Please help I was turned down for a student line of credit?

Question

I was turned down for a student line of credit because my parents were my cosigners and have too much debt. Im late for my residence deposit fee already. OSAP has given me $2000 because my parents earn over $100000 combined. I dont know what else to do. My family is broke

Answer 1

You sound a lot like me.  My parents are in a lot of debt and are therefore, unable to be cosigners for my student loans.  There are things called alternative loans, and depending on your credit report, and perhaps even age, you might be able to get one of these.  They let you borrow up to your tuition minus any scholarships, financial aid, and loans your school already gives you.   Sallie Mae offers many alternative loans to students, their Signature loan for undergrads doesn't require a cosigner.  You should shop around for the best interest rate and you should also ask your school if they know lenders that will give you an alternative loan.  Colleges usually recommend a few and borrowing from their recommendations ensures that you receive your money ASAP.  You could also ask your financial aid office to see if you qualify for work study or to increase your loan ammount, considering  there is a small likelihood that you will receive any more free scholarship money.  Of course, I think there's no harm in asking for scholarship money either.  Well, I hope this helps you.  Good luck in your college career.