There are many misconceptions when it comes to age and student loans. How old should you be to apply for a private student loan? The short answer is, you have to be 18 years. Most states have laws that stop minors from applying for a student loan if they are under 18 years. Even if you are 18 years, you will find that banks or private institutions will insist on a cosigner for your student loans. The basic two requirements are that you have to be atleast 18 years and you have to be a student of course for a student loan.
Government Grants are a slightly different story. You do not need to be 18 years old to get a government grant such as a Pell Grant or a Stafford grant. But you need to have a high school education or its equivalent to qualify for federal aid. Fill out your FAFSA form to start the process for getting a federal student loan irrespective of your age.
We get many questions and queries around this subject and figured we post some out there.
- “I’m not yet eighteen, can I get a student loan?“
- “How old do I have to be to get a Pell Grant”
- “Can I get a federal student loan if I am in my thirties?”
- “Are there any age restrictions on getting a student loan or grant”
- “i know someone who is 29 and has completed 2 years of college then quit. Can he be qualify for a grant if he fills out a fafsa form? If not is he eligible for a student loan”
Getting a student loan, whether a private or a federal student loan is a long drawn out process. That said, exhaust all your options before even considering a private student loan.
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