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natali · 07-26-2006, 12:46 AM

Hello everyone - I am goin ginto my fourth year of college and need to take out a private loan to help pay for school. My parents' credit is horrible, so I must apply without a co-signer. I have over 3 years of credit history and my FICO is 732. What options do I have? I would appreciate all suggestions as I need to apply within the next 2 weeks. Also, I know some loans require that you have worked for 2 consecutive years, but I have many gaps in my employment history since I do not work while I am in school.

natali · 07-26-2006, 12:46 AM

Oh yeah, I forgot to mention... I am looking for loan that sends the check to you and not to your school. I have a scholarship that pays a good amount of my tuition, but I want a loan that is more than the remaining portion of my cost of attendance. Therefore, any loans that send the check to your university are out of the question for me.

Alex3 · 07-26-2006, 12:47 AM

I got a teri loan and they sent the check right to me.

007 · 07-26-2006, 12:48 AM

School still has to certify your cost of attendance and that includes what aid you have already received. I dont think any reputable lender is just going to give you money without the school actually being involved.

DDT · 07-26-2006, 12:49 AM

All of the private lenders that went thru the University I worked for required that the school certify the student plus the amount of funds required...i.e. unfunded cost of attendance over and above federal aid/scholarships. The thought of allowing students to get private loans without school verification of amount needed is scary....think of the default rate with students borrowing more than they need. Not to mention the actual costs of the private loans are much higher and do not have the deferement.forebearnace priveleges that the guaranteed loans have. There has to be some control on the amounts lent.

big$saver · 07-26-2006, 12:51 AM

My first thought is why doesnt the school do federal loans?? That there triggers warning flags. Have they been dropped from the student loan program due to issues?? High default rates due to students not getting jobs?? Acounting issues??

Never trust any facts and data that a "for profit" school provides you with. Ask for names of dentists and clinics that hire from that school. Ask for names of several former students and ask them where they work...ask for who they work for and then verify it!! If the school wont provide it, RUN FAST!!!

07-26-2006, 12:46 AM	#1
natali Greenhorn Join Date: Jul 2006 Posts: 31 Rep Power: 6	Private loans without co-signer question Hello everyone - I am goin ginto my fourth year of college and need to take out a private loan to help pay for school. My parents' credit is horrible, so I must apply without a co-signer. I have over 3 years of credit history and my FICO is 732. What options do I have? I would appreciate all suggestions as I need to apply within the next 2 weeks. Also, I know some loans require that you have worked for 2 consecutive years, but I have many gaps in my employment history since I do not work while I am in school.

07-26-2006, 12:47 AM	#3
Alex3 Piggy Bank Join Date: Jul 2006 Posts: 80 Rep Power: 6	I got a teri loan and they sent the check right to me.

07-26-2006, 12:48 AM	#4
007 Greenhorn Join Date: Jul 2006 Posts: 16 Rep Power: 0	School still has to certify your cost of attendance and that includes what aid you have already received. I dont think any reputable lender is just going to give you money without the school actually being involved.

07-26-2006, 12:49 AM	#5
DDT Greenhorn Join Date: Jul 2006 Posts: 15 Rep Power: 0	All of the private lenders that went thru the University I worked for required that the school certify the student plus the amount of funds required...i.e. unfunded cost of attendance over and above federal aid/scholarships. The thought of allowing students to get private loans without school verification of amount needed is scary....think of the default rate with students borrowing more than they need. Not to mention the actual costs of the private loans are much higher and do not have the deferement.forebearnace priveleges that the guaranteed loans have. There has to be some control on the amounts lent.

07-26-2006, 12:51 AM	#6
big$saver Piggy Bank Join Date: Jul 2006 Posts: 59 Rep Power: 6	My first thought is why doesnt the school do federal loans?? That there triggers warning flags. Have they been dropped from the student loan program due to issues?? High default rates due to students not getting jobs?? Acounting issues?? Never trust any facts and data that a "for profit" school provides you with. Ask for names of dentists and clinics that hire from that school. Ask for names of several former students and ask them where they work...ask for who they work for and then verify it!! If the school wont provide it, RUN FAST!!!

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