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Student loan, not enough credit history


jimdiamond
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through my credit repair over the past few years, i do not have any long credit history. im in my 30's and up until just a year ago, i never really had any credit, hard to beleive, but true. all i had was negative items, chargeoffs from first premeir cards, a judement from an apartment years ago, that kind of stuff,.

anyway, once it all fell off my score jumped to 743! At that point i was getting approved and offers for credit cards coming out of my ears. i got some cards and started using them buiklding my credit, no lates, ever, always on time. but only for a year or so.

i applied for student loan through chase and got denied because of credit history, i had to have my parents co sign for me. I though i would try another method and tried wtih Astrive.com. same thing, got the letter that said denied because of "lack of credit history". So, now what do I do? I only need about 7500 bucks more for books, a new laptop, and some housing expenses and lab materials. (also wil help with some other expenses).

any ideas or options on how I can get this money? I do NOT want to go to my parents, i should have just taken out higher loan amount the first time around, but didnt want to freak them out, had to do some coaxing just to get them to sign for me in the first place.

thanks

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thannks all, but i dont understand credit unions. seems like they are only for fed employees, or pipefitters, or certain neighborhoods, etc. Is there a place I can go to just get a loan quick and fair?

and as far as being registered properly as federal student? not sure what you mean about that??

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thannks all, but i dont understand credit unions. seems like they are only for fed employees, or pipefitters, or certain neighborhoods, etc. Is there a place I can go to just get a loan quick and fair?

A credit union is often going to be more fair in their lending practices than a regular bank. I recommend finding one that serves your community. After you join one, you can be a member for as long as you like, even if you move outside of their charter area. But first...

and as far as being registered properly as federal student? not sure what you mean about that??

If you filled out the FAFSA, as LynnInMn is asking, you should get a financial aid package from the school that will include government-backed Stafford loans at a MUCH lower interest rate than any private student loan you'd get from a bank like Chase. The best part about Staffords: Creditworthiness is not considered, and there's no mess with cosigners. You're old enough to qualify as an "independent student," which will increase the total limit of Stafford loans you're allowed to borrow.

I cannot stress this enough: Stafford loans are the way to go. You need to max your Stafford loan borrowing limits before considering ANY private loan. But you need to fill out the FAFSA to be eligible. http://www.fafsa.ed.gov/

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first off, thanks all for your input. Is this stafford loan one that takes a long time, and does the monies go directly to the school? I am in need of the funds for a new laptop,housing,books, lab expenses,food,etc. is that loan you speak of below (the stafford loan and link you gave me) something i can fill out and get a check sent to me personally after qualifying or what? thanks!

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Before you go jumping into school with just private loans, STOP and do some research on financial aid. If you dont, you might regret it.

Stafford loans and Pell grants are government aid that you get via a FAFSA application. Yes, it goes to the school first to pay your tuition and the leftover is sent to you. You should ALWAYS exhaust any federal first before turning to private loans. Stafford loans pay for qualifying expenses such as tuition, books, fees, laptops and food and housing.

Without doing a FAFSA application, you will not find out if you are eligible for PELL GRANTS. Grants do not have to be repaid.

WHY??

Interest. On subsidized loans, the government pays your interest while you are in school.

The interest rate is substanisally lower than private loans. They are also not credit based.

Deferment/forebearance. With federal aid, if you dont get a job or a good paying job right away, you can defer your loans for up to 3 years. There are other deferments available.

Payment plans....private loan payments can be KILLER. Federal loans offer many different payment options including income sensitive.

If you have not enrolled in school yet, I would suggest highly that you slow down and do your research. The school itself should have provided you with information.

By the way, what school are you planning on going to??

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http://www.triton.edu/cgi-bin/r.cgi/department_detail.html?SESSION=SU52XissqB&ContentID=182

Read it. Or you are going to end up in a bigger credit mess. Honestly....the type of private loans are dangerous. Nondischargable in BK. No SOL. No hardship payment plans....and when you default they will SUE. You and your cosignor.

Found this on the web

Student Tuition Costs and Fees

What are the typical tuition costs and fees for attending Triton College?

In District In State Out of State

FT Undergraduate Tuition $1,680 $5,244 $6,670

FT Undergraduate Required Fees $240 $240 240

PT Undergraduate per Credit Hour $56 $175 $222

Total Cost of attendance — On-Campus N/A N/A N/A

Total Cost of attendance — Off-Campus w/out Family $9,956 $13,520 $14,946

Total Cost of attendance — Off-Campus with Family $8,606 $12,170 $13,596

This would indicate that you are only eligible for $9956 total for the year. How much have you already borrowed??

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Wow. I just started at FCCJ here in FL. You can't do a thing without showing that you filed your FAFSA! I wonder who in the school is guiding these students!

Follow Lynn's advice!!!!!!!

Just as an example: Tuition here is $66.40/CRHR. Tuition, books, fees, etc...and living on the economy gives and ECA of $14K. Since I already have a Bachelors, I cannot get grants, but I can still get FISLs. As an independent student (I am 45) I can get $7500 for the first year.

I looked at some of those private loans. I wouldn't take one unless I was desperate.

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