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Need help please

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Anonymous
Not applicable

Need help please

Hey, I recently applied for a 10k personal loan through Sallie Mae, but they said i needed a cosigner, my scores are TU: 582 EX: 628 EQ: 587. Now I was looking to get my parents to cosign, however, after checking their score I say that they are in about the high 600s however they have like 15 years of credit history with multiple mortgages, and lines of credit and credit cards and a total of like 4 30 day lates in the last 10 years. But since they have multiple houses under their name (my parents rent houses as a business) and a few lines of credit and their utilization is rather bad their scores are low, as I said in the high 600, like aroun 680 to 690. Do you think that if they were to cosign, Sallie Mae would go along with it, or do they look more at the score than the actual history? Also does anyone know if they ask for documented proof of income from the cosigner, or is it just a number you can tell them? Please help, I am trying to pay for school for this coming semester and without this loan, I might be taking a semester off Smiley Sad
Message 1 of 16
15 REPLIES 15
LynnInMN
Frequent Contributor

Re: Need help please

Have you exhausted  all  federal  aid???  

 

It is possible that  you might  get  a  better deal if you have your parents take a PLUS loan out for you.  

Ex-Financial Aid Officer

Ex-Student Loan Collector
Message 2 of 16
Anonymous
Not applicable

Re: Need help please

I am going to the University of Phoenix and the tuition is higher than Stafford Loans can give me, so I was hoping to get a Private Edu loan for about 10k, to help cover school and school related stuff. My parents can't take a plus loan as I am 25 and can no longer be claimed as a dependant Smiley Sad
Message 3 of 16
grneydangl
Frequent Contributor

Re: Need help please

Are you undergrad or grad?  I started going to UofP a few months ago and I got Stafford that covers my classes and gives me some extra but then I also took out a Grad Plus loan from Salliemae.  Why doesn't your Stafford cover your tuition?  How much more is your tuition than what they are giving you? (If you don't mind me asking)  I would think your parents' scores are high enough to help co-sign. 

 

What's weird is I haven't seen the hard pull on my CRs for Salliemae and I applied and got approved back in September.



Message 4 of 16
grneydangl
Frequent Contributor

Re: Need help please

Also, are you wanting 10k for the life of your schooling or for just right now?


Message 5 of 16
Anonymous
Not applicable

Re: Need help please

I am undergrad, and my college financial advisor told me that the Stafford should cover about 9k, and the yearly tuition is about 15k, I ma looking for the extra 10 to cover the rest of the year tuition and use the 4k on school related expenses and stuff like that. As for the hard pull, Sallie Mae pulled TU, hard pull i beleive, i can check and tell you for sure a little later. So I think I'm gonna wait till monday and have my mom co-sign and hope for the best.

 

PS. Does anyone know what is considered a school related expense, I've heard everything from gas, to rent, so not sure what could be considered "school related". Could part of rent/gas/food at school?

Message 6 of 16
arjames01
Contributor

Re: Need help please

It would depend on the lender what constitutes school related expense. For chase they list things such as a computer, living expenses, transportation, blah blah blah.

11/2013- EX 690, EQ 763, TU 694
01/2015- EX 781, EQ 775, TU 777

Chase Freedom $7500, AMEX BCE $6000
Message 7 of 16
Anonymous
Not applicable

Re: Need help please

Thanks james
Message 8 of 16
LynnInMN
Frequent Contributor

Re: Need help please

Have you done our research on your UofP program?  A lot of employers wont even look at an UofP diploma and most universities will  not accept  their  credits. 

Ex-Financial Aid Officer

Ex-Student Loan Collector
Message 9 of 16
Anonymous
Not applicable

Re: Need help please

I actually have not, and you bring up a good point, but I am looking for online schooling, do you have any suggestions?
Message 10 of 16
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