<p>If you are going to ask your parents for a loan, you need to tell them that you will pay it back WITH INTEREST. Look up the current interest rates for private student loans, for parent loans, and for subsidized and unsubsidized loans so that you have figures to work with. Calculate how much money you would like to be able to borrow from your parents. Calculate how long you expect it would take you to pay them back at the rate that you would be paying for a private student loan. Present them with a complete plan. Two websites with good calculators are:</p>
<p>[FinAid</a> | Calculators](<a href=“http://www.finaid.org/calculators/]FinAid”>http://www.finaid.org/calculators/)
[College</a> Calculators - savings calculators - college costs, loans](<a href=“College Board - SAT, AP, College Search and Admission Tools”>Calculate Your College Costs – BigFuture | College Board)</p>
<p>Only your parents know their true financial situation. They may be in a position to loan you money. They may not. If you can’t pay for “the college of my choice” without help from them, and/or without a ridiculous loan burden, you need to take a long hard look at your other options.</p>