finding a student loan

fka22,

What has made your credit so bad? How many negative items do you have in your credit report? Could you explain it more?

I would suggest you to contact your school, if they can help you to get a student loan. Federal student aid is a need based program. If your credit is bad, try to arrange a co-signer who has a good credit.

Also check your PM, I have sent you some information. Keep us posted.

im just assuming its bad because of my credit card debt, ive been up to date with them so far, but after i got into the whole payday loan thing, ive been falling further and further behind, im going to start working with T&C on the consolidation and hopefully get all my debt paid up.

also ive been getting turned down for private loans under my name. i should probably take a look into my credit report and see whats on there.

Good to see that you have forwarded a step in paying back your debts. You will be able to build up good credit soon. Then no lender will say ???No' to you. Best of luck and keep us posted.

Hi :)

I would definitely recommend getting a copy of your credit report from each of the three bureaus. You may qualify for a free credit report from each one yearly. There is a website that provides this service...annualcreditreport.com I think. Also, if you have been turned down for a loan recently, you qualify for a free copy. Just check the denial letter and see which bureau they used, and then go to that bureau's website and see how you can get a free one. I have done that several times.

If you have any questions about any of the items on your report, many of us here are self-made experts on the subject :) so feel free to ask us anything that comes up. Keep us posted!

~Mary

Quote:

Mary is right, you need to get a (free) copy of your credit report to see what is on there. One thing to keep in mind is what Stanley said about going through your school's financial aid office. You may be eligible for a government guaranteed student loan (stafford loans, etc.). Since these loans are guaranteed, they are much easier for you to obtain than traditional, private loans. So even though you are being declined for private loans, you may still be able to obtain a student loan.

Ive already gotten stafford loans through my school, but theres still a big gap in what i need and the cost of school. I was wondering are unsubsidized stafford loans also the same, meaning are they as easy to get as subsidized stafford loans. I may try and apply for those.

fka, unsubsidized loans are also guaranteed by the government, so they should be about the same. The only difference is that intrest does not accrue on a subsidized stafford loan while you are in school (the interest is subsidized). For an unsubsidized loan, the interest will accrue while you are in school. So when you graduate, your balance will be greater than what you initially borrowed. However, if you need the money, understand that you will not get a better interest rate anywhere else. So take out the unsubsidized loan if the alternative is to not go to school or to run up other debt (credit cards, etc.) to help pay for school and/or living expenses while in school. Just remember you will have to pay it all back eventually.

You may also have to get someone to cosign with you on the student loans. Got to SallieMae.com.

fka22-- I have been there as well. The cost of my attendance was 3 times the amount that was given with the stafford loans. Like so many people have said the best bet would be to have a co-signer with decent credit. If you have a decent GPA you can look into the different types of scholarships offered as well.

Yes--Scholarships are wonderful. You can get books at the library..Apply for everything you can qualify for...I paid for most of my school that way. I even kept applying during school.

And for the scholarships, your GPA doesn't necessarily need to be too high...Check into everything you can...And the biggest benefit to scholarships, is you don't need to pay them back.

There is also work-study programs and federal grants.

I have paid for my entire school with Federal Pell Grants and Federal Student loans. If you fill out a FAFSA application you will qualify for student loans given by the federal government. I think pretty much anyone qualifies regardless of credit history because I qualified... and I have HORRIBLE credit!!

Although, I strongly recommend NOT borrowing too much over what you need for tuition. They will probably offer you WAY more, but try to only borrow what you need above tuition for books and/or school expenses only. The first few semesters, I borrowed the FULL amount offered, and spent the extra money on junk...going out, clothes, food, etc...and now I'm looking at paying all that back...and I REALLY wish I would have only borrowed what I NEEDED for school.

hope this helps. If you need more info about FAFSA, pm me, or check your school's financial aid website...you should find everything you need there.