how am I supposed to get a student loan? Options

[rei99]

Hello, because I am new to these boards, I am not 100% on where to find a similar topic to this, so I will expllain my situation and wait for help.
I am a student who goes to school full time. I am a senior and I already recieve financial aid. I also have almost no credit history. Finally, I need around $3,000 for the upcoming quarter along with my given aid. Unfortunately, no one can cosign with me. The one credit card I did have, my mother used and wrecked my credit about a year ago, but she paid it off after I reminded her it that it was affecting my own credit. While there is nothing I can do about this, being that it was my mother, what should I do to obtain a student loan to cover my costs over the quarter? I have tried to look online, but all I can find is people telling me to find a cosigner. Right now my credit score is 554 and I have nothing negative on my credit report, however, it is low perhaps due to her use of my card, unbeknownst to me. What should I do? I do not really understand very much about credit right now, because I keep seeing conflicting information. Thank you.

[Googie]

[miyahsmom]

Go talk to your FinAid office. They may have a preferred lender than can help you. If your parent does not qualify for the PLUS loan due to bad credit then you may. You won't know till you speak to your FinAid office though. Hate to be the bearer of bad news but unless you have a very strong cosigner the odds of you receiving a private loan are very small.

[horak]

I wouldn't worry too much. As long as you have filled out the FAFSA for the upcoming year and have your mother apply for the Parent Plus and get denied (I'm assuming she has bad credit due to using your credit card), you will be eligible for an additional 5k in unsubsidized loans (7k max) since you are a junior/senior. You didn't specifically state what type of aid you are receiving (Scholarships, Pell Grants, Staffords, etc..) so it is hard to judge whether you will be maxing out your eligible amount of federal loans, but nonetheless, the student federal loans our your best/*only* option it seems.

[rei99]

I can't get a parent plus loan because I am not a dependent. And no, I can not get a co-signer. What do people do in this situations? Is there any other kind of loan available that is easy to get? If it is high interest, then there is nothing I can do about it because I have to finish school. I'll just have to sacrifice later to pay it off.

[johnnyt6]

the school will come up with a solution, go talk to your FA

[miyahsmom]

I can't get a parent plus loan because I am not a dependent. And no, I can not get a co-signer. What do people do in this situations? Is there any other kind of loan available that is easy to get? If it is high interest, then there is nothing I can do about it because I have to finish school. I'll just have to sacrifice later to pay it off.

You will be considered for a PLUS loan as long as your parents don't qualify for the loan no matter what the reason. There are still options available but you need to go to your FA office asap.

[rei99]

actually there is nothing I can do. I can apply for up to the amount I do not recieve in aid, but because my credit is bad, I have no income, and because I have no cosigner, then I'll be declined. I talked to my financial aid advisor, who was quite knowledgeable and patient, and I asked her what do people do in my situation. She said, they just can't attend school if they can't get funding, or they take on a job. Unfortunately, I can't take a job because I am taking a summer of intensive language study and a job is forbidden, as is taking other classes. So.... aparently, the school really can only help you so much, and by that I mean, you get the fnding you qualify for, and if that is not enough, nothing under the sun can help you unless you have a cosigner or an income.

[varg]

i'm in your situation. i am going to a community college right now, filing for bankruptcy later this mo or next. i received the maximum award for financial aid, which is covering my tuition. i took out a small loan (1700$) subsidized and i'm just dealing with it. you do the best you can do. i don't want to take out loans, especially in our econ. and i'm not sure where my next web dev project is coming from.

i am going for as many certification tracks as possible in my free time, learning what employers want me to know and next summer i am going to apply to all jobs which pay halfway decent. for instance, it is good if you at least know microsoft office -- excel, powerpoint, how to make brochures etc. make yourself as marketable as you can to employers. show them that you have initiative and aren't just taking them for a ride while in school.

luckily, i had a good job a few years ago and bought everything i need. im staying with my folks -- it sucks but i have to for now. i have had to go to food pantries... even though i work my ass off. it's not really fair, but it's life. you deal with it the best you can. loans are not always the answer. go meet people.

actually there is nothing I can do. I can apply for up to the amount I do not recieve in aid, but because my credit is bad, I have no income, and because I have no cosigner, then I'll be declined. I talked to my financial aid advisor, who was quite knowledgeable and patient, and I asked her what do people do in my situation. She said, they just can't attend school if they can't get funding, or they take on a job. Unfortunately, I can't take a job because I am taking a summer of intensive language study and a job is forbidden, as is taking other classes. So.... aparently, the school really can only help you so much, and by that I mean, you get the fnding you qualify for, and if that is not enough, nothing under the sun can help you unless you have a cosigner or an income.

This post has been edited by varg: Jun 17 2009, 08:54 PM