Can A 17-Year-Old Get A Student Loan?

For families preparing to pay for college, student loans are a common option. Roughly two-thirds of families borrow student loans to pay for college. But one of the most common questions we get is: how can a 17-year-old borrow student loans?

Realize that most students starting college are either 17 or 18 years old. And 17 isn't quite old enough yet to sign most contacts... most.

Student loans are a different story. Federal student loans don't have any age limits - and that means any student that qualifies can borrow. Private student loans are bound by both state laws and lender policies, which we'll cover more in depth below.

Here's what you need to know.

Federal Student Loans

When it comes to borrowing Federal student loans, the Department of Education does not impose a minimum age limit for federal student aid. A 17-year-old who has a high school diploma or GED, is enrolled in an eligible program, and meets citizenship and FAFSA requirements can qualify.

Federal loans, such as Direct Subsidized and Unsubsidized Loans, do not require a credit check or cosigner. These loans carry fixed interest rates and are eligible for benefits like income-driven repayment and forgiveness programs. That makes them especially useful for minors who lack credit histories and want predictability in repayment.

This should always be the first borrowing option for students looking to pay for college.

Private Student Loans

Private student loans, unlike federal loans, are regulated by individual lenders. That means borrowers must meet age requirements that often reflect state law. Most lenders set 18 as the minimum age. In states like Alabama and Nebraska, the age of majority is 19, while Mississippi sets it at 21. A 17-year-old would be legally restricted from signing a binding loan agreement on their own.

That’s where cosigners come in. Most lenders allow minors to apply for private loans if they have a cosigner (usually a parent or legal guardian) who meets age, income, and credit requirements. 

In practice, even students over 18 often need a cosigner to qualify for a competitive rate. According to industry data, more than 90% of undergraduate private loans involve a cosigner.

What Are The Private Lender Policies?

Each private student loan lender has it's own policies for allowing people under 18 to borrow a student loan. Here's the main requirements, with most requiring a borrower be the age of majority in their state, OR have a cosigner that meets their requirements.

People Also Ask

Can A 17 Year Old Get A Student Loan Without A Cosigner?

Yes, a 17-year-old can get a federal student loan without a cosigner. The Federal Direct Loan program does not have cosigners.

Can A Minor Get Student Loans?

Yes, a minor can typically get a student loan. Federal student loans do not have any age requirements, and private student lenders will allow it with an eligible cosigner.

What Private Loans Allow 17 Year Olds To Apply?

Nearly all private lenders allow 17 year olds to apply as long as they have a creditworthy cosigner. 

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