I am looking to leave my 4 year college where Federal Stafford, PLUS and other loans are available. I am instead going to community college for a year, and then will be transferring back. I would need about $2,000 and I could have my mom or dad co-sign. They both have 700's credit scores, while mine is quite low. It looks like I might have to go through Chase since Bank Of American stopped giving them out. My community doesn't do Federal Stafford, PLUS and the other government loans.

When I leave about 50% of the loan money I borrowed will go back to the lender, I just wish I could take it instead since I'm still going to continue my education. It sucks.

Anyone with a credit score over a 700 will have an easier time getting a private student loan. Anyone who has a cosigner with a credit score over 700 will get you a student loan. Its extremely hard to get a private loan.

A few months ago I was accepted into school in London...a school that doesnt accept federal funds... but I was unable to attend because my credit score wasn't high enough to receive a loan through Sallie Mae. It was suggested that I contact with their underwriting department to argue my case (have made payments on time, employed full-time, proof of loan status etc) but still no loan. Both of my parents are divorced and economically disadvantaged, credit scores are s%#$....so no cosigning for me. I was crying and begging....to no avail.

In all, I don't think its worth it to bother with these private student loan companies as most are going down hill, and may raise their interest rates. They are crooked and schools that only accept private loans are equally crooked in my opinion....If you only need a small amount of money, then ask to borrow from someone, maybe your parents?

To me, a community college not offering federal loans sends up warning flags. Why dont they offer them??

I don't know why. They have other Federal financial aid like Pell Grants etc. Both community colleges are very good in the area.

I can't borrow money from my parents, they have none to give to me.

I'm pretty sure the cc I went to didn't offer Stafford loans either. There wasn't anything shady about the school. It was accredited and all. I guess maybe there wasn't much demand for federal loans or something.

It's most likely related to high default rates at the school - historically, expected, or both - and the resulting sanctions from the Dept. of Education.



For instance, I briefly attended a CC that offered Pell grants and state grants, but no federal loans. This had been their practice for several years at least, more than just the three years or so that would have come from the latter sanction above. I'd guess that they had experienced and expected high default rates and stopped offering federal loans in an attempt to continue being eligible for Pell grants.

It seems like a lot of cc aren't offering federal loans due to these default rates.

I'm trying to sell some of my stuff so I can have the money in cash, and not need to borrow. However, I don't have a ton of time.

Lots of CC dont qualify because Federal loans are only for 4 year degrees and many of the CC programs are either certificate or two year programs.

I second that! - Don't do the student loans. Save, work an extra job, credit card, anything but the
student loan for that amount... It's a corrupt business & not covered under consumer credit laws like mtgs or CCs. They can rip you off & you can't do anything about it. Also, student loans are not dischargeable in bankruptcy - God-forbid you had to file. They can seize your IRS refund & SSI.- The debt is forever & can double in short order with fees & interest. Then it can be used against you in applying for jobs etc. Student loans can ruin your life - it's just not worth it..
Believe me - think twice about it. Student loans used to be considered good debt but it has gotten pretty seedy now... it's not worth the grief you'd get...