I'm 17 (with no credit history, apparently) and I am going to an out of state college in fall- problem is that my parents can't co-sign for a loan because they have bad credit and I can't get federal loans b/c they make too much money.
My sister is also in college, and that is pretty much where all the money is going. So now, here I am, stuck and being left with no loan options for a large investment (about 38,000 the first year)
Some help please?!?!
2007-01-14 07:08:03 · 3 answers · asked by kaylae8907 1 in Education & Reference ➔ Financial Aid
I would go apply for grants and loans.. On the form it asked how many in college. If they are paying for ur sister to go to college, that will help u.. they will take off so much of their income because she is in college..u can't get a private loan without perfect credit, a job (2 years steady) and a co signer with good credit.. Also apply for scholarships (scholarships.com/fastweb.com). If the FAFSA (fafsa..ed.gov) tells the school u don't qualify then I woudl apply for a special circumstances appeal.. GL
2007-01-14 07:59:10 · answer #1 · answered by chilover 7 · 0⤊ 0⤋
Try these websites first: myrichuncle.com, salliemae.com, moneyforcollege.com for starters. Also talk to your local bank's loan officer, your church if you have one, other family members(they may cosign also), someone who is stable and prominent in the community may also be willing to give you a student loan or help you obtain the financing needed. Don't be shy! This is your future and you need to seek out whoever may be able to help you. I had this problem on the other end of the spectrum. I am an adult and have bad credit but needed to finish 2 semesters of school. It took a bit to get the money but it happened. Don't give up! If you want more info, email me at sandya46@charter.net. I have done lots of research and am glad to share. I will have my next degree in 5/07, it can be done! Good luck!
2007-01-14 08:01:17 · answer #2 · answered by Sandy A, RN 3 · 0⤊ 0⤋
first, make sure you are following the right steps. fill out the fafsa and wait for notification of your financial aid award from your school. depending on the results of the fafsa (your efc), you may qualify for some federal grants, and possibly grants/scholarships from the institution. you will also more than likely have some sort of Stafford loan eligibility (either subsidized or unsubsidized). the remainder of your financial aid will more than likely be in the form of PLUS loan eligibility. PLUS loans are for your parents to borrow. they can apply for the loan to find out if they are approved or not - just applying doesn't mean they are obligated to take the loan, should they be approved.
if they are not approved, you will have an additional unsubsidized loan eligibility. if you need more funds than that, you can more than likely apply for an alternative loan. you will need a co-signer though, but it doesn't have to be your parents.
i said "more than likely" a lot because schools don't do everything the same. your best bet is to not panic (or apply for anything on your own!) until you get your award letter from your school. once you receive that, contact a financial aid counselor for assistance. that's what they are there for, trust me!
2007-01-14 08:17:13 · answer #3 · answered by penguinfan 3 · 0⤊ 0⤋