Sallie Mae denied my co-signer with a 750+ credit score!!

[Mierrrr]

So, here is the pretense of what's going on:

 

I'm trying to get into Le Cordon Bleu's Baking and Patisserie program. I've got almost half of the tuition and ect. covered by pell, FASFA, and Stafford, leaving roughly $12,000 I need to come up with the be ready to go to school in January. Naturally, I have no credit, so my mom offered to co-sign, and they denied her. Instead, my uncle applied to be my co-signer, and having checked his credit score less than a week ago, KNEW it was 750+. Sallie Mae denied him as well saying that his debt income ratio wasn't where they wanted it to be. I mean, my uncle has immaculate credit, I have no other outlets that I know of to pursue to get this done. I'm 24 and an independent student. I was WAITING to turn 24 for a YEAR because I thought being an independent student would make this EASIER for me, when in fact, it didn't! They actually told me, that if I were under the age of 24, I could have applied for StudentPLUS..but noooooooo.

 

I don't know where else to go, or what else to do.

My outlets are exhaustred!

PLEASE..someone out there have some helpful information for me.

I don't want to accept this as the end of my road.

:[

[daiye1]

a good FICO isnt all that creditors look for...if your Uncle makes 75000 a year, but has 65000 in CC debt; thats why he was denied...

 

He could be a perfect on time payer, never missing a minimum payment beat...and still get rejected...

 

You should apply for private loans, they know students have little to no credit and still approve...

 

I got CampusDoor (dot) com when i was in college...give 'em a try

Edited November 21, 2008 by daiye1

[LynnInMN]

Can you try with another lender??

[steve0219]

Proof that our credit opportunities have gone to the dumps!

 

 

Thank you for your interest in CampusDoor!

 

Please note that as a result of the current credit market environment we have implemented a newly revised and more stringent set of credit requirements. As a result of these changes, we have substantially narrowed the number of applicants whose credit we will approve.

 

We appreciate your inquiry but want to be clear about the prospects of getting a loan with CampusDoor at this time.

 

We are no longer accepting telephone applications. If you have a question regarding the status of an existing application, please call 800.786.0002

[daiye1]

YIKES! i am sooo glad i went to school in a non-credit crisis yr...my heart goes out to all the Finance and Business majors (and all the others too) that have to graduate and possibly not get the salary (or for that matter the job) they are expecting

[SonorityGenius]

You're 24 years OLD. and you say "naturally" you have no credit? What?!! At 24 you shouldn't even NEED a cosigner..

 

Anyway, try something like CitiAssist Student loan -Sallie Mae got BK nerve tingling at this time