My Parents Won't Pay for College. Can I Take Out My Own Loans?
Question: Hi my question is even with an extremely high family income could I still take out student loans. My father and step-mother have a combined income of <500k a year however due to strained relationships they will not help pay for college. My mother also makes 100k but can't help due to lots of debt accumulated when she was younger. I'm assuming fincial aid is completely out of the question so can I still get students loans government or privately?
If your mother applies for a parent “PLUS Loan" (see https://studentaid.ed.gov/sa/types/loans/plus ) and is denied due to poor credit, she may be able to get the loan if another adult with good credit (e.g., a grandparent) agrees to co-sign the loan. However, if your mother is denied a PLUS loan, you will still probably be allowed to take out a loan of up to about $4000 to $5000 per year (the amount goes up as you get older). While this amount will only make a dent in the tuition and room & board at most colleges, you would be unwise to graduate with a lot of debt, and thus your best option may be to apply to the lower-cost public colleges or spend two years in a community college before transferring to a four-year school.
Other options include …