wrote:
This is my second round of college. I got an Associates, worked a bit, then went back for my BFA. I have applied for FAFSA, I am maxed on my staffords (not just per year but COMPLETELY maxed at $45,000 from both schools combined) I received a Pell Grant, but I still owe $10,000 for my last year of school. I have no cosigner, and my credit report shows one charged off account. I work fulltime and go to class fulltime, but I cannot afford to pay $1300 a month toward tuition, especially considering cost of rent in Chicago. I apply for every scholarship I can on fastweb and have only received one in the past 7 years. Does anyone have any advice or am I just wasting my time trying to finish my last year of school? Please don't suggest Sallie Mae, they have denied me even when my credit was stellar, my friend gave me list of available student loans http://www.justmoneysaver.com/loans/student-loan/ Every place I have tried tells me that the amount I already have out in student loans over-extends my credit. Any serious suggestions would be greatly appreciated.
Hi OP!
I agree this is a challenging situation. Is there no one in your immediate family that would be willing to cosign for you? The reason you may be running into problems with these student loan companies is that having that cosigner on that application allows you to take additional loans beyond what is considered repayable on your income alone. I cosigned a student loan for my sister when she was working on her BA, she had maxed out her federal loans, and my parents credit was already extended too far with student loans from my brother. I think you have a few options here:
1. Find a cosigner for a private student loan- either family or a friend that trusts you. (I would do this for my best friend if he really needed me too).
2. Work out a payment arrangement with your school that is reasonable and you are able to do (many schools will do this, especially if your financial aid office knows you've maxed out on your federal loans, offer work study, etc).
3. Transfer schools to an equivalent, but lower cost program.
Good luck OP!
