I applied for a student loan back in early August, and it still hasn't gone through--they keep asking for all these different things, and I'm really worried that it's because my mom has bad credit and she's my cosigner.Can they refuse me my loan because of her mediocre credit? I'm already in college and still need 2,000 for the semester, and I'm getting really worried...and I've learned how much I hate beaurocracy...
2007-10-22 08:35:16 · 2 answers · asked by Giliathriel 4 in Education & Reference ➔ Financial Aid
It depends from whom you applied for the loan. Additionally, August is kind of late to apply for financial aid for the current school period unless it was a personal bank Ioan. If it was me, I would (1) Go talk to the Financial Aid Director of your school. Tell them what you need. Come with a plan as follows: List the items needed and the costs associated with them. List the items you've already paid for with the monies you've previously rec'd. Identify the monies that they already know that you've received (if any) from financial aid. List any other sources of income/monies that you anticipate receiving. If none, indicate as zero. Then have a net column that shows the balance. The end result should be zero.The Financial Aid person will see that you have made a conscious effort to obtain funds to assist you including from yourself. They can best help you find other alternatives and they would know better. (2) Inquire about work study. The benefits are great in the long run and the hours are usually flexible in conjunction with your class schedule (3) Inquire about the Emergency Student Loan program. This is usually based upon your own ability to pay upon completion of school or the semester/quarter. The policy varies with each school (4)Surf the internet for other financial opportunities for students. There are lots of them! See Sample below of Plan:
1. Amt Available For Current School Period: 2,000
2. Expense for Current School Period:
Tuition: 2,800.00
History 110 (3 units) 275.00
Finite Math 116 (4 units 255.00
Comparitive Lit 235 (3 units) 135.00
Ethics (3 units) 145.00
Biology w/Lab (4units) 285.00
Supplies 350.00
Transportation (buspass) 224.00
Total of Expenses (4,347.00)
Difference (2,347.00)
Other Sources of Income -0-
3. Addtl Amt required (2,347.00)
Sorry to be so lengthy, just trying to help out. Been there!
2007-10-22 09:41:37 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes they can refuse a loan to a person that they consider a default risk. You may end up having to drop out and work for a semester or you may end up going part time and working part time.
2007-10-22 08:43:30 · answer #2 · answered by Diane M 7 · 0⤊ 0⤋
yes they can refuse your loan because of her
2007-10-22 08:43:45 · answer #3 · answered by xxnikkimarie 1 · 0⤊ 0⤋