N.Y. Educ. Law § 681

§ 681. Capacity of minors. Any person otherwise qualifying for a loan\nfrom the corporation, or qualifying for a loan guaranteed by the\ncorporation, shall not be disqualified by reason of his being under the\nage of eighteen years and for the purposes of applying for, receiving\nand repaying such a loan any such person shall be deemed to have full\nlegal capacity to act; provided, however, that the signature of both\nparents of an applicant not meeting emancipated status requirements\nshall be required for the purposes of receiving such a loan unless the\npresident determines in accordance with rules and regulations to be\npromulgated by the board that unusual family circumstances preclude the\navailability of such signatures.\n