<p>i’m getting an adult to get a private loan to pay for school, one of those parent student loan things, that i will NOT be cosigning (so it’s NOT a student loan, but a loan for parents going towards school costs). i heard something about needing some sort of permission/authorization from your school.</p>
<ol>
<li>do i need this if i just want to go to a bank with an adult and have them take out the loan? the purpose is FOR school</li>
<li>how would i get it? do i need to provide documentation and stuff?</li>
<li>if there is a cap on each of these loans, say $25,000, can the adult take out multiple loans from the same place at the same time?</li>
</ol>
<p>thanks in advance! sorry, i don’t know anything about financial aid or banks… :-/</p>
<p>I’m sure your bank will know the procedure…they will contact the school and have the education loan certified. The “cap” the school will use is the estimated Cost of Attendance, meaning all of your other aid plus the loan cannot exceed their COA. The bank will also apply their own standards based on the strength of the applicant’s credit/income history. Typically, previous loans and outstanding debt will be a factor every time the applicant applies for a loan.</p>
<p>The credit check for the Parent Plus loans is less stringent and that loan offers a fixed rate, which the bank may not. Depending on what the bank offers, that may be an option. You can find more details on financial aid and education loans at finaid.org.</p>
<p>Btw, are you saying that Cornell did not meet your need or are you trying to finance your EFC?</p>
<p>cornell won’t even let me apply for aid because i can’t provide my noncustodial parent’s information. my mom is paying for her half but my dad is a jerk and yanks me around to get out of paying but i think i convinced him to come to banks with me when he visits the states for a few days next week.</p>