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Frequently Asked Questions What Happens After Financial Aid is Awarded? Is it legal for a 17-year-old student to sign a promissory note for a student loan even though the student is still legally a minor?
Frequently Asked Questions What Happens After Financial Aid is Awarded? Is it legal for a 17-year-old student to sign a promissory note for a student loan even though the student is still legally a minor?
| Is it legal for a 17-year-old student to sign a promissory note for a student loan even though the student is still legally a minor? |
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Although a minor isn’t normally held liable for a contract he or she signs, in 1992 the Higher Education Act was amended to permit eligible students, defined as per Title IV regulations, to sign promissory notes for their own federal student loans. As such, student loans represent one of the few exceptions to the so-called "defense of infancy.” (The specific citation, section 484A(b)(2) of the Higher Education Act of 1965 (20 USC 1091a(b)(2)), applies to Stafford, PLUS and Consolidation Loans.) |
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To provide athletically gifted students the best information about sports-based financial aid packages, we partner with SportsWorx, the nationally known athletic scholarship resource agency, to supply the most comprehensive information available about athletic scholarships and sponsorship.
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