Hello, I've been reading these forums for a few weeks now and have gotten lots of great advice here and have put some things into motion as far as checking my credit reports (found some surprising things! EX listed a different social security number on one account and is currently in dispute). I started on the road to financial recovery earlier this year when lots of baddies finally rolled off from mistakes made in my early twenties. I've learned to live well below my means since and am happily frugal.

I was recently approved for a bank account again and got a new computer with a Dell Preferred Account, so that's the only credit I currently have. I had a First Providian card last year to help rebuild my credit but promptly closed it because I was too afraid to go back down that road again (that was before I found you fine folks, didn't know I should've kept it open). My current FICO scores are 692 at TU and 636 at EX. I haven't checked at EQ yet but plan on doing so.

Now, my dilemma is I'm a single mother who has been attending college part-time for the past two years. I've only earned about 26 credits. It will take me another six or seven years to complete my undergraduate degree at this rate. My daughter is getting older and I'm not getting any younger. I've decided the best thing for me to do is hunker down, go down to part-time at my job, and attend school full-time, which I hadn't been able to do in the past due to scheduling conflicts, cost of attendance, and bad credit (only qualified for government loans, which barely put a dent into tuition). Now that everything seems to be falling into place, with me doing a distance program at a reputable bricks-and-mortar institution and my credit is slowly improving, I figure I might be able to qualify for private loans. I've figured up a budget and cost of attendance and I'd need between $15,000-20,000 a year to make this work so that I graduate with four more years to go, max.

My question is, what are my chances of being approved for a private loan? When should I apply? Should I wait a few more months until there's record of more and regular payments to Dell? What are some private loan companies, other than those at my undergraduate instituteion, I should look into? I don't want to inquire and apply to a slew of companies so that it negatively impacts my current scores. I intend to apply for scholarships as well, but that money is not guaranteed and I'd like to start going full-time Fall 2007. Is there anything else I should do before I apply for loans so that I'm sure to get approved? I don't have anyone to co-sign for me should I be turned down so I feel like I only have one shot. Thanks in advance.

As soon as the new year rolls around, try to get your taxes filed and then fill out the FAFSA. Pell Grants, SEOG grants, and random other grants are really good to get. What about Staffords and even Perkins, etc? None of those gov't grants/loans are FICO based.

I have Sallie Mae Signature loans (private, unsubsidized) to cover a lot of the rest. With a co-signer I'm getting 7.5% and 8.25%, and by myself 10.25% (ugh) but so far I haven't had any problems with them, and they allow in-school deferments and other forbearances. I haven't looked into what kind of repayment/consolidation programs they have yet.

I think Citi has some private student loans too.

I get Staffords and Pell, didn't qualify for Perkins or SEOG this past year for some reason. I will renew my FAFSA, but the maximum I'm eligible for at this time barely puts a dent in tuition and living expenses, which is why I'm looking into private loans this go-round.

Thanks for the suggestions. I will check into Sallie Mae and Citi (Citibank?). Do you think I have a shot with the above credit scores? I don't have a co-signer. Did you apply to multiple lenders?

Well I wasn't able to get approved on my own for a few years, but in early October I got approved without a co-signer. Sallie Mae pulled Equifax for me on 10/4/06 and my FICO was 664 (on 11/3/06) with three 3-year-old COs on it, maybe lower like 645-660 at the time it was pulled.

A year ago I could only get approved with a good co-signer.

Yeah I meant Citibank, but don't take my word on it. I think there's some mention on it in this forum if you do a search? Good luck.

ETA: To apply for the loans, the address is http://opennet.salliemae.com and once the loans are disbursed and stuff you'll find a lot more information at http://www.manageyourloans.com

I get Staffords and Pell, didn't qualify for Perkins or SEOG this past year for some reason. I will renew my FAFSA, but the maximum I'm eligible for at this time barely puts a dent in tuition and living expenses, which is why I'm looking into private loans this go-round.

Going full time is going to make a difference in your aid.

As an independant student, you are eligible for suband unsub staffords up to $6625 as a freshman, $7500 as a sophomore, and $10,500 as a junior and senior. Pell is another $4k, and Perkins up to another $4k. Have you looked into grants or scholarships for single parents...they do exist! What is the school saying is your cost of attendance??? Have you talk to the FA office yet??

Yep, I get sub and unsub Staffords and a Pell (not the full amount because I'm part-time), but no SEOG this year (last year I got $100). Not sure why. Still, government loans barely touch the cost of a higher education these days. It's insane how much tuition is skyrocketing, and I attend a private university. Hence, the private loans... The college I was attending before full-time I had to drop out of because the financial aid office didn't want to give me my Perkins, then they gave it to me but reduced my other aid and gave me work-study in a library, which was great, but hello single mom, I would've preferred to have that time just study, not work-study ... and even though my EFC was 0 and the daycare on campus didn't give me any aid either ($500 a month childcare on top of rent, etc...) Long story short, I ended up paying out of pocket for a class I had aid for and then having to drop out of summer school and not getting the aid they'd shorted me where I had a great work-study job lined up working with one of my favorite professors in my then-major. I had to drop out because I'd run out of money. It was ugly, and heartbreaking... I've learned my lesson. I need my degree! I just want to hunker down and finish already, whatever it takes...

What I'm planning to do is add one more class next semester, I think, and pay for it out of my pocket if they don't up my aid. Hell, I may pay out of pocket anyway, on installment. Less money to pay back in the future. I'm working full-time now and can (barely) afford it.

I have gotten in touch with my financial aid office. Thanks for the advice.

Your experience seems to pan out with the answer I found here. I may qualify but I don't think I should chance it right now, with my credit being so "new." I think I may wait a few months, till late spring or summer to apply, make sure my score is good enough that I won't be turned down. Thanks!