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Member
Posts: 5
Registered: ‎06-21-2008
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need a student loan, but have no cosigner!

i am going to be appying for student loans soon to attend school in january, my current scores are tu/582, eq/594, exp/618. i have one year of no late payments. but i have no one available for a cosigner. i am 33 years old, so the plus loan won't help me. does anyone know what my chances are of getting approved for a loan with sallie mae or chase ( those are the ones my school uses) with no cosigner?
Valued Member
Posts: 84
Registered: ‎05-02-2008
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Re: need a student loan, but have no cosigner!

Unfortunately, your chances are zero. What about federal loans?
4/28/08-EQ 668
5/2/08- EQ 687 TU 670
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Member
Posts: 5
Registered: ‎06-21-2008
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Re: need a student loan, but have no cosigner!

i already have all my federal loans, but that is not enough. well, i guess i am not going to college. crappy minimum wage job for the rest of my life, here i come!!!
Valued Member
Posts: 84
Registered: ‎05-02-2008

Re: need a student loan, but have no cosigner!

I guess it would depend on how mcuh your are short. Giving up so easy is not the best option. There is always community college, to start, going part-time, state schools, working while in school, getting roommates, etc etc. Think creatively, if it's something you really want.
4/28/08-EQ 668
5/2/08- EQ 687 TU 670
6/15- EQ 722!!! TU 687
Contributor
Posts: 83
Registered: ‎03-03-2008

Re: need a student loan, but have no cosigner!

I'd also take a serious look at how much you are spending on living expenses.  A lot of people think that grants and loans are supposed to pay for your cost of living -- but that is ONLY true of independent students.  If you are considered a dependent student, you get less in Unsub loans.  And even then, it doesn't cover all living expenses, so most people do have to work or get help from parents (if they have any).

 

I'm going to community college for about a year and a half, which will save me 24 months at a 4-year school -- with a savings of about $20'000.  That's a lot of savings!  I'm actually able to take some loans (if I need to) and put it towards medical expenses, because I don't use much for living expenses.

 

Don't give up hope!  Most people have to work at least some while in college.  And yeah unless you get work study (ask!) then it'll be the bare minimum wage for the job.  With Work-Study, it's at least two dollars more per hour and the job will make your schedule so that you can go to school without having to miss class.  If you're working the maximum of 19 hours per week, that extra $2/hour comes out to an extra $160 a month!  So don't knock it til you try it!

 

Definitely go after work-study if you can!  It really is worth it and it can help you out a lot.

Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
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Re: need a student loan, but have no cosigner!


Nectarine wrote:

I'd also take a serious look at how much you are spending on living expenses.  A lot of people think that grants and loans are supposed to pay for your cost of living -- but that is ONLY true of independent students.  If you are considered a dependent student, you get less in Unsub loans.  And even then, it doesn't cover all living expenses, so most people do have to work or get help from parents (if they have any).

 

I'm going to community college for about a year and a half, which will save me 24 months at a 4-year school -- with a savings of about $20'000.  That's a lot of savings!  I'm actually able to take some loans (if I need to) and put it towards medical expenses, because I don't use much for living expenses.

 

Don't give up hope!  Most people have to work at least some while in college.  And yeah unless you get work study (ask!) then it'll be the bare minimum wage for the job.  With Work-Study, it's at least two dollars more per hour and the job will make your schedule so that you can go to school without having to miss class.  If you're working the maximum of 19 hours per week, that extra $2/hour comes out to an extra $160 a month!  So don't knock it til you try it!

 

Definitely go after work-study if you can!  It really is worth it and it can help you out a lot.


The average campus has lots of part-time student employees, OP should ask around.  In our graduate and undergraduate years my wife and I did quite a variety of such, including food service (sometimes after a shift washing pots and pans removing the mixture of grease and soap required two showers, wiping totally dry with a towel in between and using a second towel for the final drying off).

 

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
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Valued Member
Posts: 55
Registered: ‎09-26-2008
0

Re: need a student loan, but have no cosigner!

Hi

 

I just joined Penfed Credit Union, even though I have two other credit union accounts and four bank accounts.

Many are for relationship purposes, but I specifically joined PenFed for the Education loan portfolio.

 I am looking at taking a Graduate program part-time that exceeds my employer's reimbursement policy.  I wouldn't qualify for Federal assistance, but I plan to get an education line of credit even though I have cash to pay the $30K plus expense.

 

I figure if somehow I lose my job, I can use a loan to carry me and the expense for a year or more until I find another job.  At about 8% interest, its an attractive option for me and certainly better than a credit card with 10 years to repay. (higher than a co-signer Stafford loan)

 

Anway, anybody can join by meeting the association membership rules.

 

It provides some options.

 

Cheers

 

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New Member
Posts: 12
Registered: ‎03-25-2008
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Re: need a student loan, but have no cosigner!

Try a Chase student loan without a cosigner. My parents had me try for one because they want me to work on getting and using credit I was able to get a student loan through Chase when I was 19 years old without a cosigner. And I had only had a credit history for a little over a year.
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