Hi All,
I signed a lease for off-campus housing and started living there like I did the first 3 years of college but this time I turned 24 and lost parent plus loan eligibility therefore my grants and everything only covered tuition not off campus rent since there was no loan refund. Are there any private loans I can apply for for just off campus living? It does not show on my portal that I owe anything since it’s not through school anymore but I still need 9k for rent for the year. What private lenders can I do that with at this time since semester is already started? And how does it work?
Different senariono now. My sister is also a college student with good credit. She can apply for student loans for off campus housing while I’ll utalize and eventually pay it off. So thats the question. What private lenders can she go to to get off campus housing costs covered?
@itsmoec – do you and your sister live together? Are you saying she can afford to pay her housing costs, but is willing to take student loan cover yours?
Good credit is only one part of getting private loans. You also have to have sufficient income and/or collateral to get private loans. Does your sister have sufficient income to get these loans in her name? Or just a good credit score…which is not going to get her qualified for a loan.
OR are you saying your sister is going to take the federally funded student loans in her name and give the money to you? OR are you saying that you are going to have your parents take the Plus for your sister…and give the money to you?
Please clarify.
If your sister is a college student, does she also have a full time job, or a part time one with a great income? If not, don’t be surprised if she doesn’t qualify for private loans. Banks and lending institutions are not in the business of giving loans to people without sufficient resources to pay them back.
Yes. She commutes to college from my parents home. I live off campus away from home for school. I already owe rent since June to current like all off campus houses. I would get evicted if I don’t pay and be left with no way to commute to college. Therefore I need 9k to pay rent for the academic year regardless. All I’m saying is what lenders can my sister go to to apply for off campus housing rent as a student loan for herself (for herself technically) and give it to me which she wants to to help me out in this situation. Make sense now?
And yes she works and is eligible for all sorts of loans. Great credit. Has had Auto finance and paid off. Multiple credit cards in good standing. We just don’t want personal loan, we want a student loan. And no she does not want government loans of any sort. Only private so they don’t get added to her student debt and we keep separate track so I pay it off.
@itsmoec if your sister lives at home, I am not certain she can get a student loan to cover off campus living, even a private one. @thumper1, @BelknapPoint, or @kelsmom… is this possible?
Do you not have any eligibility left for government student loans? Even if you turn 24 you should still be eligible and if your parents can’t get Plus loans you should get an extra $5000 in student loans.
If you want a private STUDENT loan, then there are several lenders like SallieMae, Discover, SoFi. The amount will be tied to your total cost of attendance which does include living expenses.
Your sister can take out any loan she wants. If it isn’t a student loan, she’ll pay the interest rate the bank sets for an unsecured loan (usually pretty high). This doesn’t seem like a good plan. If she borrows extra on her student loan and gives it to you, that’s her choice (but not very nice of you).
I thought student loans can only be used for certain expenses. If your sister lives at home she can use it for some commuting expenses but probably not for housing for you.
Why does your apartment cost $9,000? Can you get a roommate to help share the rent?
You can borrow $12,500 as an independent senior. Can you get a job?
You would have done this FAFSA for the current academic year last year. You knew that your parents couldn’t get the Parent Plus anymore, did you try to find a cheaper apartment?
Is she even eligible for these federally funded loans? If she is, these would be the easiest for her to get. But the school will use these funds to pay HER bills first, and what’s left would come in the form of a refund to her.
Your sister does NOT need a loan for room and board. She is living at home. What does she plan to say when she applies for this student loan? Does she plan to say she needs it for her own room and board…because that is a flat out lie.
I’m really not sure why you are balking at a personal loan taken by your sister.
Is your sister eligible for any Parent Plus Loans? You know those are government funded…right? But if she has this eligibility, maybe that would work. Your parents could take a Plus for your sister…and give you the money. BUT a Plus can only be taken up to the cost of attendance…and if your sister commutes, net cost of attendance might be too low to get a Plus.
Are you saying…you haven’t paid a dime of rent to your landlord at all since June? Why did you choose to live in an apartment that costs you this much money? You knew you were short on financial aid money long before now…and frankly before June. Was there no less expensive option…like sharing a room with someone else? I know…it’s too late for that now.
Do you have a job? How much of your earnings can you dedicate to housing?
And please answer…did you take the $7500 Direct Loan for this academic year…and if parents don’t qualify for a Plus…are you eligible for $4000 additional? Have you asked your financial aid department? Did your parents apply for a Plus and get denied because you are too old?
@KatMT the sister can take out a personal loan and use it for anything she pleases. But they don’t want to do that.
The sister also doesn’t want any government loans…and really if she is even eligible for those, they would be the easiest option.
I would never advocate one kid take a loan for a sibling- and be left officially responsible for that debt. She may not want it to add to her current Fed student debt, but debt is debt, whether govt funded or private.
And wouldn’t she need to prove this is for her living expenses, when, in effect, she has little need, living at home?
I would agree that if the sister is taking a “student loan”, she will need to show that she needs the money for her college expenses. If her cost of attendance is such that she doesn’t need this loan…I’m not sure she will get it.
How about getting a job. This being your third year of college I would think you would be able to get a job to may for an apartment or share with friends.