Bad credit student loan?

futique · September 21, 2006

I've got a family member with bad credit, (mine's fixed now, thankfully!) and I was wondering if anyone here has had any experience with getting a private student loan with bad credit, and if so, what likely FICO cutoffs would be.

I've checked out a few private student loan sites, like http://thinkfinancial.com, and another one I read about on here called Astrive(?) but I didn't see any information about their credit requirements listed. (I did notice that they seem to push for co-signers though.)

Has anyone had any experience in this situation, or better yet, maybe some suggestions on how to pay for college when you've got bad credit?

TxQuiltGirl · September 21, 2006

If your family member hasn't already done a FAFSA, that should be the first step. http://www.fafsa.ed.gov/

Most private loans are going to require decent scores and work history - a minimum of two years in most cases. The lowest score I've seen mentioned here that didn't require a cosigner was something in the 630 range.

HTH.

futique · September 21, 2006

If your family member hasn't already done a FAFSA, that should be the first step. http://www.fafsa.ed.gov/

Most private loans are going to require decent scores and work history - a minimum of two years in most cases. The lowest score I've seen mentioned here that didn't require a cosigner was something in the 630 range.

HTH.

Sorry, I knew I should have mentioned that in my post- we've exhausted his federal loan options.

It's amazing what the government will give vs. how much an actual education costs.

Thanks for the reply. From what I've been reading, it seems like most private loans have really strict credit criteria. I imagine a co-signer will help quite a bit.

futique · September 22, 2006

Most private loans are going to require decent scores and work history - a minimum of two years in most cases. The lowest score I've seen mentioned here that didn't require a cosigner was something in the 630 range.

Just wanted to follow-up on this in case it helps someone else in the future.

I called Think Financial today and asked them about their credit requirements, and apparently you could have the worst credit in the world and still get a loan through them- as long as you have a qualified cosigner. They literally said you "can't be turned down" for having bad credit, as long as your cosigner qualifies. I don't know if I really believe that, but it's what they said.

It almost seems like the cosigner is the one who is really taking out the loan, as they are clearly counting on that person being on the hook. The applicant with bad credit is just a way for them to get to a cosigner with good credit.

Well, anyway- there you go. Now, the question is, do I really want to cosign for my brother?

Killer-B · September 23, 2006

Most private loans are going to require decent scores and work history - a minimum of two years in most cases. The lowest score I've seen mentioned here that didn't require a cosigner was something in the 630 range.

Just wanted to follow-up on this in case it helps someone else in the future.

I called Think Financial today and asked them about their credit requirements, and apparently you could have the worst credit in the world and still get a loan through them- as long as you have a qualified cosigner. They literally said you "can't be turned down" for having bad credit, as long as your cosigner qualifies. I don't know if I really believe that, but it's what they said.

It almost seems like the cosigner is the one who is really taking out the loan, as they are clearly counting on that person being on the hook. The applicant with bad credit is just a way for them to get to a cosigner with good credit.

Well, anyway- there you go. Now, the question is, do I really want to cosign for my brother?

Am kinda in the same boat as your brother - (minus the willing brother willing to cosign LOL) - but seriously, have exhausted all means I've been able to find (Gov't. and none) and am interested to see what or how this pans out for you guys........ I do have a parent that may do the deed... Did you find out any more abou this company and if they're reputable?

My schooling (thoughts) are "international" as well - which creates its own set of unique problems -

As a side note (and if no answer here, will post on another thread - sorry MOD) but came here cuz I have one GSL in default from like 1988 - And was TRYING to read and make sense of the sticky post and HR6 etc etc etc - can someone clarify what the "law" is about regarding that? I'm considering going BK - but I know the GSL won't be discharged - but what's all this SOL talk of 7 years? I thought a GSL was there "forever" till paid -

Advice?

Thanks -

KB

LynnInMN · September 23, 2006

As a side note (and if no answer here, will post on another thread - sorry MOD) but came here cuz I have one GSL in default from like 1988 - And was TRYING to read and make sense of the sticky post and HR6 etc etc etc - can someone clarify what the "law" is about regarding that? I'm considering going BK - but I know the GSL won't be discharged - but what's all this SOL talk of 7 years? I thought a GSL was there "forever" till paid -

Advice?

There is no SOL or BK on GSL's. The SOL "talk" in the credit reporting SOL. With this is default, you would be ineligible for any federal aid and in some cases privates loans.

