<p>I expect to be about 10-15k in debt by the time I'm done with my undergrad. So, I will need to take out some loans. My parents have not yet filled out FAFSA, but they plan to soon. However, they make enough money that I don't believe I will qualify for need based aid. I'm confused about whether this automatically means I cannot get subsidized stafford loans? I would like to be able to take out the 10-15k in just stafford loans, but I'm not sure if that's possible. My parents are saying they do not want to cosign for me, though I'm not sure why since I have a 4.0 gpa, 2060 SAT and 33 ACT, so I would say cosigning for me is not that much of a risk. However, they are saying it is, even for such a small amount of 9k. Is cosigning for a 9k loan really that much of a risk as they say it is? Or are they just saying this because they don't like my college choice? :(</p>
<p>You may or may not qualify for subsidized Stafford loans. It depends whether you have financial need. However you can still get unsubsidized Stafford loans. They do not require a cosigner. </p>
<p>I understand where your parents are coming from. Cosigning a loan is a risk for the cosigner. They have no control over it and it can affect their credit rating if you pay late, or do not pay, before they are even aware that anything is wrong. I personally will not cosign a loan for anyone, including my own kids. I would lend them money if I could afford to, or borrow in my own name, before I would cosign a loan.</p>
<p>*I would like to be able to take out the 10-15k in just stafford loans, but I’m not sure if that’s possible. My parents are saying they do not want to cosign for me, though I’m not sure why since I have a 4.0 gpa, 2060 SAT and 33 ACT, so I would say cosigning for me is not that much of a risk. *</p>
<p>You do not need a co-signer for Stafford unsub loans for the following amounts…</p>
<p>frosh year $5500
soph year $6500
Jr year $7500
Sr year $7500</p>
<p>Whether you have high stats or not is not really an indication of the level of risk your parents are taking with a co-signed loan. </p>
<p>Many high stats kids flunk out…We’ve seen it happen. And, your parents may not want their credit score affected by an outstanding student loan…even if it’s not in default.</p>
<p>anyway…you won’t need a co-signer since you don’t want to borrow much. Are you certain that that is all you’ll need? How will the rest of your college costs get paid for?</p>
<p>You don’t need a cosigner for the Stafford loans. BUT you do have to complete the FAFSA.</p>
<p>Wait, I thought I read that the limits mom2collegekids posted were the limits of unsubsidized and subsidized loans combined…? Now I’m even more confused D:</p>
<p>The maximum Stafford loan for a freshman is $5500. Of that up to $3500 may be subsidized if there is financial need. If there is no financial need then the whole amount can be unsubsidized.</p>
<p>Oh I see…that makes me feel a lot better. Now I won’t even need a cosigner since I don’t plan to take out more than that limit :)</p>
<p>If your parents plan on funding your college education you may not need to take out loans. Why do you want to take out loans? Have they given you a college buget and you aspire to a more expensive college? Think seriously about your reasons for assuming loans.</p>
<p>They actually are not giving me sooo much money. They are giving me 30k, and are expecting me to come up with the rest.</p>
<p>Are they giving you $30k each year or total?</p>
<p>They are giving me 30k total, not each year.</p>
<p>You’ve found a school that will only cost you $45K over the four years?? Good for you. Maybe you can share the school info here for others.</p>
<p>No…it’s won’t cost only 45k for 4 years. I’ll only be going for 3 years since I am transferring from a community college. I will also have 20k of my own from working. I’ve also contacted the school (Bishop’s University in Canada) and they told me they save jobs for U.S. students on campus, and that I would most likely be able to get one, so there will be some additional money from that too.</p>