<p>DS has a BA degree. Is fully employed but feels he's going nowhere - and not making a living wage. Is considering becoming a commercial diver through a CC certificate program. Was told that because he already has a higher degree than the one he was seeking there were no FA options. I can't believe this. </p>
<p>What about loans? </p>
<p>Thanks</p>
<p>He could contact private lenders.</p>
<p>He can definitely borrow Stafford loans. If he is still considered dependent (which he probably is if he is not yet 24), he can borrow a total of $31,000 between his BA loans & the new loans. If he is independent, he can borrow up to $57,500.</p>
<p>Even if a student has grad loans, he can borrow for a “lower” degree. I have seen it quite a bit, actually. The undergrad loans are pulled out & reviewed separately from the grad loans, and the student can borrow up to the undergrad limits (see above). The only time this would not be the case is if the total of all loans exceeds the graduate aggregate limit ($138,500).</p>
<p>Let me add, though, that not all CC programs are aid-eligible programs (I just realized its a certificate program). If the program itself is not aid-eligible, private loans are the only option.</p>
<p>Turns out that the CC does not “support” any loans - only grants for which DS is not eligible. </p>
<p>So how does a 24 y/o with limited credit history and almost zero money go about getting a loan from a private vendor? Suggestions please…</p>
<p>Would you be willing to cosign for him?</p>
<p>I really want him to make a go of it on his own but I’d probably cosign if necessary.</p>
<p>Have him contact a few lenders and see what they say. Unless he has adverse credit it’s likely he’ll be approved on his own, although it may be at a higher interest rate than with an established cosigner.</p>