i started my credit history about almost 2yrs ago. and i have a good credit. now i'm about to apply for a private student loan and i'm confused. the thing is my dad has a bad credit history. and i don't have any other co-signer. how should i apply? just me (good credit) or me and my dad (good credit+bad credit=????) also, if i applied for a private student loan from bank of america or citibank or any other bank, and i was approved, could i cancel the loan if the APR was too high?
2007-11-06 02:37:00 · 8 answers · asked by Schatzi 4 in Education & Reference ➔ Financial Aid
if i apply for a private student loan, just 1 TIME (or just for my first year) when would i have to pay it? after i graduate?
2007-11-06 05:04:12 · update #1
You can try to apply without a so co signer if you feel your credit is good. If you are not approved, you can go back and then apply WITH a cosigner. You just have to find someone with a good credit history. If you are approved, the school certifies the loan, but you havent yet received the funds you can have the school cancel the loan and send the funds back. Once you receive the funds you are responsible for the amount disbursed. You can pay it back at anytime, though most will wait until after they graduate. Wachovia and Citibank have the best rates and zero fees. Check out their websites and check with your school for additional details. You should borrow with a stafford first, if you havent already.
2007-11-09 16:40:17 · answer #1 · answered by John 3 · 0⤊ 0⤋
Yes for any type of student loan in most of the cases you require a cosigner. As your dad has bad credit but don't worry try some and you may be eligible for one. Yes if you think that the apr rate of your previous loan is more you can cancel it.
http://www.easystudentloan.blogspot.com
2007-11-06 03:06:52 · answer #2 · answered by Andrew 1 · 0⤊ 1⤋
private student loans are horrible. they will give you a low rate at first but they can raise that rate at any time and once you have accepted the money there is nothing you can do about it. you will be paying off this the rest of your life. you also can't default on these loans as they are protected from bankruptcy. do not take out a private student loan.
2007-11-06 02:40:26 · answer #3 · answered by howie r 5 · 0⤊ 0⤋
let me ask u a question -- look at it the other way around,
if somebody came to u askin for money -- had no job, no way of payin it back, nobody to cosign -- wud u loan them the money??? go to a bank and see what they'll say -- ur up the creek without the paddle -- sorry check out the gvt loans instead
2007-11-06 02:40:28 · answer #4 · answered by de viking 4 · 0⤊ 0⤋
I noticed you asked about student loan related. Many of my friends use this site and have got great success in getting the best loan for them and they don’t even have good or any credit. http://www.shortenurl.com/5oodk
2007-11-07 20:36:40 · answer #5 · answered by Mr. Fitness 2 · 0⤊ 1⤋
you can Credit Score is not all they look at, must meet minimum debt service ratios and they look your dad job. I found interesting information about your answer, THE BEST college loans with low interests, scholarships, college grants here. http://all-student-loan-consolidation.blogspot.com/2007/09/college-loans-your-friend-and-your-aid.html
2007-11-06 07:37:42 · answer #6 · answered by Anonymous · 0⤊ 2⤋
Can you speak with the finanacial aid office of the university you are going to go to ?
2007-11-06 02:39:26 · answer #7 · answered by barthebear 7 · 0⤊ 0⤋
Check with a professional.
2007-11-06 02:38:54 · answer #8 · answered by jessica 2 · 0⤊ 0⤋