No Co-signer, Bad Credit

Submitted by jayben on Fri, 10/23/2009 - 20:57

I have been accepted at a private university and I received a pell grant and a stafford loan. Unfortunately I am still left with tuition costs, room and board and housing. My mom applied for a Plus loan but was not approved because her credit went downhill after not making payments on unsecured personal loans.
I have tried applying for several other private loans but majority of them require a co-signer that is credit-worthy. Is there something that is being overlooked? Do I have any alternatives? Someone please help!

HI Jayben,

Have you tried getting unsecured personal loans or a restricted credit card? There are certain private lenders who extend loans even after bad credit. However, all these loans come with a high rate of interest, since you do not have a good credit history and you may be a risky option for the lenders. Hence, before taking out such loans calculate on how much you are able to pay them each month.

Sat, 10/24/2009 - 12:23 Permalink

I'm just curious. Correct me if I'm wrong, please...but, isn't 'room and board/housing the same thing? I'm assuming you want to live on Campus. With Stafford Loans,....don't THEY pay for the tuition? I'm not trying to be I missing something?

Sat, 10/24/2009 - 12:42 Permalink

SD, I know that with my Stafford loan. It paid for my tuition & such but ONLY if I was enrolled FULLTIME. The thing about it though, is they only cover so much. It's a loan. If your loan isn't for enough, then you are responsible for the remainder.

Room & board are the same thing. Jayben, it might be cheaper if you considered living off campus-possibly at home while in school. Seriously, you can afford so much more without the room & board; especially with a room-mate. I lived off campus, but when I moved out on my own I couldn't afford college AND living on my own. I'd make sure you have your finances under control first. Also, you may want to consider a community college for tuition savings. Community colleges are ALOT cheaper than universities & you still get a great education.

Tue, 11/03/2009 - 21:46 Permalink

Hi All, I wonder if maybe we missed the original question our poster was asking. I believe jayben is saying his mother is the one with bad credit and he has ok credit but needs a co-signer.
If this is so, a lot of people are being wary of co-signingfor others. SO many people struggle with their own credit score and keeping their payments up that they do not want the responsibility of someone elses debt. I would as any family member or cloes friend that would be willing to take the chance and if they do remember what a leap of faith they take and value it.

Tue, 11/03/2009 - 23:53 Permalink

I know fireyone is correct that is taking a huge risk especially now with the economy in such bad shape. You could have been at your job for 30 years and still not be safe. So I know I wouldn't cosign. And by they way you never mention whether you had a job or not. If not I doubt even with a cosigner you would get a loan. How would you pay it back?

Wed, 11/04/2009 - 01:55 Permalink

A couple of my family members have asked me to co-sign for houses, cars, apartments. I won't do it. EVEN if they COULD repay it back. I just can't allow myself to get screwed over. I'm trying to get back on my feet from MY job loss. I can't see myself co-signing for someone else & them losing their job and then I am held accountable for their debt too. No way, not me.

fireyone, you give such great advice & answers. :)

Wed, 11/04/2009 - 02:03 Permalink

The fact is we all have to be careful in this department. A person can fully trust their relative and still have trouble co signing. No job these days is secure as debra said. We have seen this in the past year and a half. Plants shutting their doors and workers that have spent their entire lives working for that company are now with out jobs. No we don't expect it to happen and pray that it doesn't but none of us can be too sure. Thankfully the economy is improving but I still believe we have a long way to go. One indicating factor of that is looking at the unemployment rates.

Wed, 11/04/2009 - 18:04 Permalink

You Know fireyone I glad you brought up the unemployment rates. Do you think them dropping could be because some people just stopped looking for work or their money run out before they extensions were approved. I was asking the lady at the unemployment the same question and she said if that did happen you had to reapply I believe she said it took about 30 days to start receiving money again. So I'm just wondering if those figures were reported when those people didn't qualify and not that they had found work.

Thu, 11/05/2009 - 01:27 Permalink

my city is building a massive money-maker business where people gamble their money (i guess I can't type the word?). just got approved. i'm excited-it will open up lots of employment opportunities in my area. i hope they hurry up and build it. lol

debra, thats really interesting. I haven't thought about that. If you ever get the answer, I'd love to know.

Thu, 11/05/2009 - 04:22 Permalink

Hi jayben

Have you tried the Federal Student Aid? I gues you may take a look at the Free Application for Federal Student Aid / FAFSA

This loan does not require a co signer and if you fulfill their criteria, you may be approved for a student loan. Check them out.

Thu, 11/05/2009 - 06:15 Permalink

fasfa really does work... there are certain requirements though. like after you meet the financial requirements for fasfa loans and grants. you also have to meet the academic requirements; which includes being enrolled as a full-time student which is like 12+ credits per semester. then the original poster had mentioned it was for a private institiution....some private institutions DO NOT qualify for fasfa funding. always do your homework.

also, im pretty sure that you have to be enrolled full-time in a school that qualifies for fasfa funding BEFORE you can apply for funding. on their website, they have a drop-down menu somewhere that you can check to see if a potential school that are thinking about attending is a school that qualifies for fasfa funding.

Wed, 11/18/2009 - 23:35 Permalink

is it really possible to get loan with bad credit score and without co signer?
As per my knowladge it is not possible.

