Full question:
I am a 17-year-old resident of Florida. I am looking at doing apprenticeship in automobile design in Germany. I have to borrow fund and I want to do it in my name. Am I, being a minor, able to enter into a contract for educational loan? Will the banks charge more than the rate of interest because I am a minor?
- Category: Minors
- Subcategory: Age of Majority
- Date:
- State: Florida
Answer:
In Florida, minors under eighteen generally cannot enter into contracts unless they are emancipated or married and at least sixteen years old. However, Fla. Stat. § 743.05 allows minors aged sixteen and older to contract for their educational expenses. This means you can take out a loan for your apprenticeship, and the contract will be treated as if made by an adult. You would be responsible for repayment.
Importantly, if a bank charges an interest rate higher than the prevailing rate for federal Guaranteed Student Loans, you would not be obligated to pay that higher amount.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.