Bad credit, can't get loans

[jasimon88]

I got into an accelerated BSN program that starts in one month. I have bad credit and a lot of student debt from my first bachelors. I am being denied private student loans even with a great cosigner. I already took out my max amount of stafford loans in my undergrad.

Has as anyone else been in this situation? Did you find a way out??

thank you

[Zyprexa_Ho]

Perhaps part of your problem is the loan amount you are requesting. Try an associate's degree program and see if you can get the loan for this less expensive option.

[meanmaryjean, DNP, RN]

If by 'a way out' you mean a way to have your cake and eat it too- the answer is probably not. The simple fact is- you cannot afford this program. You need to either 1) delay enrollment until you can save enough $$ to pay for it or 2) find a less expensive program you can afford to pay for.

Believe me- the crushing load of debt you've already accrued cannot be relieved by borrowing more $$. And looking for a co-signor is a terrible idea- because if you default- THEY are stuck with YOUR payments. I would never ask another person to do that.

[caliotter3]

The only way out of this situation is to obtain employment and pay down debts, create savings, and maintain a frugal lifestyle going forward. Lots of people find themselves in similar circumstances without family able/willing to help. I believe that paying down your present education debt would go a long way in creating breathing room for taking on new education debt. Good luck.

[WookieeRN, BSN, MSN, RN]

My first suggestion would be to delay entrance into the program to either pay down your debts and improve your credit score or work enough to save for the tuition. Scholarships are an option, but with a month to go until you start this may not be a realistic option.

My second suggestion would be to apply to a community college program that may be more affordable for your situation.