<p>If your cosigner doesn't have good credit, can a private loan be denied?</p>
<p>yes…the point of a cosigner is that they have to pay the loan back if you don’t, therefore their credit history is important</p>
<p>^ Yeah</p>
<p>Im getting a private loan and a friend of mine has excellent credit, he doesn’t mind as long as I pay it</p>
<p>Does the cosigner have to be a parent?</p>
<p>^ Not necessarly</p>
<p>My co-signer’s gonna be my best friend forever</p>
<p>It says on Virginia Tech’s website that it may take 6-8 weeks to get a private loan approved. If I accept the offer of admission now and apply for a private loan, and then after May 1, find out I’m not eligible for the private loan, will I be not able to go to VT?</p>
<p>bump (10 char)</p>
<p>Just a guess here…but if you’re depending on loan money to pay the tuition and the loan is denied, I can’t see how you’d be able to attend unless you have a backup plan for making all payments on time. </p>
<p>I’ve never heard of a college willing to let you enroll and begin work toward a degree without a student meeting payment deadlines.</p>
<p>
I thought Private loans were supposed to be a last resort? If I had another way of making payments, why would I be applying for the private loan?</p>
<p>So, if the private loan gets denied, then is it possible to defer or something?</p>
<p>The school wants their money…I seriously doubt they would be willing to ‘defer’ receiving payment. That’s the purpose of the loans…the school gets their money up front and the lender then waits for payment.</p>
<p>If indeed these private loans are your last resort and they are denied, you will most likely need to wait to attend college until you can develop a better credit score to qualify for these loans or find a school willing to provide grants and merit money to cover your costs.</p>
<p>But they won’t let you do the equivalent of ‘run a tab’ and pay for it later.</p>
<p>I’d be looking for a lender that offers a much speedier loan process! It make take 6-8 weeks for the loan to be processed through FA, but certainly should not take that for a credit check on a student loan! I have heard that Discover is generally easy to work with on the process: [Discover</a> Student Loans - Certified Private Loans for College Students](<a href=“Student Loans for College & Graduate School | Discover”>Discover Student Loans)</p>
<p>PLUS loans should also take much less time and are generally easier to obtain. Payments can also be deferred until after graduation. Your parent would have to be the borrower though. If they’re denied a PLUS, you’re eligible for an additional $4,000 in Stafford loans.</p>