<p>So I need to borrow about $8k per year beyond the maximum federal unsubsidized loan amount available.</p>
<p>My parents would not be up for taking out a PLUS loan, I don't think. I'm not sure if they would be willing to co-sign... although maybe this would be more likely than them taking out a loan primarily in their name. I'm 24 though, and while I do not have a heck of a lot of credit history, I have no BAD credit history. Maybe I could get a loan w/o a co-signer?</p>
<p>I need you, college forum, to tell me where the best place for me to borrow 8k per year, for two years, would be. I am planning on plenty of graduate school, so borrowing options which perhaps do not demand the most immediate re-payment would be best for me, I guess. But such loans may not exist. At the least, can anyone tell me which private lenders are not COMPLETELY bad news?</p>
<p>Your parents would not cosign a Plus loan - they would be the named debtor. But, if they would consider it, that might not be a bad thing. Plus loans do have extended repayment options and they can take tax deductions/credits for their “contribution” to your tuition and fees. It also can be forgiven in the unlikely event of your death. You can make arrangements with them to repay the loan, but that would be done privately or by refinancing the debt at a later time. Once you’re in Grad school, you’ll be eligible for a Grad Plus if needed, so keep your credit history positive.</p>
<p>The other option would be a private student loan where they could cosign if you needed one. Many lenders offer provisions to remove the cosignor after XX months of on-time payments and some will defer payments until graduation (although you really should pay at least the interest charges every year to keep it from snowballing).</p>
<p>A third choice might be for your parents to borrow from their home equity/401k or another asset. Interest paid on home equity loans is deductible and you could make arrangements directly with them.</p>