What I'd like to know is -- to people ever get declined for these? My understanding is that these loans are not credit based but I can't imagine that just anyone can get one. Does anyone know the criteria, etc.? Also, I have one small federal loan out right now which is in excellent standing.
2006-10-10 03:43:26 · 6 answers · asked by lucydesi1940 2 in Education & Reference ➔ Financial Aid
Actually just anyone can get one, which is why student loans are Forever (i.e., you cannot make them go away ever for any reason even if you are living destitude on the streets). The only way you might be denied if if you make Too Much money, as student loans are income sensitive, OR if you have defaulted on any other student loans.
2006-10-10 07:24:05 · answer #1 · answered by nativeAZ 5 · 0⤊ 0⤋
Well, I know that if I got one with my horrible credit standing, just about anyone can! Seriously, I have rotten credit due to a past bankruptcy, and I still got one every year for college. I don't know what the criteria is, but I've been told it's according to need, and I had to turn in tax forms for the previous year, so I'm guessing they look at your income and whether or not they think you can afford tuition on your own.
2006-10-10 10:55:35 · answer #2 · answered by Cameron Crockett 3 · 0⤊ 0⤋
Stafford loans are guaranteed as long as you maintain 6 credits or more in college. They can't be erase by a bankruptcy. And once you graduate from college or grad school or professional school, then you want to consolidate them to lock them at a fixed interest rate.
2006-10-10 10:59:39 · answer #3 · answered by sunshine23511 5 · 0⤊ 0⤋
i have a Stafford Loan for when I went to college...if you have not so good credit, that is the way to go...yeah, the interest rates are high and are going to continue to go up...but you could always try just a regular bank...they base loans strictly on your credit...so either the interest rate will be higher or lower...
2006-10-10 10:52:27 · answer #4 · answered by sherichance79 4 · 0⤊ 0⤋
If I were you... take the advice of those who have answered and have had experience with the Stafford Loan.. I personally do not like them because they interest(money wise) you too high and I do not think it is fair.
2006-10-10 12:10:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Forget Citibank - try
http://www.myrichuncle.com/
2006-10-10 13:26:43 · answer #6 · answered by The Doc 2 · 0⤊ 2⤋