I am 19 years old and going into my second year of college...after scholorships i still need about $18,000.00 for school..i want to get a student loan in my name, and not through my parents, the only problem is i dont have any credit so i was declined, and it said i needed a co-signer..the only person i can use is my mom, and she has bad credit, and she filed for bankrupticy 7 years ago and when i tried her we were declined....what should i do???
2007-07-12 08:29:41 · 7 answers · asked by purple_peaches_06 2 in Education & Reference ➔ Financial Aid
Fill out a FAFSA(Free Application for Federal Student Aid), credit doesn't matter. If you qualify you have a plethora of companies that will give you the money.
2007-07-15 10:02:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Hi Peaches,
What kind of financial aid are you applying for? It sounds like you are going after a career loan instead of a student (Stafford) Loan.
A career loan is typically offered for certification type education programs and non-accredited colleges and educational programs. Example: Many massage schools and modeling schools cannot acquire accreditation and so they cannot offer Government Financial aid. So, they offer a career loan that requires you to have good credit or a co-borrower with good credit. Typically they want to see a credit score of 650 or above with immediate online approval for credit scores of 700 or above.
Government Financial Aid (Title IV Funding) offered through accredited colleges and schools is different. This money comes in two forms: Grants and Loans. A grant is money that you never have to repay... it's free money to pay for tuition books and school supplies / housing, etc... The largest of these grants is called a Pell grant and you can recieve up to around $3500.
The main loan program offered through Title IV is the Stafford Loan program. There are two types of Stafford Loans, the Unsubsidized and the subsidized stafford loans. The subsidized Stafford loan is guaranteed by the government. This means the financial institution that gives you the loan is guaranteed to get repaid. And because of this you don't have to have a good credit score. In fact they dont check your credit at all. The Unsubsidized program is a different story because they require decent credit to get that one.
So, you should be able to get some money for school. Hopefully a Pell grant and a Subsidized Stafford loan. How do you get this money? Well first you need to go to a college that offers Title IV funding. Second, you have to qualify to recieve the funds. You need to complete an application for financial aid. The financial aid officer at your college can perform something called a "needs analysis" to see if you qualify. The needs analysis is a 94 variable calcualtion that tells the Financial Aid Officer if you have a need for financial aid. The take a look at your income, your parents income, assets, number of family members, etc...
So, go find a college that offers Title IV financial aid and see if you qualify.
Good luck!
Chris
2007-07-12 08:33:52 · answer #2 · answered by c_crum 4 · 0⤊ 2⤋
What I usually do is fill out a FAFSA (Federal Application for Student Aid-go to fafsa.gov). You send that form in and then you get a Student Aid Report back, you give that to your school, and it's possible that you can get some grant money right from your school. Grant money isn't borrowed funds so you don't have to pay it back and I also think it's possible to get loans straight from your school. You may be eligible for a Pell grant as well and this will be determined by your Student Aid Report. Hope this helps :]
2007-07-12 08:39:54 · answer #3 · answered by Anonymous · 0⤊ 1⤋
What type of loan did you try to take out? There are loans specifically for students with no credit. I would suggest a Stafford loan, as no credit check is required. Did you fill out the FAFSA? Sometimes you are rewarded with grants/loans depending on your financial eligibility, so that's another option. Good luck.
2007-07-12 08:39:31 · answer #4 · answered by Desiree 5 · 0⤊ 1⤋
Do the FAFSA online worksheets. Go to your college and see if you can register for financial aid. Talk to a college advisor or counselor, they may know of scholarships you can register for. Also, Fastweb can help as well. You can try to win scholarships. I'm doing all of these so I can go back to college. There are times that your ethnic background can help, Ie. Irish, German, etc. scholarships. I hope this helps. Good luck.
2007-07-12 09:47:12 · answer #5 · answered by nea2000k 1 · 0⤊ 0⤋
A stafford loan does NOT require a cosigner. A Perkins loan either. Have you spoken to your financial aid office about these?
2007-07-14 13:56:20 · answer #6 · answered by John 3 · 0⤊ 0⤋
Maybe you can try below website to get the information you need. It's about student loans choice for your second opinion.
2007-07-12 16:42:12 · answer #7 · answered by Barbara S 2 · 0⤊ 1⤋