I have poor credit, but I need assistance with son's college tuition. Where can I go for Help?

Question

I am retired from the military, and I made some poor financial decisions. I now have a very good paying job, but I have had issues with my credit. I don't know where to turn for help.

Answer 1

You need to decide which college your son wants to attend before you worry about money.

When that decision is made, contact the finance office at the college. If the first college choice does not work out, keep trying. Local community colleges and trade schools are eager to get new students.

Good luck!

Al Letcher for President 2008

http://groups.yahoo.com/group/onemillion...

Answer 2

Hi-

Your son needs to complete the FAFSA to be eligible for federal, state and university aid.  His college will send him an aid package, which may include grants and loans.  This letter will include an estimate of what remaining costs he will be responsible for.

Your best option for making up the gap is a parent PLUS loan.  This is a federal loan which will be in your name, but repayment can be postponed until after graduation.  The interest is fixed rate.  Your credit does not have to be very good for approval.  Congress relaxed credit standards for this loan.

Without a cosigner with a great credit rating, your son should not even think about a private loan.  Looking is a waste of time and can further damage your credit.