<p>Hey guys! I have no credit and I've been turned down. With 3 different co signers! My stepdad has a credit of 670. What loan would accept that? I need about 17k and I am so lost. I've already missed the deadline! Please, any advice would be greatly appreciated. I'm Desperate</p>
<p>You need 17k for just one year, plus your own student loan of 5.5k makes 22.5x4 = 90k? Maybe you are being saved from yourself. Which loans did you try for? Did you try Sallie Mae private loan?</p>
<p>What are your other options at this point? Is there somewhere more affordable you can still go or have you thought about a gap year yet? What college is this?</p>
<p>It is August 11. Did you expect that you would be approved for a private loan for the $17,000?</p>
<p>Did any of your parents apply for the Parent Plus Loan? Honestly…with what you are describing, I would not advocate having any of these folks take on additional loans. It sounds like they are maxed out debt wise.</p>
<p>As mentioned above…is there a more affordable option for you? Did you get accepted anywhere where the costs were affordable without. $22,000 a year in loans?</p>
<p>I’m lost </p>
<p>You aren’t answering the questions you have been asked… you aren’t going to get help understanding your options if you don’t.</p>
<p>I know it’s a lot of money and I know I’m getting myself in a lot of debt. But it’s all worth it to me. I’ve tried discover but I’m going to try sallie Mae. My mom is going to apply for parent plus with a co signer because she got denied on her own. I know it’s late but If I don’t get this I’m going to have to take a semester off and I really don’t want to do that. This is my dream school and I’m willing to go in debt for it. I plan on paying my debt off by myself at whatever cost. Period.</p>
<p>‘At whatever cost…’: Did you graduate from high school this year and you are just beginning college?</p>
<p>If you think you are “stressedout” now per your user name, you will be a lot more stressed out in a few years if you take on this debt. If you can’t afford, it isn’t a dream school. Period.</p>
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<p>I suspect that your family members who have been denied as co-signers also have had this philosophy in their pasts…which is why their credit is bad. think about it. You’ve had poor examples in your life, which is why you think going into debt to get whatever you want is a good idea. If it were, your family members would have great credit and would be able to help you.</p>
<p>@Stressedout2014, the creditworthiness of a person is more than just a credit score. The lender looks at ability to pay back (incomes, expenses, …). Noone on this forum can tell you for sure what kind of loan he can get.</p>
<p>A credit score of 670 is between “mediocre” and “good.” If your mom already got turned down, I don’t think he’ll get approved for an unsecured loan of 17K.</p>
<p>As above posts already stated, not getting the loan may be a good thing…</p>
<p>I am a an incoming freshman.My mother has no credit because she has nothing in her name. We are immigrants and since she has been in America, which is over 10years now, she’s NEVER had a credit card or anything in her name really. She even encouraged me on my new credit card I just got. She sometimes buy stuff with it then give me the money back. She is that determined that I do not end up like her…as in bad/no credit. My stepdad does have loans but he’s making good payment on them. He’s never missed one. So I don’t really understand why his score is so low, it’s probably all the loans. My mother agrees that this school is a lot, but she also believes I’ll be able to pay it off…especially when I told her if i get this loan, I will be selling my eggs throughout my four years of college. That’s only about 5k a session but it’s better than nothing. I don’t want my loans to in mothers name, but I can’t find a loan and/or cosigner for my name…so she’s willing to do it for me. Im stressed out because everything I’ve worked for is about to slip out of my hands, All because of a co signer, not because of my future debt.</p>
<p>You are screwed with that thinking. Haven’t you realized that the cosigner has to qualify year after year? Did you calculate the loan payment yet and see how you are going to screw that cosigner when you can’t make that payment fresh out of college? Does your stepfather realize this is just as much his loan legally as yours? You are willing to screw him over like that to get what you want?</p>
<p>Take a gap year, sell your eggs and pay your own first year of college.</p>
<p>Time to move on and make a better plan. Pick affordable college, find college with good aid etc. It is too bad you realize so late you can’t get the money and go. Not going now is better than having to leave when the cosigner can’t get another years loan and you end up having to find a transfer school and bad aid for transfers so no way to afford that and large loan payments then come due…don’t think people don’t come here with that situation.</p>
<p>What are your stats? What college is this? Have you met with the fertility clinic? Have you been told there is an unmet demand for eggs from your ethnicity?</p>
<p>Ok…I’m going to put it out there. Your DREAM school is quickly going to turn into a HUGE nightmare. I suggest very strongly ditching the “dream school” concept, and focus on getting a degree. Your dream can be fulfilled at many different colleges. It is beyond foolish to attend a college that is so far beyond your means that you have no way to pay for it two weeks before school starts.</p>
