I am a 17 year old who needs a cosigner.?

Question

I want to go to college, bad. but i need another 6000 dollars to finishpaying my college expenses. I need a cosigner i think. are there any other options?

i dont have parents who are willing to help

(i filled out fafsa and scholarships already)

Answer 1

You're correct in that you're in a bind. If you have tapped out the money available to you in federal student aid, you've exhausted available scholarships, and you've checked into whatever institutional funds that the college might have available, then you now need to turn to an external source of money.

Many students rely on their parents, but, for whatever reason, that's not always feasible.

It sounds like you really need to sit down with your parents and talk about their objections. Maybe they're not aware that the federal government has a very attractive loan option for parents called the PLUS loan. The interest rates on a PLUS loan are far lower than other sources of borrowing, and a PLUS loan is easier to qualify for than most other bank loans. While it's required that your parents take the loan in their own name, perhaps you can draw up some kind of private agreement with them, so that you would assume responsibility for paying the loan, upon graduation.

(That's not necessarily going to solve your problem, because unlike the Stafford loans that enter their repayment phase after you graduate, PLUS loan enter repayment immediately upon disbursement.)

Why not show them the information about the PLUS loans, and see what they say. A PLUS loan of $6000 has a payment of $75.50

You are correct about the need for a cosigner if you were to apply for a private (non-governmental) loan. Legitimate lenders will only lend to applicants with a significant credit history - keep in mind that your credit history is the only information that a lender has about your borrowing habits. If, like most students, you have no borrowing history, you are too much of an unknown risk for the lender, and they're going to insist that you apply for the loan with another applicant who does present a creditworthy history.

By the way - cosigning is ALWAYS a bad decision to make. If you're ever asked to cosign a loan, run! If you're not sure of why, check out some of the many previous questions that have appeared on this topic - just do a search for "cosigner" in the search bar at the top of this page.

Good luck to you. I don't know why your parents aren't able to help with the cost of your education, but I hope that you are able to resolve it.  You might want to remind them that the federal financial aid program is only intended to be an assistance program to HELP families afford the high expense of college. The government anticipates that every student's parents have the primary responsibility to assist their child - not the US taxpayers.

Answer 2

It is very tough to get a student loan without a co-signer even if the co-signer makes over $19,000 as another person as suggested. I was the victim of a scam and my credit got ruined. My Dad has excellent credit but no one will approve a student loan with him as a co-signer because he's only been at his current job for 6 months. My fiancée has ok credit and makes almost $40,000 and they wouldn't accept him as a co-signer either. I have applied to every bank and loan company I could find on the internet. I even started calling to find out their minimum credit scores to see if it would even be worth while to apply. I got the same answer each time "we don't give out that information". They all just wanted me to apply and "see" if I will get approved. I told them I know they wouldn't approve me because I've applied to all of them before. (I was able to get some negatives off my credit report and raise the score to 610 but no one will tell me if that's high enough and all want to run my credit again! That will show as an injury and cause it to go down even more!!)

http://loan-house.we.bs/studentloan.html

Pre Prime loans are the loans to students who have no credit and no co-signer. The only requirement is that the student does not have bad credit. They also consider the student's high school GPA and intended major as factors.

http://loan--house.blogspot.com/2008/03/...

Answer 3

College loan.

you should've saved up your money for college.

You should try save as much momney as possible.

My suggestion, Don't need to follow.,

2 years of community college then transfer to 2 years of University.

you would use this option to save money for college.