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 13:41:57 · 5 answers · asked by jenni 2 in Business & Finance ➔ Personal Finance
I would not do it. There is a reason that trust fund is there for you. Check with the trustee to see if it may be used for higher education.
Try to get scholarships instead.
2007-10-22 14:04:33 · answer #1 · answered by Feeling Mutual 7 · 0⤊ 0⤋
Students Loan Trust Fund
2016-12-16 18:15:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
my suggestion is to build up some credit and apply for a private loan afterwards or convince someone to find a really low interest credit card for you or work to pay off your college in full(I pay mine in full by working) or a combination of scholarships, relatives and all of the above.
No bank as far as I know will lend you money against an asset that you do not fully own. Think about it, if you default on the loan next year then the bank can get nothing back.
2007-10-22 13:47:52 · answer #3 · answered by teodor d 2 · 0⤊ 0⤋
I think if there are stips to getting this trust fund then the answer would be no ...if there are no requirements and its just a condition to be 21 then I would say yes.
2007-10-22 13:45:32 · answer #4 · answered by D H 3 · 0⤊ 0⤋
If there are trustees on the trust fund maybe they can give you an advance.
2007-10-22 14:01:21 · answer #5 · answered by shipwreck 7 · 0⤊ 0⤋