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[quote=Anonymous][quote=Anonymous]My parents didn’t pay for college but luckily I qualified for federal financial aid in the form of grants and loans. For the Expected Family Contribution portion, I had to take out private loans, I used Sallie Mae. I didn’t have credit history at that point but the private loans were in my name. My brother was able to convince my mom to take out a Parent Plus loan for his EFC portion but it’s still a headache for both of them since he can’t consolidate those and it’s on my mom’s credit (she remarried and her husband wasn’t thrilled since it impacted borrowing potential). Contact the Financial Aid office and meet with them to discuss options - will most likely be private and public loans. But please explain to your kid exactly what it means taking out $. Look at potential income after graduating and monthly loan amounts. Mine are $800 a month and it’s debilitating in the beginning of a career. I paid off private by the time I graduated so I could defer and pay based on income, but it’s still hampered my ability to invest and save. I also had to turn down really good opportunities during school and after because of the debt (eg awesome internship that would have made my career in favor of a shitty job which paid more). But before taking out a ton of loans, consider affordable options like state school, community college, less prestigious school which offers scholarships or even schools abroad. [/quote]

How did you qualify for aid? Or was your family income so low that you used the loans to cover the EFC? It wold be illegal for you and/or your brother to be emancipated yet receive parental support.[/quote]

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