Is it possible to get student loans with a cosigner who has bad credit? And I have no credit useable Bc I’m still 17
Someone has had to be in the same situation I’m in and still managed to get a loan to help with college costs
If you are trying to get a private loan for college…you will need a QUALIFIED cosigner.
This means the person needs to have sufficient income, sufficient collateral, and a good credit rating.
Why would a bank loan money to someone who has already shown that they don’t pay their bills?
From your other thread…you need about $23,000 a YEAR to attend an OOS public university.
I will give you my opinion. You are not going tomget that loan with a cosigner with bad credit.
Your mom doesn’t have the income to take out a loan, not should,she as she lives on SSI.
YOU need to find an affordable college…not one where you need $100,000 in loans over four years to attend.
ETA…and this is something to remember. You posted this at 1:03 a.m. And bumped it up at 1:07 a.m. which was giving FOUR minutes…in the middle of the night for many…to respond.
Which state are you from?
I am convinced that you can find a school that can offer you a good education in your own state.
$0 EFC students get Pell and often state grants too. But only if they go to an instate school.
What’s your intended major, home state, ACT, GPA? Maybe someone can give you better guidance than you’ve received so far.
Adding to others above…why is this financial issue being done in MAY?
Your FAFSA should have been filed months ago…it was available in October 2017. You decided to accept an admission offer to a college where you have no idea how the bills will be paid. TBH, that’s like NOT accepting an admission offer…at…all.
Did you apply to ANY affordable options in your home,state? Any? Is there a college where you can commute from home to save money.
You have a $5900 Pell Grant…and a $5500 federally funded loan. In many places, that would pay for tuition for an instate public university…maybe not the flagship…but instate.
This college is NOT going to give you more money, in all likelihood.
And really…$23,000 a year to attend Shippensburg as an OOS student is a ridiculously high amount of debt for you.
It depends on how bad the credit is, but generally NO, you won’t get loans other than the federal loans without a co-signer with good credit. If your co-signer’s credit is marginal, you might get loans the first year, but then no more, which puts you in an even worse position.
I see above that these loans may be to attend Shippensburg. I grew up in PA and have some familiarity with Ship. I would be surprised if you can’t find a comparable or better option in your own state. I would not go into debt to attend this school as an OOS student.
Hate to pile on but OP, you need to understand that this is about 4 years of loans. Even if you consigner had credit for year one, he or she would need enough credit for year four after taking on $75.000 debt. That probably requires a six figure salary.
We’re not being mean. We’re trying to help you before you get yourself in a bind. FInd an affordable community college and then transfer to an in-state university.
You’re trying to go to an OOS public and your family is very low income.
You don’t want to commute.
Sorry, but it sounds like you will have to commute to a local school.
OP, I went and read your other thread. Right now, going away to school seems really important, and might even seem worth borrowing a lot of money (too much money) for. However, once you have graduated (assuming you can continue to borrow and thus are able to graduate) and find yourself with crushing debt payments, you will look back and wish you’d commuted to your local school.
The important thing here is the education. The sleep-away school experience is really nice to have, but it’s a luxury and is not worth going into a lot of debt for. If you have $100,000 of debt coming out of undergrad, it will have a significant negative impact on your life for ten years, if not more. 4 years of a residential experience at college is NOT worth it. I commuted to a local college, and then transferred to a school a couple hours away where I lived on campus. I liked the residential experience. It was definitely different from commuting, and in many ways I preferred it. But it was not so much better that I would have gone into any significant amount of debt for it.
Even if you can find a way to borrow this money, please think really hard about what those debt payments will mean down the road. You have a lot of adults here advising against the level of debt you are contemplating. Take advantage of their life experience and knowledge of how crippling debt can be. Shippensburg is NOT worth it. Really.
Don’t you have a public university a little far away from home, so that you’d dorm, that is instate so cheaper for you?
Borrowing to attend Ship (a university that’s in deep trouble, being PASSHE and thus under TWO reviews) is irrational. However I understand if you want to live on campus - there has to be a school in your state that would allow that without your needing such a huge loan.
I was in a similar situation…I applied to almost all OOS colleges and would have needed a Parent Plus Loan to attend anywhere, even in state. However in Janurary when we started getting our financial aid papers back it turns out that
- my parents assumed that I, myself could take out as much loans as possible, which is why they encouraged me to apply to mainly OOS
- My parents weren't eligable to Parent Plus loans bc of bad credit/bankruptcy.
So basically all I had was 1.5 K i had saved from working and the 5500 Direct Loan. There was one college I applied to that I could have attended, but I didn’t like it very much, and was basically the total opposite of what I wanted in a college. (I know I shouldn’t have applied there, but my best friend of 8 years was attending there and it was free to apply so…lol)
Since I didn’t want to attend there, i’m currently attending a CC. I will transfer next year. This turned out to be the best option for me because I was only an average student in high school(3.3 GPA, 1270 SAT) So I didn’t get much scholarship wise. I actually ended up getting a full scholarship to the CC. I think this might be a good option for you.