Does anyone throw light on this subject.

Sun, 11/22/2009 - 10:40 Permalink

depends on how low the credit score is & if said person has a downpayment and if they DO have a downpayment, how much they have vs. how much they want to mortgage.

different lenders have different "requirements" from their borrowers. in the current real-estate market, there aren't too many options for "bad credit" mortgages besides the FHA which still requires a minimum credit score in order for them to finance; as well as the borrower must have 3% for a downpayment-which is considerably low.

Tue, 11/24/2009 - 06:02 Permalink

(I know this post is a bit old, but, I wanted to 'add' to it) Also............have you tried getting Grants? I don't think I read, anywhere on this thread, about applying for Grants. Grants: you don't have to pay back. Have you talk to the school, you are attending, abiut this?

Sun, 12/13/2009 - 12:11 Permalink
Aaron (not verified)

Hi jayben,

Carol is absolutely right. you can check out FAFSA plan through their website. Moreover is there nobody else who can act as a co - signer, with a good credit score? I believe you can think of this.


Tue, 01/26/2010 - 07:21 Permalink
bobbi (not verified)

I understand if you work for a place that hires people with disability you my not have to pay back the student loans that you borrow is this statement true :

Wed, 03/02/2011 - 16:55 Permalink
kim4 (not verified)

my credit score is low around 600. Will it be hard to get loan to buy first home?

Wed, 03/09/2011 - 03:31 Permalink
lil chick (not verified)

Look ppl FASFA doesn't fully cover school whether your full time out of state or in state I'm going through the same thing. The only other option is private loans which they don't approve students with good credit unless you make 12000 a year too. And if no one wants to co sign for you your screwed...

Thu, 04/28/2011 - 16:11 Permalink

You're correct. FAFSA covers ALOT of it, but, not all. I'm a student, myself, and let me tell you.....their grants sure do help me!! They DO have student loans on their sight. I DO know the student loans are based on whether your an 'independent' student (living away from home) or other wise, income, etc. But, the Private Lenders can be very expensive and you would have no 'flexibility' of any kind with payments.

Mon, 05/16/2011 - 00:55 Permalink

very true!! Also,..some schools (like the university I am attending) still need verifiacation of income, tax information, etc., to have on file each semester even if you did fill out an application for FAFSA. Grants are sure helpful when trying to get through school. don't have to pay back. But, again,........depends on your income, etc.

Mon, 06/20/2011 - 10:40 Permalink
Melissa Mae (not verified)

Hello all,
I am a student who is recently having to take the jump from a community college to a private university. I worked full-time and never took out a loan for my A.A., but due to a terrible decision when I was 18, I totally screwed my credit up by not paying any bills. Now I have defaulted credit cards (paid off) and medical bills that went into collection (paid off) on my credit report. To be honest, I do not think I would even want to lend to me by looking at my credit report! There is a car loan and a small bank loan on my credit report which states both are in good standing and never had a late payment but other than that I look like a terrible canidate because four years ago I was a terrible canidate. I still plan on working full-time and taking evening classes but FAFSA will only cover 1/5th of my tuition because I am an evening student. I am at a complete loss as to what to do!

Thu, 07/21/2011 - 02:29 Permalink
skye326 (not verified)

I paid $12.99 for a Trans Union Credit Summary/Report from Lexington Law Firm, that states I have a late payment on a Student Loan that dates back to 1997.

How do I get this removed from this Credit Report/Summary? I can't get any credit cards because of this.

Tue, 12/27/2011 - 10:58 Permalink

I will tell you Lexington Law firm is NOT a company you want to use. They have several complaints aqainst them, they claim to have a good 'BBB' rating ( they are not under the BBB..) and they charge people for phony bills. I, personally, have used them and they told me they did all these things for me and try to charge me over $500.00..for nothing. They said a "$99.00 deposit fee will required." They took almost $200.00 for a "fee" out of my bank account. I was extremely mad!!! I talked to a lawyer when this all happened. I actually saw a 'blacklist' that Lexington Law is on. They are a fraud company based out of the US. So,..again..helpful this warning helps you.

Tue, 12/27/2011 - 21:04 Permalink
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Tue, 06/26/2012 - 08:37 Permalink
Renne (not verified)

i'm 32 and my family and i are living at my mom's house we have bad credit jointly and i am the only one working. However my husband is receiving unemployment. My credit is fair alone but my husbands is what drags it down. Is it better to apply for a personal loan with a co-applicant or do i have the same chance of approval if i apply by myself. We desperately need to move out and consolidate our credit card debt which totals to 3,000. Need help!! i have tried applying to some websites like Avantcredit but no success. Please advise. Thanks.

Thu, 05/02/2013 - 17:22 Permalink
Amey (not verified)

Your only options right now are Sallie Mae and parheps Wells Fargo. But you are going to have to have a cosigner with good credit, a long stable employment history with an income high enough to make the payments when/if you can not.Good luck. Private loans are evil. Was this answer helpful?

Sun, 09/01/2013 - 01:51 Permalink

You can repair your credit report by paying off the bills along with the owed amount. Once your pay off your bills, it can help you reestablish your credit report. After that, you can apply for a new loan on favorable terms.

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