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02-04-2013 09:36 AM
I really need help! I'm very young and still learning! I have no family to help me with paying for college, other than my fiance' but I don't want it to affect his credit. The federal government doesn't cover completely for my tuition and my family is poor (which sucks bc I thought there would be more options available). I go to a state university btw for cheaper tuition. Thus, I've been only doing part-time due to the lack-of-funds. I graduate this year if I'm able to attend over summer and I'm looking for a small student loan of less than $5,000. My credit has been improving due to fixing errors on my report and opening 1 credit card/2 joint accounts. I've had two accounts go 30 days past-due over 1.5-2+ years ago bc I lost my job. My credit history is 3.5 years old and my average account age is 2.9 years. I'm currently speaking with the bank(s) to maybe remove it off my credit. My Trans union score is 698, Equifax 670 and Experian 640. However, my fiance' just added me on his credit cards as a joint account, which hasn't been updated on my credit reports yet and my disputes about the error is still in progress. One CL is for $6k and the other is for $4k. I also just got a credit card for $350 CL via Capital One. All have under 20% utilization. I have Federal student loans amounting in $15k, which I don't have to pay until I graduate. I have less than 5 months to bring my scores up to approx 740. Is 740 enough??
What's the likelihood of me being accepted without a co-signer with my credit for a $5,000 student loan via Sallie Mae? THANK YOU!
02-04-2013 11:08 AM - edited 02-04-2013 11:09 AM
I would double check with your schools financial aid department and ask them why you are not being awarded any federal financial aid for summer. I would do any thing I could to get federal aid, grants, etc before I took out a student loan through a private lender.
I did not know Sallie Mae offered private student loans.
edit: Mae not may, silly me
02-04-2013 03:26 PM
From what I understand, pell grants are not offered over the summer unless you have money left over and I don't. I'm considered "dependent" even though I've lived on my own since 18 and my parents are unable to help me even pay for clothing. The only funding available is loans, which amount to around $2,000. This only covers one class and some odd change. I need to take 3 classes over the summer to graduate this december. I'm really hoping I can take out a student loan because some classes are only offered in the Fall semester. Therefore, if I miss my chance this Fall---I'll have to wait another year which isn't in my best interest. Thank you for your help. I hope my credit is good enough!
02-06-2013 07:04 AM
Be more proactive when finding about free money. Financial Aid be lying most of the time. You have to keep asking to find the right person. I figured this out the hard way. When students don't register at the beginning of each spring semester, that money goes back into the pot and collects interests that aids the university. By March they start issuing out free money (grants) to summer school students. But you have to get in quick, because that money goes fast. There is also the option of a Perkins Loan, departmental scholarship money that helps students as well in the summer. Generally the department head or secretary of that specific college knows about it. Don't let them fool you. But my advice is try to do it on your own, before you use your fiancee's credit, you never know what lies ahead in the future (house, car, etc). Me personally I worked full-time and went to school full-time taking 16-18 credit hours a semester and I got my degree in engineering 2010. so I know it can be done. Have to work a little harder.
02-12-2013 10:51 AM
Thank you! I noticed that they weren't informing me of my options KNOWING that my family has very little money---even though I asked numerous times for other options. My parents house isn't the right environment for studying, which is why I've been on my own (dogs are barking constantly!) I was shocked that I had not been informed of the other financial options since my EFC 0000, such as the Perkins Loan. I just found out about it a few weeks ago. The policy at my school is: you must complete FAFSA by March 5th, but on the website it says "We recommend students to complete it prior to March 5th." Wow, maybe you should say "it's required to finish it my March 5th," because I completed it two weeks later due to my parents were late on fed tax filing. I have great news today! I was approved for a major CC with a credit limit of $1,000. My lowest credit score is now 670 and my highest is above 700's! WOO! I truly hope I'm approved for the perkins or Sallie Mae for the summer! I want to go full-time to graduate this year. Thank you.