<p>Hello,</p>
<p>I was recently denied for private loans. I do not have any one to cosign for me either, so that is not an option. I have received almost full cost of tuition with work-study, grants, merit scholarships, and federal loans, but need funds for living expenses. It would be very difficult for me to excel in my chosen program with out significant aid. I certainly willing to work, but no amount of money or hours will suffice to cover these costs.</p>
<p>Any advice is appreciated.</p>
<p>Hey,
I’m interested in your situation.
I’m going to be applying to private school loans with no co-signer in a few weeks and I’m not sure if I’ll get them.
What were your credit/fico scores?
Some good info at these sites:
[FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>http://www.finaid.org/)
[CreditBoards</a> -> Student Loan Forum](<a href=“http://creditboards.com/forums/index.php?showforum=19]CreditBoards”>http://creditboards.com/forums/index.php?showforum=19)</p>
<p>And you may want to try for a loan through My Rich Uncle and it’s Preprime loans which consider other factors than credit scores.
<a href=“https://www.myrichuncle.com/PreprimeLoans.aspx[/url]”>https://www.myrichuncle.com/PreprimeLoans.aspx</a></p>
<p>Rags</p>
<p>When that happened to me (over 20 years ago), I went back to the college with the denial letters, and they helped with in-house aid. I don’t know if that would work for you, though.</p>
<p>Rags,</p>
<p>I had pretty bad credit as a younger adult. I am now 25 and responsible but am paying for past mistakes as seen with the student loan problem. I am at the top of my class and have awarded several accolades (not bragging, just trying to make a point), I am still left with very little to work with. I can’t tell you my credit score, just yet, but I actually plan on finding out tomorrow. Incidentally, I applied to the RichUncle loan and will let you know how it goes, although I’m not to optimistic. I appreciate you help.</p>
<p>Trin, I emailed the director of Financial Aid at my school about my situation and will let you all know how it pans out. Thanks for the suggestion.</p>
<p>Any more advice will be much appreciated!</p>
<p>Times have changed from 20 years ago. The financial aid departments don’t have nearly the leeway they did then (from what I understand…not first hand experience…just what I’ve heard). Did your parents apply for a Parent Plus Loan? If so, if they were denied, you would be eligible for increased Stafford Loans which do not require a cosigner.</p>
<p>The reality is that in banking nowadays…to get a loan one must either have collateral themselves, or have a cosigner who does. A bank isn’t going to loan money to someone on a promise of repayment based on what MIGHT be the case in the future.</p>
<p>Collateral? My understanding is that private student loans are unsecured loans (meaning no collateral) and are based on credit scores. And that the credit crunch was causing some lenders to get out of the federal loan end of it, but stay in the private loan biz, because that is where they can charge higher interest rates (that is where the $ is). That with private loans some companies where tightening their criteria for whom they loan money to - raising the minimum credit score required and considering which school you were attending (lending less to schools with low graduation and income-earning potential rates).</p>
<p>Rags</p>
<p>P.S. compclub, how many different companies did you apply to?
Another great site, with daily financial aid podcasts, is: [Financial</a> Aid Podcast Daily Free MP3 Internet Radio Daily free financial aid news, no iPod needed](<a href=“http://www.financialaidpodcast.com/]Financial”>http://www.financialaidpodcast.com/)</p>