Advice?? Read the forum...rehab or consolidate that defaulted puppy.

futique · September 26, 2006

Am kinda in the same boat as your brother - (minus the willing brother willing to cosign LOL) - but seriously, have exhausted all means I've been able to find (Gov't. and none) and am interested to see what or how this pans out for you guys........ I do have a parent that may do the deed... Did you find out any more abou this company and if they're reputable?

Sorry, I didn't see this earlier. They're actually tied into Charter One and TERI, who are both very well-known and reputable. (TERI more so in the student loan space.) Here's the link: http://www.thinkfinancial.com/about-us/

It looks like I am going to go ahead and cosign for my brother. His FICO is in the low 600s, and mine was approximately 700 at last check. I'll try to report back with results.

futique · November 23, 2006

I'll try to report back with results.

Sorry I haven't been on the board in a while. Just wanted to say that I ended up cosigning for my brother and he (we) got approved for nearly $30,000 through Think Financial. We applied on a Saturday, were approved right away, and got the check on Friday.

The crazy thing is that they actually send the check directly to you, payable in your name. It doesn't go to the school.

Overall, a very good experience.

PS- I just closed on a house, and when they pulled my FICO for the mortgage, the middle score was 768. BOOOYA!

BossHog · April 3, 2007

I filed BK7 1.5 years ago and have acquired 2 CC's and no derogs since then. I still have some accounts IIB in bankruptcy showing as charge offs.

could anyone comment on what their CR looked like?

what were your interest rates?

Thanks!!

NJT · April 7, 2007

BK7 discharged in 01 lots of baddies since then. Score was a 460 EQ and I got approved with a co-signer through Sallie Mae Tuition Answer and TERI

Leena · June 1, 2007

Student Loan Xpress

almost anyone can get a loan , with bad credit and no cosignor

my school uses them and nobody gets denied

i got my first loan with them with mid 500s across the board with no cosignor

http://www.studentloanxpress.com/student-l...udent-loan.html

Long Road · June 1, 2007

I've got a family member with bad credit, (mine's fixed now, thankfully!) and I was wondering if anyone here has had any experience with getting a private student loan with bad credit, and if so, what likely FICO cutoffs would be.

I've checked out a few private student loan sites, like http://thinkfinancial.com, and another one I read about on here called Astrive(?) but I didn't see any information about their credit requirements listed. (I did notice that they seem to push for co-signers though.)

Has anyone had any experience in this situation, or better yet, maybe some suggestions on how to pay for college when you've got bad credit?

I doubt if you have bad credit going further into debt is the smartest of ideas. Financing an education these days is also risky.

I'd suggest concentrating on being able to pay for it. The government will give you more loans than you can pay in the first place, if you've exhausted those you need to stop and think.

Cynic · June 1, 2007

Borrowiong more money is seldom a good choice for someone who already has problems paying off their existing debts. Been there. Done that. Never again.

Think Financial and Student Loan Express are both less then steller options IMO.

Think Financial is a nobody selling TERI loans. These loans are as hard to discharge in BK as federal loans, cost more, have higher interest rates, and far less deferment and repayment options then federal loans. Since TERI will insure private loans that are not backed by the government (and cover their costs of operation by the profits they make collecting) many private lenders (including companies people have actually heard of) sell TERI-backed "alternative" loans.

Student Loan Express is the dirtiest, most corrupt, most dishonest FFELP and private lender out there. They have possibly spent more money inducing schools to recommend them then Sallie Mae, Nelnet, and Citibank combined. Considering their size compared to the big 3 that's pretty scary.

$.02

Edited June 1, 2007 by Cynic

Long Road · June 1, 2007

Student Loan Express is the dirtiest, most corrupt, most dishonest FFELP and private lender out there. They have possibly spent more money inducing schools to recommend them then Sallie Mae, Nelnet, and Citibank combined. Considering their size compared to the big 3 that's pretty scary.

Wow.

From what I read most student loans are next to impossible to discharge in BK even if you meet the three prong test. Look at the trustee and say "pwetty please?"

Leena · June 1, 2007

Borrowiong more money is seldom a good choice for someone who already has problems paying off their existing debts. Been there. Done that. Never again.

Think Financial and Student Loan Express are both less then steller options IMO.

Think Financial is a nobody selling TERI loans. These loans are as hard to discharge in BK as federal loans, cost more, have higher interest rates, and far less deferment and repayment options then federal loans. Since TERI will insure private loans that are not backed by the government (and cover their costs of operation by the profits they make collecting) many private lenders (including companies people have actually heard of) sell TERI-backed "alternative" loans.

Student Loan Express is the dirtiest, most corrupt, most dishonest FFELP and private lender out there. They have possibly spent more money inducing schools to recommend them then Sallie Mae, Nelnet, and Citibank combined. Considering their size compared to the big 3 that's pretty scary.

