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I can not get any more federal aid for the upcoming school year.
I need to come up with $7500 for the year. that is $3500 for the fall semester and $3500 for the spring.
I would like to take it all out at the same time so it is only 1 inquiry and only 1 account.
About me: 740 CS, 2 inquiry's this month (1 for a CLI, and 1 for an approved cc app.) Also have an auto loan. all acct's have always been pif on time.
Income: Shouldn't matter because it is a student loan, but about 20K.
I am looking to either apply to:
Wells fargo (Checking acct with them)
Discover (cc with them)
Chase (new cc with them)
Any recommendations, and also will I be approved for this amount? I am a junior and am going to have to this same exact procedure next year so what I learn now will help me again next year.
PS. Please do not tell me how private loans are a bad idea. I KNOW! I do not want them but they are my only option. My father was denied for a parent plus loan and I have gotten the max I can from federal aid for the year.
Any help is appreciated. Thanks in advance
If you feel like private loans are a better option than finding another source of funds or lowering your costs (like taking a semester off to work, or trying to take some courses at a local community college or online if your school allows it) then I would read carefully through the terms at the lenders you identified, and apply at the one offering the best terms/lowest interest rate. If they decline you, apply to your second choice. You have a strong credit score for a student, so that may work in your favor, but many private lenders seem to require a co-signer as a matter of course, so you'll want to consider if that is an option for you and who you might ask to take on that responsibility.
We would have been able to get a parent plus if we had a co signer, so thats pretty much out of the question. I cant take any time off from school. But hopefully I can get a loan on my own.
BUMP, if anybody knows of any other options other then what I talked about in the intro let me know. All I see now is private loans. Its probably going to be 15000 over the next 2 years. 7500 each year. SUX!
A cosigner for what? The PLUS loan or for private loans?