So, I’m in my second year of school entering my second semester. I decided to go to a community college for the first two years and I have worked my butt off to be debt free for the first two years.
My parents make too much money for me to qualify for hardly any Financial Aid, and they don’t assist in paying for college. So, I’ve worked a job for the past 2 years and made payments to my current school every month.
My plan was to be debt free until I transferred and then once I transferred I would just go into debt to finish. However, my parents wouldn’t allow me to get a credit card. So, I’ve been unable to get a credit card, to build credit. They also won’t cosign on a loan. So, does anyone have any tips on getting a student loan with no cosigner? Any suggestions would be so so helpful!
If your parents will complete a FAFSA form, you will be eligible for a $7500 Direct Loan for your third year of college.
If they will do a FAFSA for this year, you would get $6500 which you could put in the bank for next year also.
A credit card really isn’t enough tobuild sufficient credit for large college loan purposes.
Is there a four year college you can attend within commuting distance?
If you are over 18 and have a part time job, you don’t need your parents’ consent to open a credit card.
That said, it won’t help you for loans.
If you are 18 or older, you don’t need permission from your parents to apply for a credit card.
Congrats on all of your hard work so far!
You could apply for a card like the Discover It student card, but you need to realize that your first credit card (from any company) will have a very low credit limit. Interest rates on credit cards are HIGH, I repeat, interest rates on credit cards are HIGH, so you don’t want to charge anything you can’t pay off the following month.
Would your parents be willing to go with you to meet with the financial aid folks at the college you’d like to transfer to? Then everyone could hear what your options are.
My daughter got a Discover student credit card in April with a $500 limit. She’s paid it every month and they just raised her limit to $1500 (at 6 months).
I agree to get the $6500 loan for this year and then save it for next year. You most likely will not qualify for a private student loan as those decisions are not made on credit score alone. You need to have the income to qualify for the loan too. If you go away to school, you most likely will not have the same job as you have now unless you can transfer.
i agree with the idea of taking the 6500 loan for this year and saving it for next year.
you can get a cc without parent permission. however, that’s not going to help you. no bank is going to lend you money for college simply because you have a cc or good credit. you don’t have the income to support qualifying even with a great credit score.
is there a four year college you can commute to? how much does it cost?
you can borrow 7500 per year as a junior and senior.
Can you sit down with your parents and ask them to explain what plan/hopes/dreams they have for your future which does not involve a Bachelor’s degree? They’ve raised you… surely they’ve given thought to what your future holds???