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:
Typically, in Florida, minors below the age of 18 are not permitted to contract except if they are emancipated or married and are above the age of 16. But Fla. Stat. § 743.05 provides an exception to the above rule when the education of the child is in question.Florida law permits them to enter into a contract for financing their educational needs. It will have the same effect as if the contract was made with an adult and the minor may be liable for the repayment of the same. But if the financial institution charges them more than prevailing amount of interest, they will not be obligated to pay the amount.
Fla. Stat. § 743.05 reads:
“For the purpose of borrowing money for their own higher educational expenses, the disability of nonage of minors is removed for all persons who have reached 16 years of age. Such minors are authorized to make and execute promissory notes, contracts, or other instruments necessary for the borrowing of money for this purpose. The promissory notes, contracts, or other instruments so made shall have the same effect as though they were the obligations of persons who were not minors. No such obligation shall be valid if the interest rate on it exceeds the prevailing interest rate for the federal Guaranteed Student Loan Program.”
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.
