Can anyone help me out and tell me a some loans that will take an undergrad with no cosigner and bad credit. My parents wont help me through college and my credit isn’t bad (is a 720) I just don’t have a long credit history. I’ve only had it for a year now. The financial aid is just enough to cover my tuition. I really need money for housing, but I cant find any loans to help me.
What I have heard is that you generally can only borrow the federal limit of $5,500 per year. To borrow more you will need an adult to co-sign. It is generally a bad idea to have anyone other than a parent or legal guardian co-sign. $5,500 per year is clearly NOT enough to cover housing, food, and books.
Also, you should be pretty sure that you can afford to finish university before you start in university. I have heard of a few cases of people running out of money part way through, and this is usually worse than just not starting at all.
Good luck with this.
So many questions: Are you receiving the direct subsidized and unsubsidized loans on your financial aid? Do you have a job and are you planning to work during school? Are you able to live at home and go to school?
Yes I receive both loans. I have $3000 saved up and I only need a loan of $3500. I do have a full time job and I do plan on to continue working. I am not able to live at home.
Are you over 18? You might try a credit union near your school, where you could go in and personally ask. Is this your first year? If you could show strong grades, that might help but it is difficult. Are you able to work two jobs this summer? Can you cut housing cost? What is your EFC?
Yes I am over 18. I’m 20. This would be my junior year. I just completed my associates at a two year college. My grades are fantastic. I would like to have a second job, but I work full time and I am taking 6 summer classes so I don’t have the time. Since I am a transfer student I had to find what I could for off campus housing since there weren’t any left on campus. I cant remember my EFC off the top of my head, but I can look it up. I do think I might try credit unions in the area.
If your parents are denied a Parent Plus loan you can be eligible for an additional amount of federal loans.
You will not be able to get a private loan without a qualified cosigner.
My kid (20) works 25 hours a week and he could get a wells fargo student loan with no cosigner, his friends have too, for lower numbers like 5-10K. But he has no debt (like your student loans) and isn’t taking it, but it is feasible. You have a full time job, I assume you could borrow money. You can’t live at home for free? Borrowing money for rent is just an awful idea of possibly avoidable. The rates are just no attractive either.
If I could live at home I would. The college I’m going to isn’t close to home.
Could you finish your degree at a college close to home?
Did your parents get an education credit like AOTC on their tax return, which they could give you?
Did you get a roommate, or could you find just a room to rent somewhere?
You may not be able to attend this college since you won’t likely get the money you need.
Frankly, borrowing money for living expenses is a bad idea.
Tell us more…what year are you in college?
What is your major and career goal? How much will you likely be earning upon graduation?
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do have a full time job and I do plan on to continue working. I am not able to live at home.
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You’re going to continue working full time while in college? Is your current job NEAR where you’ll be going to college? Or will you have to find ANOTHER full time job?
How much do you earn per year?
Maybe you need to ask the college to defer your enrollment for a year. Then in the meantime, work/save…get an apt and job near your college…work/save, and then go to school, but continue working. You may have to go to school part time, though
We’re your parents denied a parent PLUS LOAN (or likely to be denied if they apply)?
Are you a ward of the court or an orphan?
Is there a college close enough to your family’s home to commute?
Your family may not give you money for college, but if you can sleep/shower at home, that will save you $12k per year, probably.
Even if your home isn’t the best environment, you don’t need to spend much time there…just sleep and shower…spend the rest of your time at school, work, and studying in library…then you’ll avoid whatever isn’t clicking at home.
You already have loans for tuition costs…and will have about $27k of debt from that. You don’t want to add a bunch more debt on top…you will be dying trying to pay it all back…and likely you won’t be able to.