Hey folks,

I'm 33yo, and I'm going back to school full time! Gotta get a degree before I'm too old to even care!
My partner and I want to buy a house and I want to get out of flying and go into Nursing! I've exhausted all Fed, Pell, and Fafsa loans based on my income, but I still will need about $3,000 more per semester!

So, I want to get a Private Student Loan... To cover my remaining tution and also to help with our living expense so I don't have to 80+ hours per week and get my degree faster and be able to do my internship without going broke! The only problem Is....

I have a low 600 Fico and a BK7 from 2001 and 1 unpaid CO. My partner WILL Co-sign but I don't know what good it will do... He has very good credit but his has very high UTIL. and also $30,000 in student loans from his MBA degree....

QUESTION is.... Which private student loan lender out there is the best or will approve anyone base on the above??? Prefer a lender that does not call the school for cert. since i'm going to a community college and doing class' online with aonther school.

PLEASE, Anywho have any experience with these type of lenders???? I've done my research and I'm so confused...

Thanks, Rod

Private loan for someone with bad credit.
Prefer lendor that won't verify that the funds are actually being used for the purpose of the loan.

Hmmm.

I saw these people on TV the other night. Astrive60.com. Not sure if its what you;re looking for but I saw that they don't place as many limits on what the money is used for. Copied from website:


"Alternative, or private, student loans are funded by a private financial institution and are not subject to federal guidelines. You may use the money you borrow to cover the cost of tuition as well as a wide range of education-related expenses. So you’ll know you’re covered for all those things that add up fast over the course of a semester, like books, lab fees, room and board, and travel home. "


Here's the link. astive student loan

hope this helps

Right. That has nothing to do with how almost all private lendors need to verify that the borrower is actually enrolled at least half-time at an approved school (and re-verify this on an ongoing basis for as long as the borrower asks to postpone payments on the grounds that they are "in-school") and is creditworthy enough to be reasonibly expected to repay the loan.

Let me first clarify and assure you there is No Deception in my request

* What I meant was, I'm looking for a Private Uncertified loan, in which the check is endorsed and sent directly to me and not to the school. (Fewer hands in the cookie jar) With these type of loans, The bank/guarantor does require you fax proof of enrollment or FAFSA award letter. These loans do exsist... But their underwriting and fees seems to vary all over the board!!! Just looking for someone who has similar credit as mine and has been approved...

I assure you, I'm just a honest hard working person just trying to get an education to better myself and not looking for a "Quick credit Fix" as some here have suggested in previously threads.

I've already tried... Astrive,loan to learm, Astute, and NextStudent, none of which have my school listed and loan to learn has already denied me due to BK7.

Any other suggestions are greatly appreciated... THANKS!!!

I'm not sure of how my input will help you, but I figured you may want to go to a bank or even a credit union that offer private or alternative loans...I know you mentioned that you have bad credit but if your partner can cosign, it will be great, just pay down the utilization by next month or so, I know you may not want to wait it out that long...

I have several private loans through sallie mae (which gets slam here left and right), but they approved me with scores lower than yours for my first loan, and then I had my parents cosign for me the second and third loan through them and they still approved, and at the time my parents had scores similar to yours...However, I'm not sure of how the BK will factor in all this. ( Plus if you apply online they do instant decision)

Once you can prove enrollment status and identity (usually driver's license) they send you the money within 24 hrs. You take the check to your bank account, clear it and then use it as you please..

Thank you very much!!!

That is exactly what I needed to hear... I just applied with sallie mae, "Tuitiion Answear loan"
I only asked for $12,000 - I was "pre-approved" pending a valid co-signer...

I punched in my co-signer info today and we are still waiting for the approval or not!

What do you think? Does this sound an approval or a big fat denial???

Thanks again for all you help, it's very good to know that someone out there understands and can relate.

IF Sallie does not approve, then I'm going to try "Educated Borrower" Their rates are very high and I assume they are the bottom feeders of the student loan biz??? Has anyone had any expierence with this lender????

Rod

I wish you good luck.
Let us know how it turns out.

- DENIED! DENIED! DENIED!

Was denied by Sallie Mae and Educated Borowwer because of my BK7 from 2001 and because my co-signer has too much debt and high Util.

That was I only hope... I don't know of anyone else that would co-sign for me that has better credit. My mother prob. would be she is has limited income and a BK7 from 1992 So not sure if Sallie would approve her either... I seriously doubt it!

Thanks guys for your input...

I mean... come on... give me a break... You seriously have to have a 750+ FICO and NO BK's to get approved for a private student loan??? Who has that these days? Seriously?

I won't even bother posting the name of the company that I work for. You would have been disqualified b/c of the bk within 10 yrs.

The company that I work for looks for basically this: no baddies in the last 5 yrs, 2 yrs of revolving credit usage, and 2 yrs of steady income.

Because there is range of rates, it's basically a starting fico of 640+ for the highest rate of 12.68. You have to have a score over 740 to get the best rate, and that is dependent on the school having a low cohort rate.

Hey Thanks anyway!

I wanted to add, that My school does not participate with any TERI approved lenders.

And I know I can't be approved with a BK within 10yrs but whats up with my co-signer??

Will no one approve him because of his student loan debt and high Util. ?? This is so frustrating, I'm already started this quarter but I will have to come up with $6,000 for the next! I have no idea where it's going to come from... Does Prosper do student loans?

Thanks....

Maybe I should have spelled it out when I 1st replied. You are in no position to be selective about whether or not the lender verifies enrollment or who they disburse funds to. You do not qualify for a private student loan.

Your cosigner cannot be reasonably expected to be able to repay 12k+ a yr X number of years you go to school when he has already utilized a substantial portion of his available credit-- thats a risk they do not want to take, especially when the benefiting student had a BANKRUPTCY in the past FOUR YEARS.

Got letter from Sallie Mae today... Said APPROVED!!

They counter offered my original request and approved "us" for $3,500

on a private student loan. With my BK7 and my co-signer totally maxed out with UTIL.
My jaw dropped and hit the floor.... I had already given up! Sallie pulled EXP on me. and pulled EQ & EXP on my co-signer. My EXP is very low these days around 565 and my co-signer's EXP is around 665 no bads and no BK.... his EQ though is around 602 --- So guys even if your co-signer has less than perfect credit, just don't give up! Sallie will just about approve anyone, but I suggest to keep the loan amount small at first... You can always apply for more later... Good luck to anyone looking for a private student loan.

** Side note... The thing is... I really don't need it now... My father passed away this past Dec. and my mother just told me a few days ago that I'm getting $10,000 that had been tired up in the estate. I won't get the money until August or so but it's a relief to know it's coming and it's free.

Thanks for everyone listening to my rants...

Glad it worked out for you.

Sorry to hear about your loss.

Congratulations.