Hey, I am a college student and I have one and a half years of great credit history, but no income besides my work study. When I finish college, i'm planning to go right away to flight school, which has been my dream for years, and will require for me to take out a loan of about $50 000. Is there any institution which will give loans solely based on credit and have no income requirements?
Thanks a lot!
2007-04-02 14:57:46 · 5 answers · asked by shadow_5312003 1 in Education & Reference ➔ Financial Aid
I tried to apply with Teri loans, however, they asked for my cosigner's gross annual income (my father).
2007-04-02 15:29:01 · update #1
I've seen most of them say "proof of income required"
2007-04-02 15:37:26 · update #2
One more question...you tell me the proof of income is to see is you receive more aid having a low income, etc... isn't that just for federal loans? Because when I applied for teri, my co-borower had a low income and we got rejected!
2007-04-02 18:08:13 · update #3
Flight school are almost never federally eligible schools, so you can't get federal loans. So it is going to be based on your's and your cosigners income. These loans have no backing whatsoever like the federal loans do (the government will pay them off if you don't pay) so they need proof that if you don't pay your cosigner can. I would contact the school since they deal with it every day, but I know some private lender are Key Bank (or Key Education Resources, I deal with them a LOT for flight schools), U.S. Bank, TERI you already tried...those are the ones that I can think of off hand, but I know most if not all will require cosigner income.
2007-04-03 19:57:40 · answer #1 · answered by marebear31485 3 · 0⤊ 0⤋
I am assuming that you are looking for student loans outside of the federal loans limits? If so, you should first contact your college's financial aid office and look at their preferred lenders list. Usually there will be a state-sanctioned or state-run student loan program (in Colorado it is called CollegeAccess). Go through them, and usually you will have no income or credit requirements and often can borrow "unsubsidized" along with "subsidized" funds.
Of course, if your flight school is NOT accredited, you will have to find a loan through traditional lenders and not the federal student loan program.
2007-04-03 04:05:04 · answer #2 · answered by reisa2 3 · 0⤊ 0⤋
That is the definition of student loans. You are not required to have a job, or even good credit. You should have no problem getting a student loan, and the flight school should help you apply for it.
2007-04-02 22:07:10 · answer #3 · answered by Gypsy Girl 7 · 1⤊ 0⤋
Proof of income simply means that you need to provide proof of the income that you are claiming for financial aid. For instance, if you say that your parents make $30000 then you need to provide W2s or tax returns to prove it. The lower the income, the more aid you get, so if you are in a low income family it would greatly benefit you to provide that information to them.
2007-04-03 00:33:40 · answer #4 · answered by jellybeanchick 7 · 0⤊ 0⤋
http://www.google.com/search?q=Student+loan+with+no+income+requirements&sourceid=navclient-ff&ie=UTF-8&rls=RNFA,RNFA:1970--2,RNFA:en
2007-04-02 22:05:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