So, in a nutshell after summer term I’m going to be maxed out on Stafford loans. I have about a year to go (3 or 4 terms) after that to finish my degree. After grants, I’m looking at a max total of 20k I need to borrow to finish school. I know it’s not good having that much student loan debt, looking back I should have been more responsible, but it’s even worse if I don’t finish school at this point. I’m applying for scholarships and internships, so that should help. By the time I go to apply for loans my credit should be pretty decent, I will have been paying on my car and a credit card for two years. There are a few collections accounts but they’re falling off my credit report in the next month or two, so it’s kind of hard to tell what my exact credit score will be. I’ve had fairly stable employment while going to school, although it’s been pretty much minimum wage. The problem is I highly doubt I will have a co-signer. Really stressing out about finishing school, do you think it’s very likely I’ll be able to get private loans?
To be completely honest, it may be very difficult to be approved for a private loan without a co-signer. Have you had a conversation with your financial aid office about your circumstances to see if they can provide you any assistance?
Yes, I tried talking to my financial aid office and they were absolutely no help.
I also tried looking into going to cheaper schools but not enough of my credits transfer so ultimately it wouldn’t be that much help.
You have already had accounts sent to collection departments?
How old are you? Are you self supporting?
I’m 30. Yes, as I said I’ve had accounts sent to collections and they’re falling off in a month or two. And yes, I’m self supporting.
How do they fall off? The lender gives up on collecting? You paid in full?
If you’re going to ask rhetorical questions to judge me could you please just not respond to my post as it clearly doesn’t help answer the question I’ve asked.
The statute of limitations is how they fall off.
@Madison85 after 7 years all collection accounts are suppose to drop off.
I think you may have trouble getting a private loan. You already have had some credit issues, if you have collection debts simply drop off because the statute of limitations is up. This means you didn’t pay them off, right?
Any chance there is someone who would be willing to cosign a loan…understanding that if YOU don’t pay, they would be obligated to do so?
Another option would be to work full time, and earn money…and take college courses part time. Many students do this if finances are an issue.
Why don’t you go into a bank and apply for a loan? This will let you know if you can get one…or not.
Yes, I had credit issues 7 years ago. Pretty soon that won’t show on my credit report, and it should show I have decent credit since the credit that will show is positive (I’ve been making payments on my car and a credit card for two years without missing a payment).
I will apply for loans pretty soon, I was just hoping someone on here could provide insights into whether or not it is likely that I might be able to get private loans.
I’m already working fulltime. I’d much rather finish school ASAP, which is where the private loans would come in handy because if not, I will probably only be able to afford to pay out of pocket for part-time.
You seem to know what your credit status is or will be. All you can do is apply. We aren’t going to be the ones to make thee decision. Student loans through the school have very little qualifications. You probably meet those. Private loans are private, and as long as the bank stays within the federal guideline, the bank can set any additional requirements they want, such as a co-signer or size of the loan.
Are you sure you’ve exhausted all the loan options from the school? Plus loans?
After summer term I will have reached the aggregate limit for Stafford loans. The only other loans I’ve heard of are Perkins loans. All I can find is that they’re need based and awarded by the school. Not sure how they determine need. I don’t think I qualify for plus loans because those I think are through your parents, and my parents helping me with school has never been an option. I guess the only thing I can do is try. Worst case scenario I guess I’ll have to go to school part-time and pay out of pocket.
I believe the aggregate amount of loans for undergrad is in the $57,000 range. Are you saying you have already borrowed that much and need to add another $20,000 or so to that total?