<p>You will be doing the SAME thing a year from now…trying to get another $17,000 private loan. Guess what? It’s going to be harder next year because the cosigner will already have $17,000 against him.</p>
<p>I realize this is all very hard for you to do, but really, when you choose a college, you also have to pay for it. When you were accepted, you knew you needed a very significant amount of loans.</p>
<p>If you don’t want to end up living from paycheck to paycheck, then you do NOT want $90,000 in undergrad college debt…even if by some miracle you get that $17,000 a year in loans.</p>
<p>And just FYI…the cost for attending that college is going to go UP. Your student contribution is going to go UP. It is highly likely that in subsequent years, you will need more in loans than you need this year.</p>
<p>Please rethink this before you go into this significant debt. There have to be many ways for you to attend college, maybe not this year, with much less cost burden to you and your family.</p>
<p>^ This. I had the same translation of the word “dream” to “nightmare”. Start at a CC and save $ before you head to a four year U.</p>
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Well, I’m curious about these questions, also. Wake up from the “dream” and take off the rose-colored glasses. </p>
<p>PLUS does not look at credit score or report other than to see if the applicant (your mother in this case) has any accounts reported as 90 days over due. She can ask specifically why PLUS turned her down and it is possible that something be done. You get an additional $4K in loans for the year in Direct Loans in your own name when a a parent is turned down for PLUS, so you can discuss this with your school. That still leaves a $13K gap. </p>
<p>Yes, you can look for a loan that MIGHT accept you and your stepdad as coapplicants, but the terms of such loans is usually pretty stringent. I suggest you put your college plans on hold for this term and get your finances in order. Reconsider some other school, maybe redo the process next year. If you can get a real plan going that does not hinge on loan approvals which seems to be a bad idea given your mother already has issues with very overdue bills and your stepdad has a lot of loans already, then start second semester You would get your full Direct Loans of $9500 (which includes the $4k you get from your mother being denied PLUS, and the full year allotment of $5500 you can use all in one term). If you can 't get some money coming from your other ideas, it might be a good idea to face up to the fact that this is an unaffordable school for you. </p>
<p>Thanks for the advice guys. As I’m sure you can imagine, this isn’t the first time I’ve heard this “You’re crazy” “You’re a smart girl, you can find another school” “That’s a lot of debt” “You’re literally the stupidest person I know” “selling your eggs is super painful” “you know what you’ll do with that 5k? Spend it instead if paying your debt”</p>
<p>I get it. I really do. What you all don’t get is how determined I am. I REFUSE to let anyone pay my debt off but ME. I could go into my whole life story about why I really want to go to this school and exactly what I’m willing to do to pay this debt off. But I won’t. You guys don’t know me. That’s not necessary. </p>
<p>I came here to get advice on getting a loan with Mediocre credit. I somewhat got helpful ideas…I guess. Either way I’m not giving up. Not yet anyways. If I don’t get to go, I’ll look into next semester. I know what I want, and this is what I want. </p>
<p>As for that debt, the only way my co signer will have to pay that is if I die before they do <em>knocks on wood</em> like a smart person who graduated with a lot of debt told me, “It’s NYC, if youre really determined, that debt will disappear, you just have to want it” I WANT it.</p>
<p>Nope. You don’t get it. You have “magical unicorn thinking” to somehow think that this debt is not real and will not be crushing. I personally hope no one will loan it to you, because you are going to be so sorry 10 years from now that you tried to take this path. I mean, I want to live in a lovely house on the nicest lake in our community and eat bon-bons all day. But I don’t get to because I can’t afford it. Just because you want something doesn’t mean you can (or even should) get it. Grow up. You are thinking more like a toddler than an adult (I want it, so it should be mine). </p>
<p>“Magical Unicorn Thinking” That actually made me LOLed. What about Karen? She was in my position. Got accepted into NYU and couldn’t afford it. Looked at 130k+ in debt when she graduate in four years. Know what she did? She went. She found a credit worthy cosigner and went to her dream school. She also sold her eggs. Got 6k for them actually. She did about 2/3 sessions. She worked while she was in college and paid her monthly interest. She worked. and worked. She was a bartender at a strip club. Collected all her tips and checks, saved them up. She worked. She worked. Graduated with 97k in debt (Add or take a few thousands) in three years she has already knocked out 45k of thAt debt. She got. Job and moved in with her parents, who also helped some, so she could pay the debt off. She hasn’t missed a payment yet and her co signer got released. Blah blah blah more on her wonderful story. What I’m saying is, if she did it, why can’t i? I’m not the first one who will graduate college with a ton of debt, and I certainly won’t be the last. How did those people pay it off? The ones that did? They worked for it. I am thinking like a worker, I want it, so I should work for it, so I can have it. Only difference between me and Karen is that I can’t find a co signer.</p>