<p>I don't have good credit but my co signer has a credit of 670. i need about 14k in loan and we are confused about where to get the loan from. will salie mae accept the application with 670 credit score? if not, where should we apply? Thanks for help in advance.</p>
<p>FIrst of all, YOU are not getting the loan. Your cosigner is. You are just there for the ride and to ensure that the loan is going for education so that it follows the regs for it. </p>
<p>If you are a student, you know that you can get up to $5500 if you are a US citizen or permanent resident through DIrect Loans, right? That is for freshman year, and it does go up as you become an upper classman. Either of your parents can get a PLUS Through DIrect Loans for Parents if they pass the credit check, and I don’t think it’s the score that matters as much as if they are 90 days past due in anything or have other issues. It’s not just the credit score that matters. You don’t co sign for this. </p>
<p>If your parents are turned down by PLUS, you can automatically get $4k more through student Direct loans.</p>
<p>Beyond that, you have to search for a private loan, but it’s really more your co signer than you. You have to apply to find out. THe standards and terms are a constantly changing thing along with availability. A bank offering student loans last month, may not be this month. And there may be new takers on the market. You gotta shop around. Be aware that for many of these loans, they are payable by you/cosigner even if you die, are disabled or drop out and the cosigner is every bit on the hook as you are and the loan shows up as what s/he owes on his/her credit report as well as on yours.</p>
<p>THIS year, your co-signer’s score is 670. As soon as he co-signs your loan (if he qualifies), his score will drop again. That means that NEXT year, he won’t likely qualify. What will you do then???</p>
<p>Each time a person co-signs, his score drops.</p>
<p>Are you a frosh?</p>
<p>Do you already have full stafford loans? </p>
<p>Did you receive $4k in add’l loans after a parent was turned down for Plus?</p>
<p>If so, are you saying NOW you need an add’l $14k in loans?</p>
<p>How much TOTAL debt will you have when you graduate?</p>
<p>What do you think the monthly payments will be on all this debt?</p>
<p>What is your career goal and what will you likely be earning upon graduation? </p>
<p>It sounds like you’ll have waaaaayyyyyy tooooooo much debt.</p>
<p>What are your more affordable options for schooling?</p>