2006-10-16 08:53:13 · 3 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
My brother in law is in college and has absolutely no parental support financially or emotionally. We have exhausted just about every option possible that the financial aid office suggested. We have tried to get him declared as independent which was of course denied, applied for a parent plus loan as well as a private loan and got both denied. He did receive a Stafford loan but that is all the financial aid office said they could do for him. He apparently is not eligible for a Pell grant. He is only 18 years old with no credit established right now and no one to cosign for him to even get a personal private loan. If anyone has any suggestions as to where to turn from here we would greatly appreciate it.
2006-10-16 09:41:32 · update #1
first of all you need to have reasonably good credit. if you own a house or personal property.. use it as collateral. banks will lend money on "signature loans" without collateral.
2006-10-16 09:01:48 · answer #1 · answered by tampico 6 · 0⤊ 0⤋
You didn't say what the loan was for. if it is for a car/house/boat, or something like that, save up enough that you can put at least 20% or so down, so that you are not borrowing the full amount. most banks are much more likely to loan money when they are only loaning 70 or 80% of the value.
2006-10-16 16:10:39 · answer #2 · answered by forjj 5 · 0⤊ 0⤋
If you have house, that would be a good idea to use to get a loan.
If you don't have a house, then you would need a good credit. If you have well-valued possesions, you could use your belongings (cars, furniture and others) as a good way to get a loan.
and if you don't have any of those, then, you probably need a cosigner.
2006-10-16 16:03:01 · answer #3 · answered by xneration 1 · 0⤊ 0⤋