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Chances of approval?


Chances of approval?

Private student loan from Sallie Mae or Union Federal Savings bank for 10k  (as currently ineligible for federal loans until I'm formally enrolled in a degree seeking program). Can't enroll in degree seeking program until I complete prerequisites which will have to come out of my pocket or private student loan.



700 average FICO

1 year of payment history for revolving accounts

2 years of payment history for installment loans (federal student loans)


-no late payments whatsoever

-revolving accounts composed of 4 Credit cards  Total CL = 6k 

-Average monthly Total Utilization ratio 1-10% 

-Balances of each credit card have been paid in full every month

-Remaining total balance on student loans is 11k



Goal 10/9/14
Gardening Since 4/9/14

Message 1 of 3
Valued Contributor

Re: Chances of approval?

$10,000 seems like a lot of money to spend on pre-requisites.  Can you take these courses through a community college?  Study using a local library or adult education program and then pass competency exams?  Furthering your education is a worthwhile goal, but you can easily saddle yourself with more debt than you can afford to repay.  Are you taking these pre-reqs to prepare you for undegraduate or grad school?  What type of earning potential does your future degree have?


If you're committed to the idea of borrowing to achieve this goal, and aware of the potential consequences for your future financial situation - then apply to both lenders and carefully compare terms and interest rates.  They vary substantially - and also be prepared that a co-signer may be required, even with a solid credit profile, I've seen very few people here state that they got private SLs with no co-signer.

Message 2 of 3

Re: Chances of approval?

Ya it is considering the 4 years it took to obtain a bachelors degree I obtained a total debt  of ~13k.


These pre-reqs are for grad school, specifically so I can earn my masters degree in nursing and eligibility to take NCLEX. Currently I have a bachelors in a discipline unrelated to nursing. 




Associate degree in nursing 2 years (still have to complete pre-requisites to apply)

Bachelors degree in nursing 4 years (still have to complete pre-requisites to apply)  honestly obtaining another bachelors degree seems redundant

Masters degree in nursing 2 years (pre-requisites prohibit me from applying)



Community college route means I am pretty much restricted to taking courses offered in summer. Have not found a community college that allows non-students to enroll in courses outside of summer. A years worth of pre-requisites will have to be spread out and accomplished in 3-4 years. It would take this long simply because it is impossible to enroll in courses with conflicting times.


University route allows me to complete 3-4 courses per quarter or semester. Time conflicts not an issue here. 



All of this could be simply avoided if Walmart, Mcdonalds, Burger king and dozens of other places I have applied would give me a chance like an interview. No work experience = toss my application in garbage is what appears to be occuring.


Goal 10/9/14
Gardening Since 4/9/14

Message 3 of 3