<p>I'm 17 and will be attending NYU in the fall. I need about 13,000 in loans for the first year. Are there any loans I can get as a 17 year old (I know it's probably no). Also, are there any loans my parents can take out/co-sign for that don't need to be paid until after graduation?</p>
<p>I am the first kid to go to college, so both my parents and myself are lost.</p>
<p>What lenders are best? I've been looking at Goal Financial, Chase, and Citibank.. Any comments on those lenders?</p>
<p>besides perkins and stafford loans, you will need a cosigner (unless you have your own credit history and job). I'm assuming you need loans beyond these. My son is also going to NYU in the fall and the max perkins is 2400 and stafford is 3500</p>
<p>If you do get a loan that doesn't require repayment until after graduation, remember that the interest is accruing all the time. I think this is how the citibank loan works. And I'd be really worried about letting a loan like that accrue interest for 4 years before you start paying it back. </p>
<p>Parent loans (PLUS or home equity) start repayment after loan is disbursed.</p>
<p>I am really concerned about the amount of loans that you're planning on taking out. Typically, one's best financial aid is for freshman year. That's when colleges are likely to give the highest proportion of grants to loans.</p>
<p>At the very least, you're talking about taking out more than $50,000 in loans to pay for 4 years of college.Meanwhile, the average American college student takes out about about a total of $20 k in loans for 4 years of college. What you're talking about taking out is a large amount of debt that will also make it difficult for you to afford to go to graduate or professional school. Keep in mind, too, that since you're looking to go from Wisconsin to NYU, you'll also have more transportation costs to pay for than if you were to stay near home.</p>
<p>In fact, I find your financial aid situation so scary that my suggestion would be to see if there's still time for you to apply to attend a local public college that you can commute to from home. If that's not possible, you could take a gap year and apply to colleges that you can afford without taking on so much debt. Since you were able to get into NYU, if you want to go to a private college, you should be able to get acceptance to a good one that's also more generous with financial aid than NYU is. (NYU has a reputation for not being generous with financial aid).</p>
<p>I know that I have not answered your question. Unfortunately, I don't yet know the answer because we've just started the process of looking for loans for my S's college. However, if you check back posts here, there probably is much good info about loans. Other more informed parents and students probably also will respond to this post.</p>
<p>My situation is almost identical, except I might or moght not have a cosigner. Luckily, I have an uncle with excellent credit who I think might help me out. I thought I would have to take out that much debt and I still might, but I applied for a bunch of scholarships and hopefully at least a few will come through. My advice it to steadily apply for more scholarships before it's too late.</p>
<p>Posting on Parent's Forum probably would help you get more advice.</p>
<p>I'm in the same boat. I know that sometimes there isn't anything you can do. I know that in Massachusetts there is a state loan program that doesn't require a cosigner. New York may have similar programs. BTW the program is MEFA.</p>
<p>The Education Finance Council has a list of nonprofit lenders for each state...perhaps one of them can help you.</p>