College Loans

[dmc-2008]

My kid is getting ready to graduate and we are facing loans. she needs to get them next June when she registers for classes, she willbe 18 in May.
can she take out the loans in her name?

almost there!!!!

[justbroke]

It really depends on the cost of education (tuition, fees, books, extras) per year.

She should be able to get Federal student loans (subsidized/un-subsidized) but they have loan limits based on class year (freshman, sophomore, junior, senior, graduate) that may not be able to satisfy the tuition. There is also the consideration of whether she is considered dependent (or independent) for purposes of the loan.

[LadyInTheRed]

She should probably be applying for financial aid now. The first step is to complete the FAFSA at https://fafsa.ed.gov/. That will determine what state and federal grants and federal loans are available and how much "family contribution" is expected. When she receives the information on what is available, the family contribution may seem overwhelming. Don't panic. Your daughter should make an appointment with a financial aid counselor at the school to discuss her options, including private student loans.

The earlier she starts the process the better. If the system will accept an application for her first term now, than she should complete it asap.

ETA: When your daughter meets with a financial aid advisor, she should not be afraid to tell them that her parent(s) are in Chap 13 bankruptcy.

[dmc-2008]

It quite a process! Thx guys!