Private Loan for bad credit

[Marths]

Hey there everyone! I am currently in my last semester of school and it seems I don't qualify for any kind of assistance anymore when I need it the most. I currently have 3 old collections that I am trying to clean up so I can buy a house next year, however, I am needing to pay for college so I am in a bit of a predicament. I am currently making 68k/yr so I do not qualify for any assistance anymore which is a bit of a problem because all of the money I have saved up I plan on using for DP/closing costs of my new home and cleaning up these 3 collections. Because school is more of a "I did it" thing versus "I need it" at this point in my life I am fully ready to not take the last couple of classes I have left until I can afford to pay for it, but because of my ability to pay I am also comfortable taking out a loan. Because these are summer courses the bill is significantly lower than the fall & spring semesters, and I would only need about 3~4k. I would likely eat some of the cost so it would be more along the lines of 3k. I am wondering if there are any reputable lenders out there that will work with my less than ideal credit? Currently I have the 3 collections totaling about 3k and credit scores are 650~680 depending on score model. 

Any help or reccommendations is greatly appreciated. 

[amck12]

Hi!

I'm no expert on this, but have some experience. First off, if you don't finish your program you'd have nothing to show for it, I would try and get the piece of paper if you're that close, you never know when it will check a box on an application. I believe it was a question asked on my last mortgage application, and my husband didn't finish his final college semester, so his highest education was.... high school. It didn't impact him much in his career because of connections, but I've seen qualified people turned down for jobs because they lacked that piece of paper.

Second, for private loans, I believe the minimum they will loan is $5k. Several credit unions offer somewhat affordable private student loans, so definitely check out your local credit union. I had to take one out in a pinch as well, and it takes about 2-3 weeks from applying to funding, so you probably have to hurry since due dates are coming up.

Another option is doing a payment plan with your school, and maybe putting some of it on a credit card (0% intro offers?)

Good luck!

[ElBarrbaro]

I highly recommend you find any way possible to finish.  The time and energy you spent doing it is worth something, why would you throw it all away when youre one semester away from finishing?  Thats not sound personal or business advice so i wouldnt recommend it.  I'd take the 3-4k from the DP and replace it by next year when your plan is to buy the house.   

[Marths]

Thank you for the advice everyone. I agree that it is definitley best to at least finish with one semester left to go. I believe those thoughts were more from a place of stress from the situation but it has since been resolved. I was able to get my current employer to cover the cost of tuition in it's entirety so it is all paid for and done now, and the best part is I do not have more debt added! My employer was kind of a long shot; however, I am glad that it worked out in the end and I can finish this coming semester strong. 

[Anonymous]

Congrats and good luck on finishing. 🙂