Private loan and no co-signer

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I have a major issue. I applied for Finacial aid and only received 9,500 and recieved 9,500 in scholarships from the school, but I need 12,960 dollars to cover the cost of tuition. I applied for sallie mae and got approved without a co signer but with a very very high interest rate,(almost 13%) I most likely will not accept the loan. I applied for a loan at wells fargo and needed a co signer, my husband reluctantly co signed BUT I now need I need a joint co signer, which I do not have. I start school in Aug and I am freaking out about not being able to pay for the rest of the tuition. Does anybody know how many times you can apply for a loan without affecting your credit score. My husband will not be co signing for anymore of the loans because he is afraid it will effect his score. Also, does anybody know where you can get a loan other then sallie mae without a co-signer?

Thank you in advance!! :)

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Specializes in critical care.

Contact financial aid and ask how to get a stafford loan. That's your first stop. Some schools don't readily participate with federal loans, but if you ask, they'll try to make it work if they are able. Federal student loans are not credit based.

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Well.. It shouldn't affect his credit so much unless something were to happen to you and defaulted. Your answers can be found via quick google search, short answer is yes it will put a dent on your credit score. Kind of funny how your husband is more worried about his credit score more than supporting you through school. It's not even a significant amount. Try going to your school fafsa and putting in word that you may need more, they'll work with you. Really though.. It's not even that much. Hubby trippin.

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Silver, i received federal direct unsubsidized student loan, is a stafford loan different? I will contact my financial aid now and ask how to get a stafford loan. I have received stafford loans before in the past and were usually received it with my financial aid package through FAFSA. With my husbands incomes I think we made to much money for me to receive anymore federal loans, plus I have many student loans from previous schooling.

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Hey Bronze. I googled whether or not shopping around for a lower interest rate will affect my credit score and I read that it wont if you go it in within 45-day time frame. Are you saying being a co-signer will not affect his score? He is worried because his name is on everything( the mortgage, my car, home equity loan, credit cards ect.) and has excellent excellent credit score( almost the highest possible credit score you can have) so he just doesn't want to jeopardize that ( which i completely understand, one of us has to have good credit) I will go to my schools financial aid this week and see if there is anything they can help me. Thanks

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are there any other questions that I should ask my financial aid counselor regarding more aid?

if all else fails i might have accept Sallie mae and I really really dont want to do that. :nailbiting:

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I am interested in this information, too. The amount of federal loan I am eligible for, is not enough to cover my tuition. My husband is unemployed, so he is not a co-signing option. I will call my financial aid office too and see if I can increase the amount of my federal loan. I'm starting to stress out, too!

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Specializes in Leadership, Psych, HomeCare, Amb. Care.

As a consigner, your husband has agreed to be legally responsible for the loan if you defaulted or died.

Not then making the payments would adversely affect his credit rating.

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Google Discover student loans. Discover offer a interest rate of 10.99% for a fixed loan without a cosigner. They have better interest rate that sallie mae and their application is very easy to fill.

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Thank You Blossom7! I will look up discover as well. I am thinking of applying to a credit union and citizen bank

Does anyone know if having many loan inquires affect my credit score. I am reading that if I apply for multiple loans within a 2 week period it will not affect it. Does anyone know if this true? I can find a direct answer anywhere.

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If you want school paid for then take the loan you been offered private loans are scarce and hard to get with out a co-signer.

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Does anyone know if having many loan inquires affect my credit score. I am reading that if I apply for multiple loans within a 2 week period it will not affect it. Does anyone know if this true? I can find a direct answer anywhere.

It does affect your credit score having many inquires. Even if you apply for multiple loans within 2 weeks you would still have many inquires from the loans applications and that would lower your credit score. You need to call to the places where you want to apply and tell them what your credit score is and ask them to give you an estimation of their interest rate base on your credit score. Good luck :up:

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