borrowing from family

mamabear1234
Mon, 28 Apr 2008 17:05:51 +0000

We borrowed successfully from family for a mortgage. It depends on the family. In our case, we had a legal, filed document so we could deduct the interest, but you would not need that. You can print out a loan payment schedule based on the amount and interest rate, to have a record for you and your relatives. I agree you do not have to tell the college that you borrowed from family to pay your contribution. They are not going to ask where you got the money.