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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?

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2012-02-25 05:43:19
2012-02-25 05:43:19

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.

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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.

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).

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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.

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.

If one needs a low rate college loan and one has bad credit the best thing to do is to apply to all local banks and see who will give you the best rate. Advice on reducing bad credit rating can be found on Zillow.

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.

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Credit Counseling evaluates your credit in the way of finding the good ways and bad ways. By doing this you can improve your credit. Credit counseling help doing what needs to be done.

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