I am 22. Just got accepted to my dream college. I want to borrow 35,000 a year for two years, probably a private student loan.
I have no credit. My parents have bad credit....
I was thinking a Grandparent...but, does the cosigner still need to have an income? All of my Grandparents are retired.
Please send me suggestions! Thanks.
Also, any sites for loans would be great!
2007-05-20 08:37:07 · 5 answers · asked by superstar_3000_3000 2 in Education & Reference ➔ Financial Aid
Your school should have some sort of help line that you can go to and see what you might be able to qualify for like a loan.
My sister inlaw got alot of financial help on her own through the school and she has no credit and her parents have bad credit.She also gets a monthly check to spend for books,gas allowence,ect.
Remember tho..if you use a family member as a co-signer and you fail to pay off your loan(s) then they will be held responsible.That could make for bad feelings in the family.
Good luck!
2007-05-20 08:40:44 · answer #1 · answered by Kitty? 6 · 0⤊ 0⤋
If you have an excellent credit score, you should qualify without a cosigner. Just because you have a credit card doesn't mean you have good credit... how long have you been accruing credit? If you're still young (18-20), you likely haven't had enough time to achieve a good credit score (even without late payments). Have you actually applied for any loans in your name? You may need to look at a cheaper school if your federal loans won't cover your tuition costs because you aren't guaranteed private loans each year and you may find yourself unable to pay for school next year. The amount you can borrow in student loans will depend on your school's cost of attendance (basically, what they will allow you to use for living costs). Some schools allow a large living amount, and some only allow a few thousand dollars - which obviously isn't enough to cover an apartment for a year. Are you working? You may want to work to cover your apartment and living costs; therefore, keeping your loan debt as low as possible.
2016-05-22 02:31:09 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Best thing to do is call the Financial aid office at your new school and ask the counselor their or ask the loan officer at your bank... it's their jobs to help you figure out the best way to go about it. A cosigner needs to be someone who is willing to help you if you get into a financial jam to pay the bills. It could be your grandparents if they can afford it... It could be an aunt or uncle or a close friend who has good solid credit.
Also consider looking into pell grants, and grants that you don't need to pay back... there are thousands of them out there... and Fafsa loans too... you've got options keep your eyes open and good luck to you!!!
2007-05-20 08:47:17 · answer #3 · answered by Jembee1720 4 · 0⤊ 1⤋
you could try to apply yourself or even using your parents as co-signers. You'll find student loans are the easiest to obtain, even when the credit is bad. If they won't accept your parents, you could still use your grandparents, because they most likely have social security, pensions, etc. that the lender would take into consideration.
2007-05-20 08:41:17 · answer #4 · answered by Jane D 4 · 0⤊ 0⤋
Your grandparents are a good idea. Assuming they can afford to help you.
Get the maximum from the government in stafford loans, and try for grants & scholarships.
Many student loans are available : http://index-go.com/student-loans-finance.asp
Good luck !
2007-05-21 04:11:47 · answer #5 · answered by carlos 5 · 0⤊ 0⤋