Private Student Loan If You Have Bad Credit???

Sir and Google Group,

Is it bad if the student applying for the private student loan
does not have employment? I have not been working this summer because I
have been trying to earn really fair marks. One of my younger brothers
has been assisting me during this summer. But, I learned a week and a
half ago that my schooling has all been for naught.

If anyone knows of any private student loans which would loan
money to a full time student in between jobs who has a qualified co
signer, then please let me know.

Since this summer I have been attending an online University. This
online University claims to be accredited. For the summer semester, I
qualified for a Pell Grant, a Big (institution based) Scholarship, and
a Stafford Loan. For this fall semester, I have been told that I do not
qualify for a Pell Grant nor a Supplemental Educational Opportunity
Grant, that they have done away with their (institution based)
scholarships, and that the only form of financial aid I qualify for are
student loans. I have tried very hard to appeal this situation through
varying channels, and I haven't really heard anything back at all.

I am under the assumption that this University may have recently
lost its accreditation. And, I have e mailed the financial aid
department as well as the Higher Educational Commission of the state
this University is located in hoping to find things out. However, since
I only learned of these (aforementioned) things a week and a half ago,
I do not have a lot of time at all. I pride myself on being a fair
minded and hard working lady and if I knew that this University did
away with soo many things in April or something like that, then I would
have worked two jobs all summer.

My yearly income (please keep in mind I live with one of my
younger brothers) was (approx.) 7000.00 and my EFC for this University
was (approx.) 700.00.One class at this University costs 1000.00, and
that is not counting any fees or anything. You can see where I assumed
I would qualify for fin aid for the fall.

What I am thinking of doing is applying for a degree at my local
Community College and transferring to a normal University in my City. I
am thinking that the best thing I should do is apply for a degree at my
local Community College for the Spring of 2007. So, I am wondering if I
should make a correction to my FAFSA stating that I will be attending
my local Community College in the Spring of 2007? Would I still be in
the running for a Pell Grant if I did this? Or should I gamble on
qualifying for a private student loan?

I am sorry for unloading my burdens on this board. But, I am one
of those adult students who had to wait a fair amount of time to go
back to school. And, it is really hard to try and study hard for finals
and whatnot and not know if you can ever go back to school or not.

I thank you all very much,

Mary Kline


Steve Blank wrote:
> If you have an unsatisfactory credit history, but the co-signer's is
> okay, then most any lender will make the loan. All they require is that
> one of the signers be credit-worthy. Keep in mind that if for some
> reason you don't make the payments then your relative is legally
> responsible to pay or his/her credit record will be affected.
>
> Steven B. Blank
> College Financial Aid Consultants
> 29 Ives Hill Court
> Cheshire, CT 06410
> (203)250-7761
>
>
> mary wrote:
> > Hello,
> >
> > I have found myself in the position of needing a private student
> > loan because the fin aid office at my uni says I do not qualify for a
> > pell grant. I do not have good credit at all. But, I have a close
> > family member who says they will co sign a loan. Are there any
> > companies which only look at the co signers credit as well as monthly
> > income? My possible co signer has totally fair credit and a great
> > monthly income. I am 32 and totally cannot obtain a parent plus loan or
> > anything. My uni just told me about this situation last week!
> >
 >> Stay informed about: Private Student Loan If You Have Bad Credit??? 

I can't speak to your situation with the online university.

But if you attend a community college full-time with an EFC of 700 you
should qualify for an annual Pell grant of about $3,300 (1/2 that if
only 1/2 time) and a Stafford loan of up to $6,625 if you are attending
at least half time. Stufent aid should cover your whole bill and maybe
even refund some back to you for other expenses.

If you will attend the community college this September or January, then
you should amend your FAFSA to add that school - if you end up not going
no harm is done.


Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761


mary wrote:
> Sir and Google Group,
>
> Is it bad if the student applying for the private student loan
> does not have employment? I have not been working this summer because I
> have been trying to earn really fair marks. One of my younger brothers
> has been assisting me during this summer. But, I learned a week and a
> half ago that my schooling has all been for naught.
>
> If anyone knows of any private student loans which would loan
> money to a full time student in between jobs who has a qualified co
> signer, then please let me know.
>
> Since this summer I have been attending an online University. This
> online University claims to be accredited. For the summer semester, I
> qualified for a Pell Grant, a Big (institution based) Scholarship, and
> a Stafford Loan. For this fall semester, I have been told that I do not
> qualify for a Pell Grant nor a Supplemental Educational Opportunity
> Grant, that they have done away with their (institution based)
> scholarships, and that the only form of financial aid I qualify for are
> student loans. I have tried very hard to appeal this situation through
> varying channels, and I haven't really heard anything back at all.
>
> I am under the assumption that this University may have recently
> lost its accreditation. And, I have e mailed the financial aid
> department as well as the Higher Educational Commission of the state
> this University is located in hoping to find things out. However, since
> I only learned of these (aforementioned) things a week and a half ago,
> I do not have a lot of time at all. I pride myself on being a fair
> minded and hard working lady and if I knew that this University did
> away with soo many things in April or something like that, then I would
> have worked two jobs all summer.
>
> My yearly income (please keep in mind I live with one of my
> younger brothers) was (approx.) 7000.00 and my EFC for this University
> was (approx.) 700.00.One class at this University costs 1000.00, and
> that is not counting any fees or anything. You can see where I assumed
> I would qualify for fin aid for the fall.
>
> What I am thinking of doing is applying for a degree at my local
> Community College and transferring to a normal University in my City. I
> am thinking that the best thing I should do is apply for a degree at my
> local Community College for the Spring of 2007. So, I am wondering if I
> should make a correction to my FAFSA stating that I will be attending
> my local Community College in the Spring of 2007? Would I still be in
> the running for a Pell Grant if I did this? Or should I gamble on
> qualifying for a private student loan?
>
> I am sorry for unloading my burdens on this board. But, I am one
> of those adult students who had to wait a fair amount of time to go
> back to school. And, it is really hard to try and study hard for finals
> and whatnot and not know if you can ever go back to school or not.
>
> I thank you all very much,
>
> Mary Kline
>
>
> Steve Blank wrote:
>
>>If you have an unsatisfactory credit history, but the co-signer's is
>>okay, then most any lender will make the loan. All they require is that
>>one of the signers be credit-worthy. Keep in mind that if for some
>>reason you don't make the payments then your relative is legally
>>responsible to pay or his/her credit record will be affected.
>>
>>Steven B. Blank
>>College Financial Aid Consultants
>>29 Ives Hill Court
>>Cheshire, CT 06410
>>(203)250-7761
>>
>>
>>mary wrote:
>>
>>>Hello,
>>>
>>> I have found myself in the position of needing a private student
>>>loan because the fin aid office at my uni says I do not qualify for a
>>>pell grant. I do not have good credit at all. But, I have a close
>>>family member who says they will co sign a loan. Are there any
>>>companies which only look at the co signers credit as well as monthly
>>>income? My possible co signer has totally fair credit and a great
>>>monthly income. I am 32 and totally cannot obtain a parent plus loan or
>>>anything. My uni just told me about this situation last week!
>>>
>
>
 >> Stay informed about: Private Student Loan If You Have Bad Credit??? 

Sir and Google Group,

I thank you very much for your response. I researched my local
community college and their deadline for the FAFSA with regards to the
Spring 2007 semester is November. So, I am just going to make a
correction on my FAFSA and put my local Community Colleges' school code
on there. I even made sure to find all of my income tax forms and I put
them all in separate plastic page protectors in case I am picked for
income verification or something. You folks might think I am dumb, but
I really thought earning a B.A. online would be neat. I had no idea
that they would basically do away with the bulk of their funding for
students during the course of one summer.


Since I will have months to work, I am also going to totally go
back to working and work two jobs until the Spring 2007 semester, and
then quit one of the two jobs when the Spring 2007 semester starts up.
That way I will not have to even fool around with a private school loan
or anything.

I do not know if I am going to bother finishing up my schooling in
any way at the online school I currently attend. I have tried very hard
to make financial aid appeals and have written the higher educational
commission of the state this school is located in to no avail.

I figure going to my local community college would be the way to
go. Because, they have an online degree program, and are also
accredited,and are also well over 50 years old. So, I figure nothing
weird could happen while I am studying hard. But to be on the safe
side, I am totally going back to working. And, will be working two jobs
until the Spring 2007 semester starts in January just to be on the safe
side.

Mr. Blank, I truly thank you for your advice. I was at my wits end
about this situation, but now I have a nice ray of hope.