$.02

Im trying to get an education the best way I can. You have no idea about my past debts. You dont know that 2 of my charges off were made by a relative who got credit cards in my name. You also dont know that Ive worked really hard at repair and I am over 600 on two bureaus now. You also dont know that I have nobody in my family that could cosign, and since my dad died february my cash flow has been esstentially cut off too. Sorry we all dont the stellar choices you have and can borrow from the modest angelic superior scruple having lenders that you do.

My friend who has no credit got approved thru them too after Sallie Mae and the others turned her down for no credit. Her mother died her sophomore year, who was her only possible cosignor.

People have to do the best they can with what they have at the moment,sorry if it doesnt meet your standards.

Yeah I should just not go to college rather than have taken from dirty, corrupt, student loan xpress. Sorry you didnt learn your lesson about paying your debts.

Edited June 1, 2007 by Leena

Cynic · June 1, 2007

Im trying to get an education the best way I can. You have no idea about my past debts. You dont know that 2 of my charges off were made by a relative who got credit cards in my name. You also dont know that Ive worked really hard at repair and I am over 600 on two bureaus now. You also dont know that I have nobody in my family that could cosign, and since my dad died february my cash flow has been esstentially cut off too. Sorry we all dont the stellar choices you have and can borrow from the modest angelic superior scruple having lenders that you do.

My friend who has no credit got approved thru them too after Sallie Mae and the others turned her down for no credit. Her mother died her sophomore year, who was her only possible cosignor.

People have to do the best they can with what they have at the moment,sorry if it doesnt meet your standards.

Yeah I should just not go to college rather than have taken from dirty, corrupt, student loan xpress. Sorry you didnt learn your lesson about paying your debts.

Leena,

I wasn't talking directly to you, but in general. Obviously I don't know anything about you.

Your perseverance is admirable. It's sad that so many people have to borrow private loans because school costs so much more then what most can get in financial aid.

I'm not sure if the SLX thing will keep going. What your school didn't tell you is that SLX may have been approving applications on private loans for students at your school, in exchange for being the preferred lender for Federal loans. In other words, a certain number of students at your school that wouldn't have been approved by SLX got approved in exchange for the school sending them FFELP business. At another school Sallie Mae might have done the same thing.

It won't be happening any more.

I'm sorry I have such a bad attitude towards SLX, but please understand that what they did has really made a lot of very honest financial aid people the subject of a vicious witch hunt. It didn't start over lenders playing playing financial aid office, giving private loans in exchange for federal, vanity loans/ "school as lender", alumni association deals, etc since all of those things in many cases actually benefited the schools and students, but the private bribes that SLX did (where crooked financial aid officers made deals that benefited their own pockets and SLX, and hurt the schools and students) crossed the line from questionable right over to illegal.

Leena · June 1, 2007

Im trying to get an education the best way I can. You have no idea about my past debts. You dont know that 2 of my charges off were made by a relative who got credit cards in my name. You also dont know that Ive worked really hard at repair and I am over 600 on two bureaus now. You also dont know that I have nobody in my family that could cosign, and since my dad died february my cash flow has been esstentially cut off too. Sorry we all dont the stellar choices you have and can borrow from the modest angelic superior scruple having lenders that you do.

My friend who has no credit got approved thru them too after Sallie Mae and the others turned her down for no credit. Her mother died her sophomore year, who was her only possible cosignor.

People have to do the best they can with what they have at the moment,sorry if it doesnt meet your standards.

Yeah I should just not go to college rather than have taken from dirty, corrupt, student loan xpress. Sorry you didnt learn your lesson about paying your debts.

Leena,

I wasn't talking directly to you, but in general. Obviously I don't know anything about you.

Your perseverance is admirable. It's sad that so many people have to borrow private loans because school costs so much more then what most can get in financial aid.

I'm not sure if the SLX thing will keep going. What your school didn't tell you is that SLX may have been approving applications on private loans for students at your school, in exchange for being the preferred lender for Federal loans. In other words, a certain number of students at your school that wouldn't have been approved by SLX got approved in exchange for the school sending them FFELP business. At another school Sallie Mae might have done the same thing.

It won't be happening any more.

I'm sorry I have such a bad attitude towards SLX, but please understand that what they did has really made a lot of very honest financial aid people the subject of a vicious witch hunt. It didn't start over lenders playing playing financial aid office, giving private loans in exchange for federal, vanity loans/ "school as lender", alumni association deals, etc since all of those things in many cases actually benefited the schools and students, but the private bribes that SLX did (where crooked financial aid officers made deals that benefited their own pockets and SLX, and hurt the schools and students) crossed the line from questionable right over to illegal.

