<p>i have a friend whose mother has "bad credit"..i'm not sure how bad, but she claims it's pretty bad. and a lot of private loaners ask for good credit.</p>
<p>if he can't take out private loans, where else can he get money?? is there anywhere where they're more leniant on the whole credit business?</p>
<p>She may be able to get a loan if she has a cosigner (but it would have to be somebody who would be willing to take the loan if she defaults.)</p>
<p>well, the cosigner is the one w/ bad credit, which is his mom...so idk how that works. is there a place where they don't base loans on credit???</p>
<p>Perhaps his mom with the bad credit can find a cosigner to get a personal loan (like a home equity loan), which can then be used for college.</p>
<p>ooh..how does that work, exactly?</p>
<p>The mom can apply for a home equity loan, which she won't be able to get because of her poor credit. Some nice person might cosign for her loan. This means if she defaults on the loan, that cosigner would be responsible for paying the debt. Now this cosigner would have to be somebody who (1) had money and (2) trusts the mom to pay the loan payments on time (maybe another family member?)</p>
<p>If the mom has such bad credit, she is probably in poor financial shape. Maybe her student would be eligible for more aid from the schools because of this.</p>
<p>Is it possible the mom would qualify for a Plus loan?</p>
<p>I think all students can get a Stafford Loan (either subsidized or unsubsidized) and that amounts to a couple thousand per year.</p>
<p>If this student has already been accepted to a college, he would be best off to meet with a financial aid officer and discuss his options.</p>