How do I get a school loan with bad credit and a somewhat creditworthy co signer?
Dec 21, 2009 in
Financial Aid
Lyndsey N
I am a college student and I am in desperate need of a student loan to help out with some living expenses. I live on my own and just kicked the ex to the curb because he was a money sucking parasite. (I dont want advice about that situation because I already know how stupid I was) So please, if anyone knows where I can get a student loan with bad credit (cause he helped ruin it) please let me know! Thanks in advance!!
I am a college student and I am in desperate need of a student loan to help out with some living expenses. I live on my own and just kicked the ex to the curb because he was a money sucking parasite. (I dont want advice about that situation because I already know how stupid I was) So please, if anyone knows where I can get a student loan with bad credit (cause he helped ruin it) please let me know! Thanks in advance!!
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5 comments
Eric on December 23, 2009 at 12:51 pm
change your name, get a new credit rating
hansblix222 on December 25, 2009 at 3:35 pm
Get a Federal Student Loan. Those are guaranteed and your credit doesn’t matter.
Amber on December 29, 2009 at 12:34 am
FAFSA.–Federal student loans. They dont check credit and cant deny u because of your credit. Go to the dinancial aid department of the college your attending and get paperwork and a FAFSA for to fill out. Or you can do it online
W. K. P on December 29, 2009 at 1:53 am
Put up collateral
Nessy on December 29, 2009 at 3:25 am
First of all you need to file a FAFSA application. It’s free! Just go to and fill out the application. From there on, your school will receive this application and determine how much in student loans do you really need. They can help you find a loan that is best suitable for your needs. Here is some informations on loans that can help you out:
An education loan is a form of financial aid that must be repaid, with interest. (Scholarships, on the other hand, do not have to be repaid.)
Education loans come in three major categories:
student loans (e.g., Stafford and Perkins loans)
parent loans (e.g., PLUS loans)
and private student loans (also called alternative student loans).
A fourth type of education loan, the consolidation loan, allows the borrower to lump all of their loans into one loan for simplified payment.
Federal law sets the maximum interest rates and fees that lenders may charge for federally-guaranteed loans. Nothing prevents a lender from charging lower fees. Many lenders offer a variety of student loan discounts to attract borrowers.
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Here are some amounts that you can get from loan lenders like Sallie Mae:
Stafford Loan (government loan)
Loan limits
Dependent Annual loan limit
Freshman $3,500*
Sophomore $4,500*
Junior or senior $5,500
Independent Annual loan limit
Freshman $7,500*
Sophomore $8,500*
Junior or senior $10,500
Graduate or professional $20,500*
Undergraduate dependent lifetime limit $23,000
Undergraduate independent lifetime limit $46,000
Graduate or professional lifetime limit** $138,500
Ask if you can get a subsidized loan. This means that while you are in school, the government can pay the interest until the loan is due (about 3-6 months after you have completed your degree)
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This is the Perkins loan:
Loan limit
You may borrow up to the full cost of your child’s education less other aid received.
Interest rate
The interest rate for Parent PLUS loans first disbursed on or after July 1, 2006 is fixed at 8.5%.
Fees
There is a 3% origination fee charged by the federal government. Up to a 1% federal default fee is also charged.
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The best thing to do is to go the financial aid office @ your school and ask them for loans with the LOWEST interest rate.
Hope this helps!