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Ok, I started my freshman year on August 28th. In the beginning of August I applied for an Educaid loan and was turned down because I forgot something. Because the bill was due and it took like 3 months to appeal, I just called my school. They told me since half the bill was paid by government fin aid I could just take another loan out with another company and pay it later. So I just tried taking another one out and got turned down because my cosigner isn't credit worthy. See, my cosigner is my mom and she has really good credit and a good paying job but right now, because of having to buy me all this stuff for college, she has alot of open credit card accounts. She is paying on them though. But I guess the loan company sees her as a risk. My problem is I don't have another cosigner. Everyone else in my family either has bad credit or only makes like 12-20 thousand a year and is still paying off their student loans. I *can* apply with one of them as cosignor but my chances of getting approved are much less.

My school isn't putting on pressure yet, but obviously I need to get this paid if i plan to stay in school and attend next semester. So what can i do? I don't have a job or any credit so I doubt I'd get a loan on my own. Would a loan company approve a cosigner that only makes 12,000 and has student loans already, even if the student loans are paid way in advance and their credit is good?

By Icarus (Icarus) on Friday, September 24, 2004 - 03:32 am: Edit

student loans aren't seen as a liability by credit companies, since they are an investment in the betterment of oneself. This is how I'll be getting an apartment/car when I have $200,000 worth of med school loans going into residency. :-D

By Serenityslayer (Serenityslayer) on Friday, September 24, 2004 - 01:13 pm: Edit

So if I apply with a cosigner who currently has student loans, they can be approved? Keep in mind her loans are paid like months in advance because she pays twice the minimum monthly payment, has a job, and a cell phone bill she pays.

By Icarus (Icarus) on Friday, September 24, 2004 - 02:10 pm: Edit

I don't see why not, as long as her credit is good otherwise... only way to find out is to try

By Ndbisme5 (Ndbisme5) on Friday, September 24, 2004 - 04:19 pm: Edit

Check out loans that are offered through your college. If not, I'm not sure if this service is good, you can check out key.com for loans that don't require a cosigner. I didn't have to apply for a key loan, though, because I got loans through the govy and the college.

By Testertest (Testertest) on Tuesday, October 05, 2004 - 04:32 am: Edit

Assume you got a stafford loan also. Don't saddle your personal debt on a cosigner. I have seen a default on the student which forced the defualt on the cosigner which eventually force a bankrupcy on the cosigner. Alternatives : Get a job, get a higher paying job. Its another challenge in life that only you can resolve.