I know I won’t qualify for any federal aid but in case there is a need, I am looking what may be the best options for an undergraduate study loan.
Looking for any advise from the experts.
If your family completes a FAFSA, you will be eligible for a $5500 Direct Loan in your name only.
How much loan money were you anticipating needing?
Anything above that $5500 mark would either need to be taken out by your parents, or they would need to cosign with you.
The Stafford loan will be unsubsidized. Private loans or Parent Plus loans would require your parents and are bad news.
The Direct (Stafford) loan could be partially subsidized depending on whether the student has financial need…and how much need. It doesn’t sound like this student has financial need…so the loans would be unsubsidized. But the Plus or any private loan would also not be subsidized.
If you don’t qualify for federal aid because you aren’t eligible to file the FAFSA, then you would need to find a co-signer for a private loan. You would need a qualified US co-signer to borrow money in the US. To borrow money in another country, you would need to investigate loans there.
Thank you all for the tips!.