okay I can't get a loan off the bank for college cause of insufficient credit history...and not only dat..i don't qualify for fafsa....cause my parents make enough and i dont want to work full time job for them to consider to even offer me funds...r there any kinds of funds i can recievie instead of scholarships ..im in a jc college plannning to transfer and i want to move out my house
2006-12-20 15:59:01 · 3 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
A student can obtain an Unsubsidized Federal Stafford Loan even if his/her parents make "too much" money to be eligible for the usual need-based grants and loans. In other words: Your parents could be millionaires and you can still get an Unsub Stafford. Stafford loans are not credit-based, so your credit history should not come into play here (as long as you are not in default on a federal student loan). To apply for Stafford loan funding, you must first file the FAFSA (http://fafsa.ed.gov). Once your school receives these results, they will review them and offer you whatever funding you are eligible for.
Once you have exhausted your possibilities for federal student aid, you can look into some of the private loan lenders who cater to students with short/no credit histories. They do exist but -- caveat emptor -- will generally charge higher rates than the pickier lenders. Finaid.org maintains a list of private loan lenders (http://finaid.org/loans/privatestudentloans.phtml ). I recommend looking into some of the companies on this list; read their "terms & conditions" pages and see which ones best fit your situation.
Beyond that... Have you asked your parents about co-signing a loan for you? Even with a co-signer, the loan will still be in your name. As long as you are responsible and pay it back on time, your parents won't be asked to make any payments. You can look for a loan with a "co-signer release." This will let your parents "off the hook" as co-signers after you make a certain number of payments on time (usually 24 to 48).
2006-12-21 03:04:09 · answer #1 · answered by FinAidGrrl 5 · 1⤊ 0⤋
File a FAFSA anyway. Most federal aid is based on need, but not all aid is.
You can also check out Stafford Loans (for students only) and PLUS Loans (for parents) to fund your education. I have a terrible credit history, and I got the full amount of Stafford Loans for my schooling.
2006-12-21 00:13:05 · answer #2 · answered by Brandon W 5 · 1⤊ 0⤋
co-sign with your parents. but stay in your parents place due to your economic situation.
2006-12-21 00:07:50 · answer #3 · answered by sk20007623 3 · 0⤊ 0⤋