<p>Hi, like it says in the title, I need a loan. And I need it bad. If I dont get the loan I need, I wont be able to go to college. And I NEED to go. The problem is my parents credit. My parents have horrible credit so they cant really co-sign anything for me. I've applyed for a ton of loans on my own and was denied for every one of them. I dont know why, because I have really good credit. But I guess its almost an unspoken rule that you need a cosigner to get the loan. Does anyone have any ideas? Im sooooo worried.</p>
<p>Did you visit College Board?</p>
<p><a href="http://www.collegeboard.com%5B/url%5D">www.collegeboard.com</a></p>
<p>There's a couple of telephone numbers listed to call around and these people can point you to solve your situation.</p>
<p>If your parents get denied for a Parent PLUS loan and you notify the college financial aid office you will be eligible to get some additional money through the Stafford Student Loan program - actually it will be an unsubsidized Stafford loan which basically means the gov will not pay the interest on this loan for you while you are inschool - the interest will start to accumulate but you don't have to pay it until you graduate - unless you want to pay it !</p>
<p>About 11% of graduates of private, non-profit colleges have loans of $40,000 or more vs. 5.5% for public colleges and universities. The rise in unmanageable debt has raised concerns that many graduates won't be able to pursue careers in fields that have traditionally paid modest salaries. Nearly a quarter of four-year public-school graduates and 38% of private-school graduates who become teachers can't afford to repay their debts on a starting teacher's salary, a recent report by the Public Interest Research Group's Higher Education Project found.</p>
<p>For the Full Article go to:
<a href="http://www.usatoday.com/money/perfi/college/2006-06-11-debt-cover-usat_x.htm%5B/url%5D">http://www.usatoday.com/money/perfi/college/2006-06-11-debt-cover-usat_x.htm</a></p>
<p>Im in the same boat as you. If you happen to find any silution, please, by all means, contact me so that I may be able to pay for college. Thank You !</p>
<p>Same here, I am in your same situation. If I find out anything, I will post it in here. Good luck to both of you :)</p>
<p>My mom just filled out the PLUS LOAN online through Collegeboard.com and her loan is in the process of being reviewed. I strongly suggest one of your parents apply for that loan even though their credit is " bad" because there can be ways in which you can still get it. Also, if they are not eligible you will receive extra aid through LOANS I believe. Good Luck</p>
<p>Pristine I am not trying to sound mean, but sometimes when the loan is "reviewed" it can sometimes mean that it is not going to go through. I mean, it matters what company and all of that.</p>
<p>Well if it isn't approved, I will get the loan. Lol you aren't soundin' mean but bein' honest. Good Luck to you though</p>
<p>get an additional loan from the gov. for $4,000</p>
<p>Yeah I too am in in the same situation so I feel your pain guys. I'm still looking around for some way to deal with this so I'll post again if I find something.</p>
<p>Good credit, bad credit, no credit, NO PROBLEM!!!! At (insert blank) you're approved instantly.</p>
<p>Sorry I know that doesn't help much.</p>
<p>On a serious note, doesn't the school have like affiliations with banks or something like that where you can take out student loans regardless of your parent's credit? I'm not sure if it's the same but I got a subsidized stafford loan but I took it out through one of Fordham's preferred lenders, Citibanks. They didn't require me to get a parent to sign or anything. I did everything online and just got it done instantly. So I'm guessing that maybe you can try asking the financial aid office at your school to see if they can help you work something out assuming they make you take out loans through private banks, not loans straight from the school. If I didn't have to get a parent to sign, and I'm under 18, I don't understand why you would either. Then again our situations are very different. I hope it works out for you guys though.</p>
<p>Thanks, did you take a large loan out? My school said I needed a co-signer, same with my bank and I'm legal. It sucks that I have to find a co-signer, hopefully everythin' will work out. Thanks for the optimism!</p>
<p>Well since I took out a Stafford subsidized loan I was limited to take out only the 2,625 that they offer for Freshman. It does increase each year though, rightfully so since tuition will probably go up.</p>
<p>My parents also have bad credit and were denied a PLUS Loan. At SRC they said they'd give me an additional $4,000 because they were denied. This is still about $3,000 short of what my parents can afford. And I'm not 18 so I can't take out a private loan. Does anyone know of any ideas that would work for me?</p>
<p>Can you work, yet? I mean, maybe you can work off that three grand. Stop applying for loans yourself because every time you are denied it goes on your credit report and that will look horrible for you later on down the line. I just have vibes that you could work that 3 grand off, you may need to just automatically go to your school's employment center and get work.</p>
<p>Or, for this summer you can try your best to work hard. Work out a payment plan with your 3 grand on the quick. Or, you can try to see if you could somehow go part time for the fall if that is not against a rule.</p>
<p>Also, get a copy of your credit report. And, if you have had steady employment for a while, go to a bank with that credit report and try to work out some sort of deal on a student loan.</p>
<p>Yeah, I'm actually already working. By the end of the summer I should have about 2,000 saved up and I've already included that, so I'll still need the 3,000. I will be doing the workstudy thing, but are you allowed to work another job in addition to your workstudy job? I haven't thought about the going to school part-time thing.</p>
<p>weatherwoman: Did you apply for the unsub Stafford? Do you qualify for work study? at D's school, a few hours/week of work in a dining hall qualifies the student for free meals.</p>
<p>Yes, you can work one job and still work hard at your work study job at the same time. Just keep that kinda quiet amongst the other folks you will be working with at your work study job. There is no law in this country against hard work. You just pace yourself.</p>
<p>If it is not against the fin aid rules of your school, go part time for a bit. But, make sure you are not breaking a rule or anything like that. You know, you could go part time, study real hard, work real hard, save your omney and move on up to the full time status. </p>
<p>Does your University offer perkins loans? Ask about that NOW!! Because, I have always heard rumours that those loans go quick. </p>
<p>Good luck.</p>
<p>i'm in the same exact boat as all of you. i'm a sophomore in college, and i still need to come up with about 12-18,000 for this year alone. my dad does't qualify for another parent plus loan because his credit is horrible! <em>he had to move, and long story short, his income was cut more than in half</em> i have the max of all federal aid, but i'm still short, and i have no idea what to do. i can't find a co-signer for myself, and no one wants to sign for my dad. i don't know WHAT i'm going to! either leave this school and go down to the street to a tier-three school, or suck it up and take a year off... ideas, anyone?!</p>