I am applying for student loan and I have bad credit

lainith · Sep 26, 2008

Federal financial aid isn't based on credit. Others are though. Depends on what you're seeking.

jimbojonesey · Sep 26, 2008

Go update your FAFSA with the rent info if there's a space. it could mean the diff between getting grant or just loans.
If you are no longer working and your income has changed considerably that can be taken into account. I'm not sure how you do that, but I read that on the FAFSA site somewhere.
Pretty much the only reasons you can't get a federal loan are drug convictions or defaulting on a previous student loan (that can be rehabbed after a year or so of paying back though).
I wouldn't say anything about the credit cards, .

I went on the FAFSA site to edit my rent information but that option isn't there anymore. I guess they do not let people edit that information after it has been sent.

I am not eligible for student grants because I already have a bachelor's degree.

I Do have a previous student loan debt of 16,000 dollars. That was from my first bachelor's degree. Is that what you mean by defaulting on a previous student loan?

I guess I won't say anything about my Credit card debt even though that is the primary reason I'm applying for a student loan.. It just seems like to me, it is a legitimate reason to recieve loan for. Because My CC debt is basically from the time that I stopped working and went back to school.. So I am a bit conflicted about this issue, even though other people have told me to not mention my bad credit also.

Since your FAFSA is done, look at the SAR they should have sent you by email. The SAR will have a line at the top called EFC (expected family contribution). The EFC will impact your total financial aid eligibility, so if there are changes in your financial situation, you need to update/amend your FAFSA. Your financial aid counselor should be able to tell you exactly what to do.

I've never received anything from SAR. What is their website?

Becca_Anne · Sep 26, 2008

SAR (Student Aid Report) is the report the FAFSA sends to you.

natalio · Sep 26, 2008

I called Sallie Mae this morning. The told the information that the Tuition Answer Loan can be a best bet. The student doe not have to go through the school to get the loan. The only needed is the proof that they a present student. Credit rating is important and so a student may need a co-signor. I am in the same situation as the rest who have posted their information here. I am person with dept and wanting to return to school. Hoping I can find the right loan options to cover everything.

dannibee · Sep 27, 2008

I thought I wasn't eligible for any more student loans because I have a Bachelor's also but, to my surprise, I was awarded a pretty generous loan package from the federal gov. just about a week ago. There were a lot of hoops I had to jump through for the school but I still was able to get assistance. Try to go the FAFSA route because you'll get the lowest interest rate. Good luck.

jimbojonesey · Sep 27, 2008

So.. generally what should I say to them when I apply for student loan?

LeavingTeaching4RN · Sep 27, 2008

So.. generally what should I say to them when I apply for student loan?

You need it to pay for school expenses. No need for specifics.

AtomicWoman · Sep 28, 2008

With most (not all) lenders, your school has to "certify" you. This means that the school tells the lender what your anticipated expenses are (I don't think there's much detail in the numbers.) With private loans especially, some lenders are insistent on this, because they will lend you an amount "up to the cost of attendance" known as COA. If your school doesn't certify your COA, they won't lend you money.

What I'm trying to say is, you probably don't have to tell anyone anything about how the money will be spent. Your school already has a formula for the COA.

COLPN · Sep 28, 2008

I have good credit as opposed to great or excellent credit. I also work while going to school and have income to show. I was denied a private loan from salliemae and various other institutions. The credit situation isn't great right now and the private loan institutions are only accepting excellent credit scores. I suggest you find a willing cosigner with excellent credit. You may qualify for government subsidized, unsubsidized loans, and grants which may cover the 10,000 you need. I qualified for private loans last year. My situation hasn't changed this year and I was denied. I was able to get government loans and grants totally over $14,000.

Kevin RN08 · Sep 29, 2008

You may not qualify for Federal Grants due to your previous degree. But there are tons of grant programs through banks, credit unions, local churches, hospitals, and other groups that you should check in to. There's the national grants too, but I don't know anyone that's been awarded anything from those.

$500 here and $200 there adds up quick.

natalio · Oct 1, 2008

Other than Sallie Mae, can anyone suggest other Private Loans?

FLmomof5 · Oct 1, 2008

Ok folks....real world example present!

If you have a BS/BA/BE you are excluded from 99% of grants. That being said, you will most likely be able to get Stafford loans. The school establishes the COA (Cost of attendance). COA includes room and board (aka rent/food for those not in a dorm). When you take the MAX student loan (subsidized and unsubsidized) the school will take out any tuition/books/fees and disburse the rest.

If you want to feel better about what you are doing....use the disbursement money to pay your rent (mortgage) and food and then use your originally budgeted money to pay off your credit cards or other high interest debt.

QUALIFIER!!!! LOCK UP those credit cards for the duration! You will have enough to live on your new nursing pay with standard living expenses AND your student loan debt! Don't allow yourself to get in over your head.