What can I do if I am not eligible for Financial Aid and do not have credit, but need money for college?

Question

What can I do if I am not eligible for Financial Aid and do not have credit, but need money for college?

Answer 1

If you're not eligible for financial aid you or your parents must have alot of money listed on your fafsa. Best solution? Get a job and slowly work through college. That's better than being in debt.

Answer 2

Not eligible for ANY financial aid? Well, I would recommend trying to get scholarships, as many as you can apply for. If you still don't have enough money in time, then take out a student loan - they're better for students than regular loans because they're easier to pay back.

Answer 3

You can apply for scholarships.

You can find employment with a company that offers a generous tuition reimbursement plan.

You can work full-time to save money for college, while possibly registering for a few courses on evenings or weekends.

You can borrow money from a wealthy friend or relative.

What can't you do?

You can not find a legitimate lender who will approve you for a big dollar educational loan without a cosigner. These loans DO NOT EXIST.

If you can not provide a lender with an extensive credit history that demonstrates your ability to borrow and repay, then you are a complete and total stranger to the lender, and they can not justify the risk of lending you $20,000 or $40,000 or $60,000. Banks will not lend money to "strangers", any more than you would.

IF you can bring the lender a cosigner, someone who DOES have a solid and extensive credit history and a significant income, you may be approved for a loan, Keep in mind what being a "cosigner" means. It means that if you can't pay, won't pay, or refuse to pay, that your cosigner MUST pay. The lender will sue your cosigner, if necessary, to collect on your loan. That's why no one in their right mind agrees to cosign a big loan.

Finally - there is no reason that you are "not eligible" for financial aid - that is, unless you're in prison, or you're in default on previous government loans. EVERY financial aid applicant is automatically approved for at LEAST a Stafford loan. The maximum available Stafford this year is $5500, which is more than sufficient to begin an education at a local community college or cheaper state university.

Good luck to you.