Hello. I need to get a Private Student Loan, yet my credit score is not great(553)...?

Question

I DO NOT want a co-signer. And don't tell me I cannot get one...that doesn't help me. What are my options here...I can show a savings of about 4,000...does that help? Any info out there will be greatly appreciated. Thanks for your time.

Chaser

Answer 1

check with the financial aid office at your school

Answer 2

i work for a private student loan for about 2 years now. The credit score is a main thing they look at. if ur credit score is not a high number why? have u only been late on a couple of payments or have u been late several times with several different lenders? if your answers is the first choice they may over look that granted you have a good job and have been working there for a long time ( maybe more than 2years). if you do apply for one go for immediate payment which is cheaper in the long run and also the loan company will like the fact that they will start receiving money now. Maybe with a bank student loan showing your savings may help but with a private student loan company that will not help at all. But yeah i know a cosigner is not the route you want to take but if you do decide to do a loan with a cosigner there are cosigner release options that after your first 48 payments that are made on time the cosigner can be released from the loan. or during the repayment if you bring your credit up and meet the criteria they were looking for in the begining your loan can be reevaluated and the cosigner may also be released. BUT always always go to FASFA first that is your best option overall. Even if you do not get a grant their loans generally have a smaller interest rate and you are more likely to be able to have the loan on your own. Good luck hope this helps

Answer 3

Some options for you apply for scholarships(look on line or ask the financial aid office at your school) also, try to get a grants. If you invest a 1,000 to a CD at your bank by next year (depends on the interest rate you'll have 1,500 +/- ) Good luck and please don't drop out of school because, of your financial situation.