframing as : Is there a place out there that will loan my parents six-figures at a better rate than plus loans? "
Precisely what I want to know :)</p>
<p>To answer a few other things you brought up - My parents have some money in savings which will be used to pay a big chunk of the 15-20k/yr. The rest will probably be in loans (PLUS or otherwise). But they'll take care of that part of the loans, the rest will be on me. </p>
<p>Yes, I do realize that most, if not all, of the loans will be taken on my parents' credit. This the most financially practical as they will receive a significantly lower interest rate, and as you said, no lender would ever loan me more than a few thousand at best. However, I fully intend to pay back every penny of whatever I took out including interest.</p>
<p>Yes to grad school plans. Which means more debt unfortunately.</p>