How does someone with little or no credit get a student loan??

Question

My parents can't pay for my school yet FAFSA decided they make too much money for me to get any grants or low interest loans. My dad won't let my mom co-sign anything for me and I don't have any credit yet since I only graduated from high school last year. So what do I do??

Answer 1

FIRST - talk to the financial aid people at the school you want to attend. They can work miracles sometimes and know all the ins and outs of the system.

NEXT
It would probably be best for you to work toward being an independant student. That would mean your parents would not be able to claim you on their tax returns (and frankly, if your dad won't help you get an education, why should you give him the benefit of claiming you as a deduction), but you would be able to get subsidized, guaranteed loans once you establish your independence.

You may need to wait a year before you go to college, but in the mean time, get a job, a low cost apartment (maybe a roommate in a college town where you want to go to school) and start building up credit by getting store credit cards. Spend a little on the card every month, and pay it off in full. That will give you a credit history you can use when you apply for student loans.

Answer 2

Are you eligible for Federal loans? I don't remember them being dependent on credit score. Also you could try to fill out FAFSA as an independent if your parents don't support you, that would remove your parents income/credit score from your application and maybe increase your chances? My parents didn't qualify for federal PLUS loans because of their bad credit so I was able to take out an extra loan by myself that I couldn't have otherwise (I think unsubsidized Stafford). You should make an appointment with the loan/financial aid office at your school and make sure they know you are desperate. Try to be really nice and charming, and get an appointment with the most senior person in the office you can. They may have resources they don't publicize that they can use, or some loans you haven't heard of. Good luck.

Answer 3

This is a good question. First off, if your folks claim you as a dependent, they would need to remain on your FAFSA. My folks contributed nothing to my education, though based on the governments expectations I should have lived in an ivory tower eating caviar, instead of a rat hole eating ramen. Speak with the university that you intend to go to and thier financial aid department. There are lenders that will give you the money, nelnet, educaid, wachovia, etc. If you have bank where you handle your checking (assuming that you havent bounced a dozen checks or so) you can go there to see if they will lend.

In most cases the school will help you to secure a lender. Just remain persistent. You can also purchase books on independent grants and scholarships, then take a weekend and fill out dozens of applications to see what you might get (maybe nothing, but nothing ventured nothing gained).

Best of luck...

Answer 4

Modify your FAFSA and file it without your parents financial information. The parent's income section is optional and it changes your EFC (expected family contribution) code. If your parents are in a higher income bracket, the EFC makes you ineligible for grants, etc. If you have been working throughout high school, use only your tax information and you should qualify for Subsidized loans and Pell Grants which will be sent directly to your school.

Answer 5

What state do you live in ..that has a bearing on the banking rules......if you do not have any credit (NO bad credit exists) you apply for a gov't student loan and show that you have decent grades and can present good entrance scores for college ----go to your local junior college and talk to the "counselor" ....that is free and the best place for correct answers to your problem----- don't discuss this with your parents because they already do not believe in you or your college pursuit----- tell them what the facts are after your investigations ( go to more than one college counselor (different school) if you don't agree with the first.....good studies...Wally

Answer 6

Move out of your house and claim emancipation from your parents. By doing this, you are no longer in their household and can apply on your own merit.

You can also attend a community college which is less expensive because it is usually state and federally subsidized on tuition. Some have payment plans.

You can go part time.

I don't know why this law isn't changed with FAFSA because how can somebody else be responsible for your debt.

Answer 7

Stafford Loans are school loans tht don't need to repaid until you graduate (assuming you keep up the required credit load) and are they are available to just about anyone. You can research them on-line and you bank or school should have tons of information on them.

These types of loans don't look into your credit because they know you don't have an established history yet.

Answer 8

I give out loan to students{student loan}Business Men and women who are into Business transaction at low interest rate of 3%, I give out long term loan for three to five years maximum with your interest in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from me, Loan is given out in Pounds and $US the maximum I give is 5,000,000 both in pounds and $US and the minimum 2,000 pounds and US$ so if really you are interested mail for more info on how the loan can be transfered to you. There is one Question i have to ask are a serious individual that we take a loan and pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are one you will get the loan with out problem and for your information if you should more loan like $10,000,000m I can give only if you are one of these cartigories:
Manager of a company
A private Holder
A broker in banks
A director in any office or company
A high investor of and compay
If you are one of the following you can get $10,000,000US as loan or if personal loan you can request for 5,000-5,000,000 as loan. hope to here from you soon.
Name In full____________ ____________
Occupation___ _______________ ______
Counry_____ _______________ _______
State____ _______________ _________
City___ _______________ ___________
Zip code:__ _______________________
Phone Number ____________________
Sex _______________ ______________
send these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world on honest people so if you are honest apply for the loan now. email [e-mail]
Thanks.

Answer 9

they dont look at your credit for school loans but if you default in your school loans that could give really, really bad credit. But the rates are pretty good.

Answer 10

apply for it. If you need, see if your parents will cosign. If not, apply for some grants, you shouldn't be denied education because you have no credit.