Alternative Student Loans

tonicareer · Feb 18, 2005

Anyone applied through them? It does not need a FAFSA. Are this alternative loans only for people who own a house or property? Or have rich cosigners? Or already have great jobs and money in the bank? It says anyone can apply - but I would like more info before I have another loan request on my credit report. I suppose these loans are the last choice for those who can't get pell grants or federal/student loans.

Anyone know anything about these loans?

twinbee25 · Feb 18, 2005

Anyone know anything about these loans?

...just curious...why is it you cannot get a student loan? I thought anyone could, even if they cant get a pell grant....

but in answer to your question, sorry, I dont know what alternative loans are.

TLC RN · Feb 18, 2005

Anyone applied through them? It does not need a FAFSA. Are this alternative loans only for people who own a house or property? Or have rich cosigners? Or already have great jobs and money in the bank? It says anyone can apply - but I would like more info before I have another loan request on my credit report. I suppose these loans are the last choice for those who can't get pell grants or federal/student loans.

I am a second degree undergrad student. I was coming from a decent paying job so I applied for the loan before I quit my job. I had to say that I was going to go to school and continue to work in order to get approved. I did not need a cosigner because I had the income and credit rating to get it alone. If I tried to apply this year as a full time student I would need a cosigner that can get approved for the loan. I do own property but it did not have to do with my acceptance.

The one I applied for limited my loan amount to the the cost of attendance for one year of school at my program. So if your school publishes it costs 15K to attend for one year, you can only get 15K, not the up to 30K the advertise. They did not report my loan to my financial aid at school. If they do, they could have lowered the amount the school dispersed. I also filled out FAFSA and was also able to get federal loans for the maximum allowed to upper level undergrad students from my school.

LMK, if you have anymore questions. It was a pretty painless process. If you are a graduate student, I think you can apply for the loans alone even if you are going to school full time and not have a co-signer.

TLC RN · Feb 18, 2005

...just curious...why is it you cannot get a student loan? I thought anyone could, even if they cant get a pell grant....
but in answer to your question, sorry, I dont know what alternative loans are.

I am not sure about this but I think when a person files for FAFSA they decide your expected family contribution (EFC). If a person's EFC is greater than the cost of attendance they school could decide to not issue loans to you. For example, if your EFC is $25,000 and it only cost's $8000 a year to go to school, your school could decide to not issue a loan.

manna, BSN, RN · Feb 19, 2005

I'm not sure what you're referring to as alternative loans, but if you mean something like Sallie Mae...

They're just independent bank loans - to qualify you have to be credit-worthy or have a credit-worthy cosigner (does not necessarily = "rich"). As far as I know, this sort of loans is not based on cost of attendance, rather on how much you are qualified to borrow.

tonicareer · Feb 19, 2005

Thanks for the responses. Well I was hoping this would work for me - but your answers and the research I have done indicate I would not qualify without a cosigner - (no relatives will do that). So I will just move on and forget about it. I don't qualify because of the previous BS degree. Can't get pell. The Lpn program is only 15 months so no federal/state money either - since I have a BS. My state has only a couple of entry level masters programs - very expensive and selective (like 10 to 12 students every 2 years). If I moved out of state I would to need to pay out of state tuition- which is too expensive. I seem to fall between the cracks on everything. So unless I can earn enough money to qualify for a loan or find a cosigner - it is a no go for me. Very ironic when I know people getting low grades and welfare - and they get into the program - cause the state picks up the tab. Such is life.