Not everyone who goes to college is a legal adult. Many students are still just under the age of 18, and there are always the whiz kids who somehow make it to college even younger! If you need to pay for college and are under 18, there are possible ways for you to get loans. With perseverance, you may be able to obtain student loans for college even though you are not the typical age freshman. Understand all the terms of the loan before signing anything.

Research Student Loans for College

There is a lot of money out there to assist you with school related expenses. Search the internet for student loans for 16 year olds and 17 year olds. Many reputable banks will lend money to a minor under certain conditions, such as obtaining a co-signer. However, eligibility requirements for private loans vary by state, so don't assume they are a viable option. Meet with your high school guidance counselor or a college financial aid adviser to discuss how to evaluate loan programs and repayment obligations. They are familiar with the process and may have recommendations that you have not considered.

Find a Co-signer

Ask a parent, grandparent or any other person in good credit standing to consider being a co-signer on a bank loan. A co-signer is a credit worthy individual who is willing and able to assume responsibility for keeping up your student loan payments if you can’t handle them on your own after you leave college. Your co-signer can help you understand the implications of high interest rates and inflexible repayment plans that you may encounter with some private loans. so talk to your financial aid counselor for help. The student's credit rating usually doesn't matter if you have a reliable co-signer. In most states, a student must wait until they are 18 to enter into a loan agreement with a private lender. You could also ask a family member to loan you some money and write up an agreement outlining the terms of repayment.

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Complete the FAFSA

Visit the FAFSA website and fill out the Free Application for Federal Student Aid. The FAFSA will often yield feasible options for funding your education. Federal loans, like Stafford loans, may allow you to get student loans without a cosigner. The minimum age to be eligible for federal aid is 16. Approach your parents with the idea of a parent PLUS loan. These are loans for education from the government that are given to the parent of a student. These loans are need-based as well, and will depend highly on the cost of attendance.

Meet Loan Eligibility Criteria

While you don't need to be 18 to get federal aid, you must have a high school education or its equivalent. Get your GED or pass an ability-to-benefit test. It can be very difficult to get a loan even with a co-signer because minors don't have a long credit history demonstrating their ability to manage money. Your credit rating may not matter that much if you have a reliable co-signer who possesses a high credit score and impressive income. In most states, a student must wait until they are 18 to enter into a loan agreement with a private lender.

Spend Loan Money Wisely

Student loans are intended for educational purposes only. Such loans are usually applied to tuition first, then the school will cut you a check for the remainder, assuming that you will spend the money on books, rent, transportation, computer software and hardware, and other expenses essential to school.

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