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?
Try AES. I have a few private loans with them for small amounts and have never had any problems nor did they require co-signers. Rates were around 8%. Not ideal, but if you're in a bind, worth looking into.
Blossom I am gong to call a few banks today and ask what the interest rate will be. I am completely freaking out about getting a loan in enough time.
Grandpaj, most of my loans from previous schooling are from AES but I received them through FAFSA. I went onto their website and I couldnt find where I could apply for a private loan. I always thought AES was directly given to you through the federal loans.
Is there anything you can do to avoid this debt? Is this for your whole program, or (gulp) just the first semester? Think about ways you can downsize, trim the fat, mow lawns on the weekends, something that might offset the amount you are looking to borrow. It's kind of insane to me that borrowing over 10k at 11% seems like a reasonable thing to do. Is it possible that your program is a little to expensive for your current situation? Also, if your hubby is not on board with this kind of borrowing, you could be setting yourselves up for mucho heartache later. Most divorced folks list finances as a top reason for their problems.
I went with Discover Student Loans and had to have a co-signor because I have no credit established. My loan just got approved and is being funded a week before nursing classes start. My amount was $28,236 and got 7.8%.
I think I'm missing something. 9500 federal loan + 9500 scholarship = 19,000. And you say tuition is 12,960 By my math you have more than enough. If on the other hand the tuition figure is what's leftover after $19k of fed and scholarship aid ... Holy cow that's an expensive program.
I think I'm missing something. 9500 federal loan + 9500 scholarship = 19,000. And you say tuition is 12,960 By my math you have more than enough. If on the other hand the tuition figure is what's leftover after $19k of fed and scholarship aid ... Holy cow that's an expensive program.
That's how I understood it. She's looking for about 32k in a lump sum? This sounds like a scammy for-profit set up, or the craziest out-of-state tuition ever. Going to nursing school is not an at-all-costs kind of decision. If the school doesn't fit your life, financially or otherwise, keep shopping.
Specializes in Critical Care, ED, Cath lab, CTPAC,Trauma.
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
You are married....your credit score affects his anyhow.
I was divorced over 30 years ago...About 10 years ago I had to answer questions about something he faulted on that we had jointly when we were married and he got in the divorce.
If he as your husband is going to benefit from your education he should help you obtain it.
Specializes in Clinical Research, Outpt Women's Health.
Could you wait a semester and work as many hours as possible and save that money to help pay so you wouldn't have to take on such a high debt? It is so hard to get ahead when you have a huge debt load. And stressful.
the amount is for the first year. I agree it is insane to borrow at an 11% interest rate and i wont be doing that. My husband is okay with the loans he was well aware that i have loans from previous schooling and he has been through each step in this process with me, so finances are not an issue with us, what has me at a stand still is getting a loan on my own with my credit. Unfortunately, I dont have have a choice to wait another year, most programs that are less expensive are diploma programs and are usually wait list. I wouldnt be able to start the program for another 2 years. and then have to continue my education because no one is hiring someone with a diploma.
grandpaj
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Try AES. I have a few private loans with them for small amounts and have never had any problems nor did they require co-signers. Rates were around 8%. Not ideal, but if you're in a bind, worth looking into.