Credit score needed for private Loan ..please help!!!!!!!!

yelle418 · Aug 26, 2009

I was able to get a loan through Discover after getting rejected from PNC and Wells fargo. However, I have a cosigner. PNC rejected me before i even got to the part to put a cosigner in though, and my dad who is my cosigner has good credit, but not great - he was rejected for the Wells fargo app. The economy is so crappy right now, i hear that it's very difficult to get a loan without a cosigner. i was told that 2 years ago I wouldnt have needed one, as i have good credit, but am young. . so i dunno - its definitely a pain in the butt tho. Im sorry you're going through this, I understand how frustrating it is.

toya0419 · Aug 26, 2009

yelle418, thanks for the words of encouragement! I don't know what to do at this point.

Offroad · Aug 26, 2009

You need to tell the school to find an alternative source of credit. It is not your job to prove the school will result in you having an RN license, and paying the loan back. It should be the schools job to secure the credit for potential students.

toya0419 · Aug 28, 2009

offroad, You would think that that would be the case, bur no. I 've went to the financial aid office twice and they do not offer any funding to 2nd degree students. I recieved 12,500 through my stafford but still need 20,000 more. They told me I must get it through private funding. I do not have the credit score to secure a loan and is having a tough time finding a person who has good credit that is willing to co-sign. (I come from a poor family)...it really sucks ~!

Offroad · Aug 28, 2009

Transfer to a school that will fund you.

If not you might try bankruptcy, with a good lawyer, and claiming you have no increase in income due to the school work you have taken. You can not complete your requirements, and the school will not provide a funding source for you. I would do this. You have no chance to pay this loan money back, so why have this money monkey on your back forever?

LoveMyDaughters · Aug 28, 2009

Transfer to a school that will fund you.
If not you might try bankruptcy, with a good lawyer, and claiming you have no increase in income due to the school work you have taken. You can not complete your requirements, and the school will not provide a funding source for you. I would do this. You have no chance to pay this loan money back, so why have this money monkey on your back forever?

I don't know if I would recommend the bankruptcy route. This will DESTROY your credit for a VERY LONG TIME!! I have seen some employers doing credit checks on prospective employees, so if your credit is destroyed, that might hurt you worse in the long run.

Does your school offer a payment plan? The college that I attend will allow you to break your tuition/books over the entire semester, which helps a lot of students.

Good luck with your search. Have you tried private scholarships? There are a few scholarship "search engines" that you can find that you can make a profile and they can match you to potential scholarships. I used one called fastweb.com and I ended up with a scholarship that I was matched with from there. Hope this helps.

LoveMyDaughters · Aug 28, 2009

You need to tell the school to find an alternative source of credit. It is not your job to prove the school will result in you having an RN license, and paying the loan back. It should be the schools job to secure the credit for potential students.

I'm not sure I understand why it's the school's job to find money for students. I know that most have financial aid offices that can assist you with the process. Ultimately we are adults, and it is our OWN responsibility to secure finances for school.

toya0419 · Aug 28, 2009

lovemydaughters, I thought about the scholarship route but I only have a few weeks before school starts.What I might need to do is defer my acceptance until the spring so I have the chance to look for these scholarships and improve my credit at the same time. Thanks so much, I will go to fastweb after I finish typing this post.

Offroad, Many people tell me transfer or go to another school, but that is not so simple. Many Schools want different prequisites and cheaper schools is the most competitive to get into. And even if I was able to get in I would probably be faced with the same problem. As a 2nd degree student I can't get any grants only loans. And as far as bankrupcy I am not exactly sure how would that help , but I don't want my credit ruined for years to come, but I appreciate your input.

Offroad · Aug 28, 2009

I know, that bankruptcy is a scary word for 90% out there. But guess what? It will take you ten years to get out from under your debt, without bankruptcy, and save enough to have just the down payment, to use with additional credit, to buy a house.

As far as employers checking credit before a job offer? Maybe rarely, but the mechanical fiscal mathematical truth is you are less fiscal risk after bankruptcy, than before.

I went through it, and now get credit card offers all the time. I just refinanced my house after five years on bankruptcy.

But truthfully, it is extremely hard to discharge student loan debt in bakruptcy, if not impossible. Just another option somewhere later WTSHTF.

I think it is a shame, and a sham to put students into "debtor hell" for the rest of there lives with education. And this is such a great country?

Ramble ramble.

Meant2beRN · Aug 30, 2009

Bankruptcy is a last resort. I would try all other options "first"

rachelly0724 · Aug 30, 2009

Are you not able to file the FAFSA and get a loan that way?