Re:
Federal Loans are the #1 source for this, as the gov. backs them. Not sure what you can and cannot qualify for, as they're based on you and your parents financial aid eligibility to pay. Meaning, if your parents have significant assets, you may get none.
Private colleges tend to offer more, just because they got cash to burn. State schools are more liberal to their own in-staters, to women, to poor folk, and to minorities.
In order...
1. Federal Loans (based on need as determined by the FAFSA; if you're not a dependent of the parents, then you can get one on your own credit and you'll get them regardless.
2. Private loans (bank of america, etc). These are done based on INCOME verification. I.e. if you have no income, no or little loans. You can cosign with parents and get a higher amount. I got as high as 16k when I needed it, Dad cosigned and I pay.
3. Personal loan, unsecured, like credit cards. Not a good option, as rates are going up and they're not usually FIXED rate loans. There's no backing of an asset that they can take, so rates are higher. Still based on income and credit history. No Deferral.
4. Credit Cards. Must have credit history first. Rates are high. Not fixed, but they do work. Limit might not be high enough to keep borrowing for a full year. And payments must be made NOW. No deferral.
It's a catch-22 pal.. Federal Loans require the FAFSA because that's how need eligibility is determined. And if you have low/no income, then shouldering loans is impossible (aside from FED, unless you got Real EState personally owned). I got Bank of America loans since Fed. Aid only met so much and my dad had to co sign to cover the income part. After grad they became mine.
Thing is, any OTHER loan you get is likely not to be deferred, which is why EDUCATION loans are nice, because they offer deferral. Non education loans will require payment TODAY, so if it's a substantantial nut, you'll have to work anyways or have some1 pay it.
I know this because I've been the borrower and the advisor. I've helped my bro, myself, family members, and clients. Education is a tough spot...kids need their parents in most cases, esp. @ expensive schools, unless your'e willing to work full-time.
That's just the basics...but talk with an accountant or financial planner, or someone who has done it before you proceed. Know the laws, the requirements, how the rates work, the period, penalties, and when payments are due (deferred or immediate). I see kids get screwed, because they get the money and don't know when payments begin. Or don't know the rates aren't capped really.
A-Unit
