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What can you do if you have bad credit and your school has denied your financial aid request and you cannot get a cosigner for a student loan?
Wiki User
∙ 12y ago
I know this isn't an answer, but I thought I would let you know that you aren't alone.
I found out today that my Mom had been denied for student loans, and she is the only person I have to cosign. It feels like the end of the world. It feels like my dreams of going to college are crumbling before my feet. I'm becoming a part of a statistic.
I think the only thing we can do is pray. Pray that somone somewhere will help us. And that maybe right now this seems like the most messed up thing and that this shouldn't be happening, but theres got to be a reason.
Knowing that there must be a reason is the only thing that's keeping me going.
I hope and pray that you can find help too. :D
Wiki User
∙ 12y ago
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Can a 17-year-old get a loan to buy a used vehicle if he has a cosigner with great credit?
No, minors cannot legally enter into financial agreements.
What are the rights of a cosigner?
A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.
How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Can a cosigner be arrested?
A cosigner cannot be arrested solely for being a cosigner on a loan. However, if the primary borrower defaults on the loan, the cosigner may be held responsible for the debt and face legal action if they do not fulfill their obligations.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
If your a cosigner and want to remove your name before the loan is paid off will this affect your credit in any way?
A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.
If the cosigner for a car loan lives in a different state but cannot travel can the dealer travel to them to get the cosigner forms completed?
U.S.Mail or Fax and a Notary Public is all you need.
What happens when my cosigner doesn't want to be my cosigner anymore?
The contract cannot be changed without refinancing, your cosighner is stuck with it unless the loan is paid off one way or another.
Can student travel be paid for with student loans?
Generally, student loan money can only be used for COA (cost of attendance) related expenses, including housing. These expenses include things like tuition, books, room & board. If the travel is not directly related to your schooling, then student loan money cannot be used for travel expenses. There's some good information on student loans here http://www.financialaidfinder.com/financial-aid/seeking-financial-aid/student-loans/
If you are making sporadic payments to a collection agency and they cash them can they still sue the cosigner?
Unless you have a specific repayment plan that the collection agency agreed to, there is no legal reason that cannot sue the cosigner.
What happens if parent does not report to the insurance carrier that their child is no longer a full time student?
If you have to file a claim on that child they can request that you 'prove' they are a full time student. I had to do this periodically without a claim while our daughter was in college. And if you cannot prove it that child will have no coverage.
