Freethought & Rationalism Archive

The Stranger · 05-31-2003, 09:26 PM

My parents won't cosign my student loans for next year. I need at least $7000. Am I fucked?

chekmate · 05-31-2003, 10:30 PM

http://www.salliemae.com/apply/borrowing/signature.html

You don't have to have a cosigner if you have credit, as long as it isn't horrible. I would think you could get all you need from there.

The Stranger · 05-31-2003, 10:56 PM

I don't have credit.

chekmate · 06-01-2003, 06:43 AM

You never had a credit card that you kept in the back of your wallet? Even so, I would say that you should apply for one without a co-signer anyway. I think the application is free, and they may give it to you regardless. Edumacation is a worthwhile endeavor, and on the site, it says that they approve over 80% of their applicants.

If for some reason you can't get one like that, then you could have a friend or other relative with credit that isn't a jerk co-sign with you. You would get a better interest rate if you have someone with credit sign on with you, and basically all they are agreeing to is to pay for your loan if you default. Which you won't... right?

Evangelion · 06-01-2003, 08:34 AM

Quote:

My parents won't cosign my student loans for next year. I need at least $7000.

Pity you're not in Australia. The government would pay your university costs for you, and you wouldn't have to repay it until your income reached about $24 365. At this point you begin paying it back at a rate of 2% each year. It's all calculated by the Tax Office (Orifice

) and added to your tax for that financial year. A simple but effective system.

Of course, if your income never reaches $24 365, you never have to pay it back. (Not that anybody would want to end up in that situation!) :boohoo:

That's Australia for you. The lucky country.

Kinross · 06-01-2003, 10:09 AM

What is your major? If it is science, engineering, or business I would recomend My Rich Uncle . It isn't a loan but an investment vehicle on your future income. It is a legal contract not a loan so it is not dependent on credit history. If you are 18+ you can enter the legal contract.

LeftCoast · 06-01-2003, 10:09 AM

Quote:

Originally posted by The Stranger
I don't have credit.

For the Govt. Guaranteed Student Loans, you should not need to have established credit. Similarly for any Govt. Grants (Pell grant comes to mind, but there may be others.) Check with the financial aids dept. at your Univ. or College they should be able to tell you what is and is not availble to you.

mac_philo · 06-01-2003, 10:48 AM

Why do you need co-signers or a credit history? You should be looking at Stafford and Perkins loans. Subsidized loans, if you qualify. Talk to your financial aid office. It sounds like you're dealing with private loans; only do that if you can't get government loans.

$7000 is chump change, it's your total debt that counts.

The Stranger · 06-01-2003, 11:56 AM

My parents make way too much money for me to qualify for government loans.

Evangelion · 06-01-2003, 11:59 AM

That wouldn't be a problem in Australia.

You'd still have your university fees covered by the government.

05-31-2003, 09:26 PM	#1
The Stranger Regular Member Join Date: Jul 2002 Location: St. Louis Posts: 141	Need college loans advice My parents won't cosign my student loans for next year. I need at least $7000. Am I fucked?

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05-31-2003, 10:30 PM	#2
chekmate Veteran Member Join Date: Feb 2002 Location: Downriver Detroit Posts: 1,961	http://www.salliemae.com/apply/borrowing/signature.html You don't have to have a cosigner if you have credit, as long as it isn't horrible. I would think you could get all you need from there.

05-31-2003, 10:56 PM	#3
The Stranger Regular Member Join Date: Jul 2002 Location: St. Louis Posts: 141	I don't have credit.

06-01-2003, 06:43 AM	#4
chekmate Veteran Member Join Date: Feb 2002 Location: Downriver Detroit Posts: 1,961	You never had a credit card that you kept in the back of your wallet? Even so, I would say that you should apply for one without a co-signer anyway. I think the application is free, and they may give it to you regardless. Edumacation is a worthwhile endeavor, and on the site, it says that they approve over 80% of their applicants. If for some reason you can't get one like that, then you could have a friend or other relative with credit that isn't a jerk co-sign with you. You would get a better interest rate if you have someone with credit sign on with you, and basically all they are agreeing to is to pay for your loan if you default. Which you won't... right?

06-01-2003, 10:09 AM	#6
Kinross Veteran Member Join Date: Sep 2001 Location: . Posts: 1,281	What is your major? If it is science, engineering, or business I would recomend My Rich Uncle . It isn't a loan but an investment vehicle on your future income. It is a legal contract not a loan so it is not dependent on credit history. If you are 18+ you can enter the legal contract.

06-01-2003, 10:48 AM	#8
mac_philo Veteran Member Join Date: Jun 2001 Location: Tax-Exempt Donor, SoP Loyalist Posts: 2,191	Why do you need co-signers or a credit history? You should be looking at Stafford and Perkins loans. Subsidized loans, if you qualify. Talk to your financial aid office. It sounds like you're dealing with private loans; only do that if you can't get government loans. $7000 is chump change, it's your total debt that counts.

06-01-2003, 11:56 AM	#9
The Stranger Regular Member Join Date: Jul 2002 Location: St. Louis Posts: 141	My parents make way too much money for me to qualify for government loans.

06-01-2003, 11:59 AM	#10
Evangelion Veteran Member Join Date: Dec 2002 Location: Walsall, UK Posts: 1,490	That wouldn't be a problem in Australia. You'd still have your university fees covered by the government.

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