PLEASE HELP ME. CANT GET STUDENT LOAN

[Anonymous]

I am having trouble getting a private student loan. i do not have a credit worthy cosigner and according to my three fico scores my credit is only fair. what do loan companies look at? my credit history isnt built up yet. only have had cards for less than a year. what can i do? i need this money.

[Anonymous]

Did you apply for federal student aid by filling out a FAFSA? They do not require any co-signer or look at credit. They also carry MUCH better interest rates.

[Anonymous]

yeah i filled ou the fafsa and unfortunately my mother makes too much money besides the fact that i live on my own. im only 21 so they still consider me a dependent. anyways. the only federal aid i got was the $5,500 stafford loan. im still about 15k short. im trying to raise my fico scored which r trans 670/equ627/exp640. all my cards r paid off now. but i think wat is gonna hurt me is the short time period that i have had my cards. i have no idea wat im gonna do since my mother does not have the greatest credit and most likely will not b able to cosign

Message Edited by dolphinluv50 on 05-09-2008 08:55 AM

Message Edited by dolphinluv50 on 05-09-2008 10:25 AM

[lisac]

did your mom try to apply yet? i have been looking into this because my son is starting college this year.  his finanical aid officer told me your credit doesn't have to be great to quailify.  she also told me that if i was declined, my son could increase his stanford loan.  talk to your financial aid officer at school.

[Anonymous]

Hi?  I am curious as to why you are still being claimed as a dependent at 21?  Does your mom fully support you?  I am not sure the tax write-off for her claiming you as a dependent is worth it.  You perhaps need to figure out a way to apply for federal aid as an independent student (petition your school that you are indeed an indepent student, especially if you do not live with her).  Did you file a tax return this year or work any part-time jobs at all?  You would be much better off applying for federal aid as an independent student so that you will get the maximum amount (plus the interest rates are much lower than private loans).  However, if you still need to find private loans you can try TERI (I think they are through Chase bank and some others...you can find their website and they will give you a list of their banks).  They are a good choice because I do not think they are strict on credit requirements as perahps Sallie Mae or Citibank.  And if you still need a co-signer, you can try it with your mom...you never know, they might just want a co-signer if you aren't employed at all.

[haulingthescoreup]

Lots of schools insist on checking your family's income whether you're a dependent or not.

[erika]

Kevinh,

students are considered dependent until they are 24 or have a dependent child unless they are a graduate student.  The age is determined by the federal government and is regardless of whether the parent claims the child as a dependent.

[erika]

dolphinluv50

Has your mother tried applying for a Stafford PLUS loan?  These are government parent loans and are easier to get than private parent loans.  The key is, if she is denied for a PLUS loan, you are automatically allowed to apply for increased amount under the stafford program (amount equal to that of an independent student).

[Anonymous]

You are also considered independent if you have served in the military. My first student loan was when I was 20 and in the military. My parent's didn't have to sign anything. I was considered independent.

[Anonymous]

thanks i didnt know that. ill have to tell her to try that. my mom didnt want to take a loan out herself but it seems that may b the only way. and  if she does get denied the increased stafford loan would help alot. 

Message Edited by dolphinluv50 on 05-12-2008 08:02 AM