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High School Student Loans

Geraldine Said:

Can a high school student get a student loan?

We Answered:

SAI:

The answer is probably 'no' - most lenders will not accept an application from a borrower who has not reached "legal age" in his or her state.

There is a very old legal concept called "the defense of infancy" that can be claimed by an underage individual who signs a contract - and as you may be aware - an agreement to borrow and repay a debt is a contract.

If a lender were to agree to loan you money, and then later experience difficulty in getting you to repay the debt - they would have to sue you - and your lawyer would surely attempt to raise the defense of infancy - that you did not have the legal capacity to enter into this type of agreement. If the lawyer was successful in this argument, the lender would not be able to enforce the debt.

Almost no lender would leave itself exposed to that possibility by lending to an applicant of your age.

The answer is also no because you surely demonstrate no present capacity to repay the loan. If you don't have any income, and you don't have any assets, how are you going to be in a position to pay this money back when the payment become due?

Part of any application processing requires the lender to evaluate the borrower's ability to repay. If your parents wanted to buy a house, the lender would find out how much your parents earn, what kinds of other obligations they have each month, and whether your parents have established a good record of repaying their prior debts. If the bank didn't feel that your parents would be able to afford to repay the money, their application would be rejected.

If you're in your 2nd year of high school, I'm going to guess that you don't have a high-paying full-time job - and if you were making enough money in a part-time job to afford this computer and "few things", you wouldn't be looking for a loan.

The answer is "no" - you're not going to be an acceptable lending risk for a bank at this time in your life. You'll have to stick with the Bank of Mom, the Bank of Dad, or the Bank of Grandma until you're earning money, or at least until you're working on a college degree.

Good luck to you!

Ray Said:

student loans for high school?

We Answered:

You may be able to get a "private" student loan -- that is, a general purpose loan from a bank. It will not be the same as a college student loan (which are usually easy to get and backed by the government).

Julie Said:

where can I find a legitimate list of federal scholarships and student loans for high school seniors?

We Answered:

Zook:

Believe it or not, the BEST source for information about college scholarships is someone sitting in the office at your high school's guidance department. That's a major part of a counselor's responsibilities - helping students with their college preparations.

Your guidance counselor should have an extensive list of available scholarships, especially the more local scholarships that will provide you a better opportunity of being selected. They also know what scholarships have been "won" by students from your high school in the past - and what kinds of essays or letters of reference helped those students qualify.

There are online sites that gather together scholarships - the most common one you'll see mentioned is fastweb.com. Fastweb has a lot of scholarships, but be aware of two things: all of the Fastweb scholarships receive TONS of applications - and - Fastweb makes their money selling your name to advertisers. It's nothing sleazy - they're very up front about it - but you WILL receive "informative offers" from credit card companies and graduation announcement printers and class ring makers, and a whole lot more.

As for student loans - do yourself a favor and spend about 10 minutes with the booklet that I've attached. "Funding Education Beyond High School: The Guide to Federal Student Aid". This is a Department of Education publication that explains the entire financial aid system - not just the federal government's role, but also information about private loans and scholarships, too. There's even something useful in there for mom and dad - information about a special loan program just for the parents of undergraduate college students.

Don't get your hopes up for a big dollar educational loan - those loans have vanished in the midst of the banking and lending crisis. The only way you'll qualify for a "private" educational loan is if you are able to provide a very creditworthy cosigner.

It's good that you're researching the financial side of college funding now, because you'll need to choose a school with a realistic expectation of how much money is likely to be available to you. This is the time of year that we answer a lot of questions around here from people saying "My school is $40,000 a year, but my school only offered me $12,000 in aid, and I don't have a cosigner for any other loans. What can I do?"

The answers are never what those students want to hear.

Good luck to you - check with your counselor and read the pamphlet!

Roberta Said:

Are there student loans avaliable for high school students, because i would like to attend a private school.?

We Answered:

There was a kind of exam when I was looking at private schools back eons ago. And there were scholarships and grants available if my family was poor enough and I scored well enough. Never did really want to go though, the uniforms, the rules, and all those rich snobby kids. They paid twice what I owe for college on their high school education and they ended up at the same college and jobs as me.

Discuss It!

write my essay uk said:

A student loan is designed to help students pay for university tuition, books, and living expenses. It may differ from other types of loans in that the interest rate may be substantially lower.

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