I thank you all,

Mary



Steve Blank wrote:
> I can't speak to your situation with the online university.
>
> But if you attend a community college full-time with an EFC of 700 you
> should qualify for an annual Pell grant of about $3,300 (1/2 that if
> only 1/2 time) and a Stafford loan of up to $6,625 if you are attending
> at least half time. Stufent aid should cover your whole bill and maybe
> even refund some back to you for other expenses.
>
> If you will attend the community college this September or January, then
> you should amend your FAFSA to add that school - if you end up not going
> no harm is done.
>
>
> Steven B. Blank
> College Financial Aid Consultants
> 29 Ives Hill Court
> Cheshire, CT 06410
> (203)250-7761
>
>
> mary wrote:
> > Sir and Google Group,
> >
> > Is it bad if the student applying for the private student loan
> > does not have employment? I have not been working this summer because I
> > have been trying to earn really fair marks. One of my younger brothers
> > has been assisting me during this summer. But, I learned a week and a
> > half ago that my schooling has all been for naught.
> >
> > If anyone knows of any private student loans which would loan
> > money to a full time student in between jobs who has a qualified co
> > signer, then please let me know.
> >
> > Since this summer I have been attending an online University. This
> > online University claims to be accredited. For the summer semester, I
> > qualified for a Pell Grant, a Big (institution based) Scholarship, and
> > a Stafford Loan. For this fall semester, I have been told that I do not
> > qualify for a Pell Grant nor a Supplemental Educational Opportunity
> > Grant, that they have done away with their (institution based)
> > scholarships, and that the only form of financial aid I qualify for are
> > student loans. I have tried very hard to appeal this situation through
> > varying channels, and I haven't really heard anything back at all.
> >
> > I am under the assumption that this University may have recently
> > lost its accreditation. And, I have e mailed the financial aid
> > department as well as the Higher Educational Commission of the state
> > this University is located in hoping to find things out. However, since
> > I only learned of these (aforementioned) things a week and a half ago,
> > I do not have a lot of time at all. I pride myself on being a fair
> > minded and hard working lady and if I knew that this University did
> > away with soo many things in April or something like that, then I would
> > have worked two jobs all summer.
> >
> > My yearly income (please keep in mind I live with one of my
> > younger brothers) was (approx.) 7000.00 and my EFC for this University
> > was (approx.) 700.00.One class at this University costs 1000.00, and
> > that is not counting any fees or anything. You can see where I assumed
> > I would qualify for fin aid for the fall.
> >
> > What I am thinking of doing is applying for a degree at my local
> > Community College and transferring to a normal University in my City. I
> > am thinking that the best thing I should do is apply for a degree at my
> > local Community College for the Spring of 2007. So, I am wondering if I
> > should make a correction to my FAFSA stating that I will be attending
> > my local Community College in the Spring of 2007? Would I still be in
> > the running for a Pell Grant if I did this? Or should I gamble on
> > qualifying for a private student loan?
> >
> > I am sorry for unloading my burdens on this board. But, I am one
> > of those adult students who had to wait a fair amount of time to go
> > back to school. And, it is really hard to try and study hard for finals
> > and whatnot and not know if you can ever go back to school or not.
> >
> > I thank you all very much,
> >
> > Mary Kline
> >
> >
> > Steve Blank wrote:
> >
> >>If you have an unsatisfactory credit history, but the co-signer's is
> >>okay, then most any lender will make the loan. All they require is that
> >>one of the signers be credit-worthy. Keep in mind that if for some
> >>reason you don't make the payments then your relative is legally
> >>responsible to pay or his/her credit record will be affected.
> >>
> >>Steven B. Blank
> >>College Financial Aid Consultants
> >>29 Ives Hill Court
> >>Cheshire, CT 06410
> >>(203)250-7761
> >>
> >>
> >>mary wrote:
> >>
> >>>Hello,
> >>>
> >>> I have found myself in the position of needing a private student
> >>>loan because the fin aid office at my uni says I do not qualify for a
> >>>pell grant. I do not have good credit at all. But, I have a close
> >>>family member who says they will co sign a loan. Are there any
> >>>companies which only look at the co signers credit as well as monthly
> >>>income? My possible co signer has totally fair credit and a great
> >>>monthly income. I am 32 and totally cannot obtain a parent plus loan or
> >>>anything. My uni just told me about this situation last week!
> >>>
> >
> >
 >> Stay informed about: Private Student Loan If You Have Bad Credit???