Ok I understand. I am sorry I went so far off tangent, its just that I applied too so many places and thought my chances of going to my dream school would be dashed even though I have the talent and merit to get in. My school does my federal loans thru Citibank.

Sorry about that.

To be honest I am glad my school does this for whatever reasons they do otherwise I wouldnt be able to go.

I understand you may be coming from a different perspective. Once again I apologize for being so hot headed.

ETA: What do you mean it wont be happening any more? Thanks for the clarification in advanced.

Edited June 1, 2007 by Leena

Long Road · June 1, 2007

Im trying to get an education the best way I can.

This is admirable. The best way you can may not be the easiest.

You have no idea about my past debts. You dont know that 2 of my charges off were made by a relative who got credit cards in my name. You also dont know that Ive worked really hard at repair and I am over 600 on two bureaus now. You also dont know that I have nobody in my family that could cosign, and since my dad died february my cash flow has been esstentially cut off too.

I am sorry for your loss. I also think that if your having cash flow problems you will need to address that isssue before obtaining additional financing. Borrowing 100% of the cost of your education and living expenses is generally a bad decision, if that's what you are doing. In your situation you should qualify for the maximum allowed by the federal government every year, I think. I'll say again if you have exhausted this money in loans you need to stop, think, and analyze your goals, current obligations, and situation.

Sorry we all dont the stellar choices you have and can borrow from the modest angelic superior scruple having lenders that you do.

While your credit may not allow you to borrow from the "modest angelic superior scruple having lenders" you may not want to get involved with a company known for dishonest or abusive practices. Remember you will have a relationship with that company after you borrow and their practices will begin to affect you. This advice really is in your best interest.

My friend who has no credit got approved thru them too after Sallie Mae and the others turned her down for no credit. Her mother died her sophomore year, who was her only possible cosignor.

I am sorry for her loss as well.

People have to do the best they can with what they have at the moment,sorry if it doesnt meet your standards.

Sometimes you gotta do what you gotta do, I understand that.

Yeah I should just not go to college rather than have taken from dirty, corrupt, student loan xpress. Sorry you didnt learn your lesson about paying your debts.

You should go to college if it matches your goals. How you go to college, and whether you work hard to pay for it, even if it means slowing down your plans, is your choice. Just remember that loans come due, and it throws a red flag to me that you have poor credit, even if through no fault of your own, and that you have exhausted your federal options and now are seeking private debt. This story usually doesn't end very well and you can read other threads here to that effect. Make your decision carefully. No one is telling you what to do, its just advice.

Leena · June 11, 2007

I am not financing 100% of my education. No where did I say I had exhausted my federal loans. I have a large scholarship and two jobs. I am an adult and did not solicit your advice on my life decisions. The OP wanted to know a place he/she could get a loan with so-so credit and I related my experience on a place in which this could be achieved. I could give 2 hot edited for language about your red flags, you arent my lender, my parents, or my financial aid counselor. Stop acting like you know the particulars of my life and situation, seriously. I did not ask for your lecture.

Leena

I don't really care how you speak and what language you use in your personal life. However, you will not use vulgarity on Creditboards. It is a violation of the TOS. Next time I see it, or any of the other mods/forum leads see it, you will receive a warning.

fla-tan

Forum Moderator

Edited June 11, 2007 by fla-tan

savemanatees · June 11, 2007

I am not financing 100% of my education. No where did I say I had exhausted my federal loans. I have a large scholarship and two jobs. I am an adult and did not solicit your advice on my life decisions. The OP wanted to know a place he/she could get a loan with so-so credit and I related my experience on a place in which this could be achieved. I could give 2 hot deleted by admin about your red flags, you arent my lender, my parents, or my financial aid counselor. Stop acting like you know the particulars of my life and situation, seriously. I did not ask for your lecture.

Hey Leena,

YOU GO GIRL! (JUMPING UP AND DOWN WHILE CLAPPING LOUDLY!!!!)

I have been on the boards since the year of the Great Flood. It is my experienced belief that these forums are places for people seeking information. They are NOT forums for "cloaked" socio-political rants and raves and/or lectures on how people should conduct their personal financial lives.

THANK YOU VERY MUCH for succintly pointing out this fact.

savemanatees

PS SLs paybacks take discipline but an education is "priceless." GOOD LUCK AND ENJOY your experience!

breeze · June 11, 2007

Leena, your answer was great, the language, not so much.

