im a 2nd year under grad, and I have come to a point where I need to get a student loan. I'm looking to get a loan to cover living expenses, not tuition. Im 18, and dont have credit. I have applied for private student loans with Bank of America, and Sallie Mae. Both have turned me down, saying that I would qualify with a cosigner only. I dont really want to ask anyone to co sign, however I do have a trust fund, which is for an amount greater than I am requesting the loan for. Because of the trust's requirements, I can not have that money until I am 21, so it can not help me right now. Is there anyway I can use that as collateral to get a student loan without a cosigner?
(I have also applied for federal loans, Im just waiting to hear back from the finaid office about how much would be available.)
2007-10-22 13:41:11 · 2 answers · asked by jenni 2 in Education & Reference ➔ Financial Aid
I can't answer your first question about cosigners, that would prob have to be answered by your prospective loan agency, but here is the information about the federal student loan maximum amounts you can borrow per year. Second year undergraduates usually can borrow up to $4,500 per year. (page 11).
2007-10-22 15:49:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You didn't answer whether the trust can be used as collateral?
2015-08-05 20:58:58 · answer #2 · answered by Karen 1 · 0⤊ 0⤋