<p>Does anyone know of any private lender that I can get a loan without a cosigner? I'm 26yrs old and returned to college and have prior working history. I still work while attending school making approximately 15k/yr. My credit score is about 650. I need a private student loan to help pay for living expenses. I don't have the option of living with family members to cut costs and don't know anyone who has both credit worthiness and willingness to be my cosigner. I have a friend willing to cosign for me. He has great credit over 750, but his income is even less than mine because he went back to school as well. Does anyone have any knowledge of any lenders that might give me a loan? Thanks.</p>
<p>Sallie Mae offers private student loans. You might qualify without a cosigner, they imply you can but the rate will be higher. Maybe in your case it isn’t as bad since you are working.</p>
<p>How much do you need? It will be easier for you to qualify with $15,000 income if you are asking for a lesser amount.</p>
<p>Only need $8,000. I already applied with wells fargo and CU student loans with no success.</p>
<p>Check out Sallie Mae. However, the terms may not be so good and they may insist on a cosigner. Be aware of what the ramifications of your friend cosigning are to him. If he wants to buy a home, rent an apartment, get a loan for himself while the amount is outstanding, it will be on his credit report just as it will be on yours and with a low income it will affect his debt/earnings ration which could result in adverse results for him. Like higher interest rates if he wants a car loan to not qualifying at all. Not to mention the fact that if you die, become disabled or can’t or won’t pay the loan back for ANY reason, he’s stuck with it. Not a nice thing to do to anyone, but someone with low income and having a tough time that way can be hit ever so much harder by such things.</p>
<p>would it matter if he cosigns at all considering his income is really low? his credit is almost 800 though</p>
<p>You should try yourself first and see if you can get the loan with a cosigner. If you can, no big deal, but if you are turned down you would need to get a cosigner. Yes, it is a safer loan to have two people on the hook in case one dies, becomes disabled, can’t repay the loan, won’t repay the loan, doesn’t care about the negative credit implication. They can go after the other borrower who might care and will pay the loan. The lenders double their chances fo getting their money. Plus the co borrower will also put pressure on the other borrower if this happesn. Your friend will lose his great credit score if you default or are late on paying the loan. That score might be diminished even taking the loan if his income is really low since the loan will be assessed against his income.</p>
<p>Couldn’t you qualify for a federal student loan? Or did you already take all of your loan limit in your previous college studies?</p>
<p>Already used the federal loans. Financial aid office says there’s nothing they can do for me.</p>
<p>The financial aid office is correct. They cannot give you more in federal loans than what you are entitled to for whatever year you are in college.</p>
<p>Can you take a year off? Even a semester? You would be surprised at how quickly you can get your credit score up. Right now, your score is at the very bottom of what is generally considered a “fair” rating. If you can get it up to 700, you’d be in the range of “good” credit. Over 750 is considered “excellent”. To get your credit score up, start paying more than the minimum on your accounts. Never pay any bills late, particularly a utility. Also, find out if there is something dragging your score down,like a defaulted account. If you have a bankruptcy on record, that will probably take a minimum of 3 years to get your score back up to the good range.</p>