I'm curious about my rights to my own private loan. (Co-signed by my brother) After getting my tuition and fees, I took out a loan to cover the remaining costs after aid.
I do live with my parents - however, they purchased a car and cell phone in my name and then told me that I must pay for it myself. And because those bills are attached to me, my credit will obviously go down if I don't pay them. My parents do not support my living at all, even though I live with them.
With that being said, I also have to add on car bill, gas, groceries, etc onto that private loan. I do not have time for a job, as I am taking 18 credit hours. So I desperately need the money in order to survive while going to school.
Now, my school is denying my loan with the amount that I am asking for. They told me that if I want to take out that loan then they will only accept it if I reduce it.
In my own personal opinion, they do not know the circumstances of my financial/home life, therefore shouldn't have any say in what I take out of a private loan. I am not doing this to buy clothes, unnecessary things, or anything that isn't absolutely needed. Which I have explained to them, but they do not care.
I tried to search for any laws about private loans, but I am not an expert in law at all.
Could somebody please help me? If you know anything about whether or not they are even allowed to do this, that would be helpful.