Long Road - try not to hijack threads answering questions nobody asked.

To the OP, sorry your thread got hijacked. I'm officially giving it back to you now.

Long Road · June 13, 2007

I am not financing 100% of my education.

I SAID "IF THATS WHAT YOU ARE DOING." READ IT.

No where did I say I had exhausted my federal loans.

I SAID "IF YOU HAVE". READ IT.

I have a large scholarship and two jobs.

THIS IS GREAT!

I am an adult and did not solicit your advice on my life decisions. The OP wanted to know a place he/she could get a loan with so-so credit and I related my experience on a place in which this could be achieved.

THIS IS WHERE THINGS GET BAD. I DIDN'T NOTICE YOU WEREN'T THE OP. MY APOLOGIES.

I could give 2 hot edited for language about your red flags, you arent my lender, my parents, or my financial aid counselor.

NO I AM NONE OF THOSE THINGS AND DIDN'T ACT LIKE IT. I GAVE AN OPINION THAT YOU DIDN'T LIKE.

Stop acting like you know the particulars of my life and situation, seriously.

I DIDN'T ACT LIKE I KNEW THE PATICULARS AND IF YOU READ IT YOU'LL SEE THAT.

I did not ask for your lecture.

THATS TRUE YOU DIDN'T AND I APOLOGIZED ABOVE. IT WAS A SIMPLE MISTAKE. YOUR REACTION TO IT WAS PATHETIC AND UNCALLED FOR, AND YET I'LL BE BIGGER THAN THAT AND SAY SORRY.

Hey Leena,

YOU GO GIRL! (JUMPING UP AND DOWN WHILE CLAPPING LOUDLY!!!!)

I have been on the boards since the year of the Great Flood. It is my experienced belief that these forums are places for people seeking information. They are NOT forums for "cloaked" socio-political rants and raves and/or lectures on how people should conduct their personal financial lives.

THANK YOU VERY MUCH for succintly pointing out this fact.

savemanatees

PS SLs paybacks take discipline but an education is "priceless." GOOD LUCK AND ENJOY your experience!

SHE DIDN'T POST IT TO POINT ANYTHING LIKE THAT OUT... DUH. THATS ALSO NOT HOW IT WAS MEANT. NO HARM OR AGENDA WAS MEANT OR INVOLVED IN THAT POST BUT YOU OBVIOUSLY THINK IT WAS, IS THAT AN UNREASONABLE SUSPICION OF SOMEONE'S MOTIVES? I WONDER WHERE THIS IS GOING? WHATEVER YOUR PROBLEM IS YOU NEED TO GET OVER IT.

Leena, your answer was great, the language, not so much.

Long Road - try not to hijack threads answering questions nobody asked.

To the OP, sorry your thread got hijacked. I'm officially giving it back to you now.

YEAH, I SAID SORRY AND I MEAN IT. I MADE A MISTAKE BY NOT REALIZING THAT LEENA WASN'T THE OP. I HOPE MY APOLOGY IS ACCEPTED AND I MEANT NO HARM AT ALL. IN THE FUTURE I'LL TRY TO BE A LITTLE MORE CAREFUL.

TO THE OP:

TO DIRECTLY ANSWER YOUR ORIGINAL QUESTION YOU WON'T GET A LOAN WITH SO-SO CREDIT LIKE THAT WITHOUT A CO-SIGNER AND ANYONE WHO TELLS YOU OTHERWISE HASN'T TRIED IT. THAT'S MY EXPERIENCE. YOU'LL HAVE TO MAKE THE MONEY TO PAY FOR IT.

JUST SO YOU KNOW AN ADMIN DIDN'T ASK ME TO SAY SORRY. I SAID IT BECAUSE I MADE A MISTAKE.

jsensor · July 19, 2007

My FICO's are in the 500 range and I just got new loans for my grad school... not a question or concern raised. I think that they are pretty liberal with student loans. I have had lates on my undergrad loans, although not since they consolidated.

As far as loans go, I think that SL's are ones that they try hard to not deny you on.

bitbit49 · July 28, 2008

My FICO's are in the 500 range and I just got new loans for my grad school... not a question or concern raised. I think that they are pretty liberal with student loans. I have had lates on my undergrad loans, although not since they consolidated.

As far as loans go, I think that SL's are ones that they try hard to not deny you on.

If you don't mind me asking, jsensor, were your loans all federal, or did you obtain outside loans, as well? If so, who is your lender?

thx

Saturngoddess · August 5, 2008

Per Student Loan Express's website, they are no longer doing new loans.

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