Hello everyone - I am goin ginto my fourth year of college and need to take out a private loan to help pay for school. My parents' credit is horrible, so I must apply without a co-signer. I have over 3 years of credit history and my FICO is 732. What options do I have? I would appreciate all suggestions as I need to apply within the next 2 weeks. Also, I know some loans require that you have worked for 2 consecutive years, but I have many gaps in my employment history since I do not work while I am in school.

Thanks in advance for any help!

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Oh yeah, I forgot to mention... I am looking for loan that sends the check to you and not to your school. I have a scholarship that pays a good amount of my tuition, but I want a loan that is more than the remaining portion of my cost of attendance. Therefore, any loans that send the check to your university are out of the question for me.

Thanks!

If they overpay your school does the school refund you?

I got a teri loan and they sent the check right to me.

www dot teri dot org I believe...

School still has to certify your cost of attendance and that includes what aid you have already received. I dont think any reputable lender is just going to give you money without the school actually being involved.

Why do you not want the check to go to the school?

Lynn, the FFEL lender that I work for will provide a private student loan without the school being involved. That company has been recently acquired by JP Morgan Chase in spring 06, so that should be a decent clue on who it is. What they do require is proof of enrollment such as, something from school with bwr's name, period of attendance, and school's name on it.

now granted, I don't know what type of checks they perform once the bwr has sent in the approriate paperwork, but there is usually no mention of school being contacted in the notes on many funded accounts.

In your experience, do uncertified private loan lenders usually contact the school?

To the OP, the private loan I offer would not work for you b/c you fail to meet 2 yrs of continous verifiable income.

All of the private lenders that went thru the University I worked for required that the school certify the student plus the amount of funds required...i.e. unfunded cost of attendance over and above federal aid/scholarships. The thought of allowing students to get private loans without school verification of amount needed is scary....think of the default rate with students borrowing more than they need. Not to mention the actual costs of the private loans are much higher and do not have the deferement.forebearnace priveleges that the guaranteed loans have. There has to be some control on the amounts lent.

I know for the private program that I work for, there are some controls for the lending limit. There is a lifetime borrowing limit of 130K. Plus there is limits for a student attending different schools. B/c your tag is LynninMN, I ran the limit for U of MN twin cities. for MN resident it is $17,824, out of state $29,454, doing undergrad studies. Supposedly we pull from some government database to get the lending limits, but there have been noted discrepancies from what borrowers tells us reps.

ignoranceIsn'tBliss, can you let me know who you work for either by posting it or sending me a PM. I was recently approved by myrichuncle, but they approved me for half of what I need since I don't have a co-signer. They say nothing in the forms about contacting my school. They only want proof of my current income, proof of enrollment, and my signature.

Any other loan companies that do not require 2 consecutive years of work history? I have more than 2 years of work history, but there are gaps within that period.

Thanks!

Collegekid, I'm going to warn you that my company's program will not work for you. Unless you have had continous work history for the last 2yrs, with gaps of less than 1 month. So if you don't have that, then you would need a cosigner that has 2yrs of continous income, good credit history, and no bankruptcy in the last 10 yrs. Plus the cosigner needs to be a US citizen, or permanent resident of the US.

Mods, feel free to edit this message if these links break any board rules. I'm only posting these per collegekids request.

main company website. www.cfsloans.com
private education website www.collegeloansite.com

[/quote]


Collegekid, I'm going to warn you that my company's program will not work for you. Unless you have had continous work history for the last 2yrs, with gaps of less than 1 month. So if you don't have that, then you would need a cosigner that has 2yrs of continous income, good credit history, and no bankruptcy in the last 10 yrs. Plus the cosigner needs to be a US citizen, or permanent resident of the US.

Mods, feel free to edit this message if these links break any board rules. I'm only posting these per collegekids request.

main company website. www.cfsloans.com
private education website www.collegeloansite.com
[/quote]

Hi there, currently I attend a 4 year college and have had the same job for 2 years and 10 months. I make around $40,000 and have credit scores between 640-670. In chances of getting a 10,000 private student loan?

Sounds like you know your stuff. I don't want a credit pull unless there is a chance. I also have another private loan around 22,000 that I have paid on perfectly for 2 years, but was approved with a cosigner.

I do have a perkins baddy that is now fixed, however it shows I was late up to 120 days and a collection agency had it.

Sallie Mae Tuition Answer.

[quote name='tyguy' date='Jul 20 2006, 12:12 AM' post='1659185']
[/quote]




Hi there, currently I attend a 4 year college and have had the same job for 2 years and 10 months. I make around $40,000 and have credit scores between 640-670. In chances of getting a 10,000 private student loan?

Sounds like you know your stuff. I don't want a credit pull unless there is a chance. I also have another private loan around 22,000 that I have paid on perfectly for 2 years, but was approved with a cosigner.

I do have a perkins baddy that is now fixed, however it shows I was late up to 120 days and a collection agency had it.
[/quote]


Geez, hopefully I know my stuff, considering I've been doing it for a yr and 1/2. I'd say there is a pretty decent chance. I got a feeling it will come down to that perkins baddy. If it wasn't for that, you'd actually stand a pretty decent chance of getting it. I will tell you, for the company I work for, it's an automated decision with no real human input.

Quick question about that, I went to the site link provided and it says this

1. To request your loan, apply online or call us toll-free at the number listed at the top of this page.
2. Once your application is submitted, you can be conditionally approved in as little as 60 seconds!3
3. Download your loan documents online or we can mail them to you.
4. Complete, sign and return (by fax or mail) your pre-filled loan documents and the required verification documentation materials.
5. Once these documents are received, your application will be processed as quickly as possible ... we can mail your funds to you in as little as two days if you qualify.

What conditions could cause revocation of your preapproval, granted you send in all the loan docs and required verification? Is the preapproval just based on a soft pull, and hard happens once u send in the application?

I applied online with SallieMae for student loan and was approved w/o cosigner, but at a higher APR than with a co-signer.

Last year, I needed a co-signer for approval. Now that I have some credit history, I was able to get approved myself but not at a good APR, so I used a co-signer again.,

Stupid Question . . . . . How do you get approved the second year. Do you take out everything you will need for your entire college career with the first loan???

I have 2 more years of school left so I will need private loans for both.

I have 2 years of steady employment.

Only baddies are 3 old parking tickets that show as paid.

I will apply when my score is 700.

Should I take out everything I will need for both years. Or do you apply seperately for each year?

And will they approve me the second year since I will be a full time student with only part time income?

You can reapply each year. I get approved with zero income because it is not possible for me to have a job.

To the best of knowledge, it is a hard pull done. (I'm basically defining a soft pull as one that is done w/o the borrower's permission for checking if they are eligible for further offers while currently engaged in a business relationship. I think a hard pull needs borrower's permission to be done. I could be wrong on what constitutes a soft/hard pull.)

The conditions that would cause revocation of preapproval, would be basically false information entered on app. Inability to prove information stated on application.

In my experience as the frontline customer service, I've never seen a loan revoked except per customer request. If there is any inability to prove info stated on app, app will expire in 90 days from approval. Now if you setup the loan one particular way, say interest only payments. If you decide after receiving the loan docs, you change it to defer principal and interest. we'd have to cancel the app, and rehit your credit for new decision on the changed setup.