Student Loan Help

[bcon1388]

Hey guys-

My brother is applying for a student loan for $8800 for his freshman year. (Deferring interest until after graduation)

Unfortunately he has limited income $3500-$5500.

 

Myself and my parents do not want to be cosignors.

 

He does not have any credit

 

He applied for a Sallie Mae Loan-Instant rejection, they said he didn't make enough money

 

Also applied for a Chase Student Loan and that was also an instant rejection. They did not provide a reason and the screen said they would mail a letter in two weeks.

 

What should I have him do?

 

Cosignor is not an option and I obviously don't want to keep applying for loans, hitting his credit score

 

Should I call them up for a re-con??

 

Thanks!!

[snowpuppy]

Assuming he's a freshman at a traditional community college or university, the $5500 he's been awarded on his own (plus any grants or scholarships) isn't enough to pay his bill per semester?

 

The private SL market is full of pitfalls. I wouldn't do it unless I was desperate.

[Saria]

Assuming he's a freshman at a traditional community college or university, the $5500 he's been awarded on his own (plus any grants or scholarships) isn't enough to pay his bill per semester?

 

The private SL market is full of pitfalls. I wouldn't do it unless I was desperate.

 

+1

 

With his income, it's highly unlikely that he'll be able to obtain a private loan without a cosignor. I know it's not what he wants to hear, but he should consider an institution with lower tuition or one that will give him at least a partial scholarship.