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Pick6's avatar

Pick6

A USA American

14,946 posts
Jul 31, 2010 11:24 PM
Im having a hell of a time getting accepted for a private student loan. I dont have an established credit and my parents cannot co-sign due to bad credit and high outstanding debts from their divorce..anyone got any info on how i could get accepted/any other possible options??

Thanks!!
Jul 31, 2010 11:24pm
M

Manhattan Buckeye

Senior Member

7,566 posts
Jul 31, 2010 11:47 PM
Quick question: is the servicer being arranged by your school's financial aid resources? If so, the school can probably intervene. If not, are there private servicers the school can provide?
Jul 31, 2010 11:47pm
Pick6's avatar

Pick6

A USA American

14,946 posts
Jul 31, 2010 11:52 PM
I go to the financial aid area of the schools website, and it takes me to a link called FASTchoice..which then brings up a list of banks and it shows their interest rates, etc..i have already applied for two and was denied.
Jul 31, 2010 11:52pm
sonofsam's avatar

sonofsam

Wee' Gonna Win..

2,052 posts
Aug 1, 2010 12:01 AM
It might be because you are not "economically viable".
Aug 1, 2010 12:01am
imex99's avatar

imex99

Senior Member

4,927 posts
Aug 1, 2010 2:27 AM
They prolly know that you suck at NCAA 11.... haha j/k

I was denied a few back in college and just had to keep trying!!! Have you tried perkins or any like that?
Aug 1, 2010 2:27am
KR1245's avatar

KR1245

Senior Member

4,317 posts
Aug 1, 2010 8:27 AM
I would avoid private student loans if I were you. My girlfriend just graduated from OSU last June. She took out private loans (either with Citiassist or Chase) and her monthly payments are ridiculous. She is paying 530 bucks a month. I took out federal loans and my payments will be less than half of that. Alot of these consolidation programs arent willing to help out with private loans right now.

I'm not sure what the age is but I know that if you claim yourself as an "independent" on your FAFSA you highly increase your chances of getting aid.
Aug 1, 2010 8:27am
Pick6's avatar

Pick6

A USA American

14,946 posts
Aug 1, 2010 9:52 AM
imex99;438187 wrote:They prolly know that you suck at NCAA 11.... haha j/k

I was denied a few back in college and just had to keep trying!!! Have you tried perkins or any like that?

hahaha...the schools gave me something like $2500 federal stafford unsubsidized and 3500 subsidized..also a $1500 scholarship. I believe Perkins if given by the school correct? If so, I didnt get it..

Did you have a cosigner for your loan?
Aug 1, 2010 9:52am
Pick6's avatar

Pick6

A USA American

14,946 posts
Aug 1, 2010 9:54 AM
KR1245;438221 wrote:I would avoid private student loans if I were you. My girlfriend just graduated from OSU last June. She took out private loans (either with Citiassist or Chase) and her monthly payments are ridiculous. She is paying 530 bucks a month. I took out federal loans and my payments will be less than half of that. Alot of these consolidation programs arent willing to help out with private loans right now.

I'm not sure what the age is but I know that if you claim yourself as an "independent" on your FAFSA you highly increase your chances of getting aid.

The college is giving me like 6k in federal loans. Is there a way to get/apply for more?..Hopefully I will get some financial aid next year since I will have my sister starting college.
Aug 1, 2010 9:54am
Crazy Eyes's avatar

Crazy Eyes

Junior Member

5 posts
Aug 1, 2010 10:08 AM
I did a private loan when I was in school and needed a couple thousand dollars to move into my new apartment and get on my feet. I needed a co-signer and it was the worst decision of my life. The APR on that loan is absolutely crazy, and the payments are amazingly high.

I would go talk to a financial aid officer if I were you and see if there is something else the school can offer you before you go down the private loan route.
Aug 1, 2010 10:08am
M

Manhattan Buckeye

Senior Member

7,566 posts
Aug 1, 2010 10:18 AM
Pick6;438238 wrote:The college is giving me like 6k in federal loans. Is there a way to get/apply for more?..Hopefully I will get some financial aid next year since I will have my sister starting college.

$6K/semester or $6K/year? $6K/year seems low.
Aug 1, 2010 10:18am
sherm03's avatar

sherm03

I go balls deep.

7,349 posts
Aug 1, 2010 10:19 AM
Crazy Eyes;438243 wrote:I did a private loan when I was in school and needed a couple thousand dollars to move into my new apartment and get on my feet. I needed a co-signer and it was the worst decision of my life. The APR on that loan is absolutely crazy, and the payments are amazingly high.

I would go talk to a financial aid officer if I were you and see if there is something else the school can offer you before you go down the private loan route.
Same thing happened to me. My payments aren't bad...but the interest rate is crazy high.
Aug 1, 2010 10:19am
M

MontyBrunswick

Aug 1, 2010 12:14 PM
Did you fill out your FAFSA? If so, fill out another and file yourself as independent.

Also: I took out private loans, but my dad has spotless credit and he co-signed for me. My payments are fairly low I believe.
Aug 1, 2010 12:14pm
Pick6's avatar

Pick6

A USA American

14,946 posts
Aug 1, 2010 12:21 PM
Manhattan Buckeye;438245 wrote:$6K/semester or $6K/year? $6K/year seems low.

yes 6k a year..they gave me a 1500 scholarship, 6k in federal loans, and are wanting me to take out 16k in private loans. It kind of sucks because my family makes enough to not get any help, but not enough to really help me, and like i said, their credit is in the shitter.
Aug 1, 2010 12:21pm
Pick6's avatar

Pick6

A USA American

14,946 posts
Aug 1, 2010 12:29 PM
dlazz;438314 wrote:Did you fill out your FAFSA? If so, fill out another and file yourself as independent.

Also: I took out private loans, but my dad has spotless credit and he co-signed for me. My payments are fairly low I believe.

yes, i believe its too late to fill it out now to receive financial aid from the school..im only 19, and I checked the website and filled out the worsheet and it says I should be a dependent(even though basically all my parents give me is a place to stay)..or can you lie about it and they would never know?
Aug 1, 2010 12:29pm
I

I Wear Pants

Senior Member

16,223 posts
Aug 1, 2010 2:25 PM
FAFSA is such a shit system it's unbelievable. My older sister, brother, and I are all in college and we don't get any more federal aid then when it was just one of us.
Aug 1, 2010 2:25pm
imex99's avatar

imex99

Senior Member

4,927 posts
Aug 1, 2010 3:42 PM
i believe your parents have to claim u if ur under their roof...

Sent from my Sprint HTC EVO 4G using Tapatalk
Aug 1, 2010 3:42pm
KR1245's avatar

KR1245

Senior Member

4,317 posts
Aug 1, 2010 5:54 PM
I Wear Pants;438374 wrote:FAFSA is such a shit system it's unbelievable. My older sister, brother, and I are all in college and we don't get any more federal aid then when it was just one of us.

It is a pretty shitty system. If your parents make too much money you dont get much help if any at all. If your parents have poor credit and arent eligible to be a co-signer you're pretty much up shit creek.
Aug 1, 2010 5:54pm