<p>My friend is telling me that the school to which he has been accepted is telling him to take approx. $6700 in Student Loans and $9700 in Parent Loans. His family, however, has no way of taking the loans, since they have a relatively low income and a large family, and therefore couldn't make the payments. He is trying to find a way to transfer the loans that they want his parents to take to himself, i.e. make them student loans (I believe). Is there a way to do this?</p>
<p>BTW, I realize that I probably worded this poorly, but this is the best I can explain it, based on the way he explained it to me.</p>
<p>He could apply for a private student loan, with his parents cosigning, but the terms probably won’t be as favorable. Imo, $16,400/year is way too much for a student to borrow, especially if his family isn’t in a position to help. He really needs to rethink his options!</p>
<p>Ok, thanks for the idea.</p>
<p>Does anyone know of any other options?</p>
<p>go to a cheaper school.</p>
<p>I assume that the student has already been offerred a subsidized stafford loan up to the limit-- if so, his parents applying for and being denied a plus loan will enable him to borrow more $$ for his sub stafford. Perhaps someone else can post the exact amount of that new limit? This would be risk-free to apply and see what happens with loan approval.</p>
<p>We know someone who did as parents take the plus loan and just told their student to make the payments-- it worked out fine in that case but has obvious risks.</p>
<p>it’s an additional 4K in unsub stafford (each year) if your parents are turned down for a PLUS loan [FinAid</a> | Loans | Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>Student Loans - Finaid)</p>
<p>I’m going to guess that the 6700 mentioned by the OP is
3500 subsidized
2000 unsub
1200 perkins
adding another 4k puts the loan for 1 year at 10700. School will cost more each year. Whatever you think it will cost, it will be more.</p>