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Posts: 3
Registered: ‎10-08-2007
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Likelihood of Approval on Private Student Loan with Low Scores

In a nutshell, I am a 27-year old independent student with scores of TU595, EQ533, EX561.  I have no CA accounts, but I do have 2 "30-days late" accounts from May 2008.  I am in the process of lowering my credit card account balances, which is the reason for my low scores.  I have about $17k in Stafford loans for my B.A., $45k in Stafford loans for my MBA, and I was recently accepted for a 1-year AA program for this coming fall.  I received my financial aid award for the AA program; however, because my wages were high in 2007, my EFC was about 80% of the tuition.  At this point, I am in NO position to pay the difference between my EFC and my tuition and fees. Also, neither of my parents have scores that would improve my chances of being approved with a co-signor.  With my scores and the lack of a credit-worthy co-signor, what is the likelihood of me being approved for a private student loan?  Many thanks in advance!
Valued Member
Posts: 84
Registered: ‎05-02-2008
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Re: Likelihood of Approval on Private Student Loan with Low Scores

I hate to say, but probably none. can you do some kind of Plus loan? That would work. Otherwise, especially in today's market, you really need at least a 650.
4/28/08-EQ 668
5/2/08- EQ 687 TU 670
6/15- EQ 722!!! TU 687

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