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What can you do if your son needs a college loan but you have poor credit and cannot cosign for him?
Wiki User
∙ 12y ago
If I were in your position I would first have the son apply for every scholarship he can, then I would have him apply for every student loan program he can. I would also go to the Office of Student Financial Aid, every college has one and meet with a financial aid officer. Tell them your situation. They will probably be able to help find sources he can apply for. Also most schools have a co-op program where he can get a part-time job in a field related to his major. Speaking of his major, there probably are professional trade associations that sponsor scholarships he can apply for and finally many colleges have a tuition management program where he can pay a portion of his fees up-front and make monthly payments on the balance. Every public Library has a Foundation Center where he can find information on scholarships, fellowships special programs. In short where there is a will there is a way.
AnswerFirst verify that he doesn't qualify with the FAFSA. No matter which route you take - you will be required to fill out the FAFSA, so do it early. YOu can do it online at fafsa.ed.gov(If you want to look into it more, FAFSA stands for Free Application for Federal Student Aid)
Also your son will be guarenteed (if he doesn't qualify for FAFSA funds) for the Stafford Loans. These generally (at the chepest University) barely cover the cost of the clsses let alone books, computer, etc.
Wiki User
∙ 12y ago
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Your daughter is 18 and has no credit yet She needs a co-signer for college loans but her dad and my credit is bad what can she do?
If she's going to an accredited college or university then she can get federal student loans. They don't run your credit for these. She only needs to have not defaulted on any other federal loan.
Your 18 year old daughter has no credit an she needs a loan for college but dad an moms credit is bad an she needs a co-signer what can she do?
Have her go to the financial aid office at her college. They have loans for everyone and she doesn't need to credit and they also can tell her about scholarships that she can apply too. As for the parents, have them repair their credit with a reputable credit repair company (BBB).
How do you get bankruptcy off your credit report?
A bankruptcy will remain on a credit report for the required ten years, it cannot be removed arbitrarily.
Does a cosigner have to have a good credit rating to cosign?
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
What are the pros and cons of cosigning a loan?
The pros are really only for the person who needs a cosigner. The reason they need one is because they do not have good enough credit to get the loan on their own. By Cosigning with them you are helping them to build their credit with a loan they wouldn't be able to get on their own. It also is listed debt for bolth people so If the cosigner trys to get their own loan later they will take that additional debt into account against them. The big con is that if the person you cosign for doesnt pay you are liable for all the money and if you don't pay it it goes against you credit. Be very aware who you cosign for and that they can be trusted because they can hurt youre credit as well as theirs if they don't pay.
What are some good credit cards for a student to have?
A credit card is something that every student over 18 needs because it helps them build up their credit rating by the time they graduate from college or university. Some of the good credit cards that offer credit cards for students are: Discover It for Students, Journey Student Rewards from Capital One, Citi Forward Card for college students, and Citi Dividend card for college students.
If your father is selling his house and you would like to buy it but have credit scores in the mid-500's is it possible for him to cosign your loan?
yes. if he is willing but why pay someone else the interest. let him finance it for you and save a bundle - ubless he needs the money to buy another home.
Can a person with bad credit get a loan with a cosigner with good credit?
Possibly. However, the cosigner needs to understand all the implications should the one needing the cosign on the load default on payments. If the primary borrower doesn't pay the co-signer will be held personally responsible for paying the loan in full. That's what they agree to when they sign as co-signer.
How many credit hours does a student typically need to complete general education requirements at four year college?
To complete general education requirements at a 4 year college, which is called a “college degree,” the undergraduate bachelor's degree generally takes 4 years to complete, and needs 120-128 semester credit hours, depending on your major/concentration.
How can your daughter 18 buy a car without a co-signer?
If she has a job making +/- $1200/month, is a college student and is a first time buyer (college student requiirement may vary from place to place), and if she has a credit card (w/good credit) helps a whole lot to purchase a NEW car. She can get a secured credit card with your bank and it shows up just like regular credit cards (no one knows it's secured), however, credit card companies love to give 18 year olds credit cards also. Great way to build a good credit standing. But if she buys a used car and pay's it off in two to three years she can use that and her good credit card credit rating and can purchase a home/condo on her own. Very cooooool. And three years later she can buy another home/condo. Even more cooooool. But if she buys a new car she will be burdened with payments for 4 to 5 to 6 years and by then the cars falling to pieces and she has to purchase a new one again because a new car is more important to her than purchasing a home/condo which is what she will never get approved for if she's $20K to $30K in debt on a new car. So I hope she is wise enough to understand what I just explained. And if you can't or won't cosign for her then maybe she hasn't got a good attitude toward money and responsibility and needs to really take to heart what I've explained above. She needs to get a vision for her life beyond the car. If you can and will cosign for her she can redo the loan down the road and establish the credit for herself but she will have to pay a higher rate so that's not always the best way but it can work out with patience. Good luck.
If you already have a car loan out can you cosign for a friends car loan?
Yes you can be a cosigner if your credit is approved by the lender. Also, you should be certain you can afford to make the car payments in case the primary borrower fails to pay. You will be held equally responsible for paying the loan. In most cases where someone needs a co-signer, their credit is not up to speed, and the risk that they will not pay is passed to you. Think twice about getting entangled in their financial situation.
What are the credit requirements to obtain loans for college?
Most lending companies understand that not much credit has been established for new college freshman. So, they rely on information on the students parents to determine eligibility for good loans to the aspiring student.
