How Old Do You Have To Be To Qualify For a Student Loan or Grant?

Age Limit for Student Loans

To obtain a student loan you must be older than 18 years of age. Even if you are 18 years old, some banks and financial institutions will require you to have a co-signor on the loan. Many states in America do not permit issuance of loans to individuals 18 years or lesser.

This is because loans have an added charge in the form of interest that has to be paid over and above the principal component. Further, when a bank or financial institution lends you money, they need comfort over the fact that they will be getting it back. Therefore, there is a mandatory requirement of a co-signor or a security (if you are over 18 years of age).

The age limit of above 18 years of age applies to federal loans as well. That is why the federal government has Stafford loans that are issued to the parents of dependent students.

Age Limit for Grants

Grants are, literally, free money. They never have to be repaid. The various grants offered by the federal government are-

1. The Pell grant
2. The FSEOG
3. The FWS grant
4. The Teach grant

For these grants there is no age limit. These are all for graduate or post secondary educational levels.

However, for the children of military personnel killed in Iraq or Afghanistan after September 11, 2011, there is a criterion that states that at the time of death of their parent or legal guardian, the child must be below the age of 24 years or must be enrolled at a higher education institution on part time basis.

The age limit for private grants offered by many colleges and universities needs to be identified by the students. Every college or university has a specified age limit to qualify for the grant. Enquire with the admissions office about the same or the information would also be available on their website.

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