Question about Private Student Loans. - page 2

Hi all, Im asking this here because Im sure some of you have had similar situations. My wife makes good money, she is already a nurse.. 12 years. I however have been downsized from the... Read More

  1. by   lullaby
    I am starting nursing school full time this summer. I already have a BA degree so i do not qualify for any Federal student loans so I have to take out all Private loans.

    I am really worried because I do not have good credit, but my parents have excellent credit and they said that they would cosign with me.

    My question is do you think I will be able to take out private loans even if i have bad credit but my parental cosigners have very good credit? My biggest fear is that somehow my bad credit will interfere with taking out private loans even though i have good cosigners?!

    anyone else go through a similar private loan situation?

    i'm very nervous!
  2. by   RNDreamer
    You won't know until you try...

    Quote from lullaby

    My question is do you think I will be able to take out private loans even if i have bad credit but my parental cosigners have very good credit? My biggest fear is that somehow my bad credit will interfere with taking out private loans even though i have good cosigners?!

    anyone else go through a similar private loan situation?

    i'm very nervous!
  3. by   5860TomCat
    Depending on the lender you use, you shold have no problem as long as your co-signers credit is good. My brother took out a private loan with Sallie mai (Tution anwser) his credit is bad, but my grama who has great credit co-signed... He did not have any problems. The question is calculating out how much you really need, plus safety net. Remeber private student loans run from 6% to 15% and higher.... so make sure you know your interest rate. I the company only offers you 15% or some other similar higher interest rate, you might want to see if you can get a line of credit through your bank or another resource. Good Luck. I did 40,000$ in private loans at a rate of 8.5%.

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