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Where can I get a decent student loan without a cosigner?

INeedNoSaltINeedNoSalt Registered User regular
edited July 2010 in Help / Advice Forum
So.

My school decided that I didn't qualify for student aid this semester because last year I fucked up too badly. Alright, I figured, I can get a loan for this semester, and then get back on student aid next semester when I have stopped having a fucked up career at the school.

I was looking at Wells-Fargo, because they offer student loans that don't have to go through the school and also don't need to start being paid until after I'm out of school. But they need a cosigner.

My parents recently informed me (today) that if I don't get a job at school before school starts, they won't cosign a loan with me.

Now I'm trying to find a job that I can maintain, but finding part-time (10-20 hour jobs) that only have evening/weekend hours is proving to a be a real bitch. I've been looking for the past two weeks.

If I don't go to school this semester, then my loans will see that I'm not in school, and they'll come due. I'll need to get a full time job and start working to pay them off. I'll be out of school for at least a solid year while I work to pay off the ~$14000 of loans I have for last year. I'll no longer be covered by my parents' insurance, so that'll be an issue, too.

So, I'll keep looking for a job, but if nothing comes up ... does anyone know where I can find someone that will give me a reasonable student loan that won't require payments until after I'm done with school?

I'm unemployed currently (obviously.) My credit history is probably pretty nondescript. I had a credit card in my name that I got through my parents (and whoever issued them the card, I guess) that I used to pay for my first two years of school at a community technical college ($8000 for two years) that I never missed a payment on and paid off in full (I was working here in Milwaukee while I was going to school in Milwaukee, and spent all of my money on paying off school bills.) So I'd think whatever credit history I have isn't bad, even if it's not good.

Uhm, tl;dr: my parents would rather i drop out of school than cosign a loan and help me out until i can find a job. where can i find a loan that doesn't require a cosigner and will let me wait until i'm out of school to start making payments?

fake edit: also i have no idea why my parents won't cosign for a loan with me because i have given them no sign that i would be unwilling/unable to help them pay for it once i was out of school. it is my intention to find employment as soon as i graduate.

sometimes you just gotta do a thing
INeedNoSalt on

Posts

  • FiggyFiggy Registered User regular
    edited July 2010
    So many things.

    First, you will not find a student loan without a co-signer. You have no assets and no credit. No company/bank in their right mind would lend you a dime. Have you tried meeting with the financial aid office at your school? Make it clear that they are your last chance to be able to attend school next year. If you don't receive aid, you're going to have to take time off.
    Uhm, tl;dr: my parents would rather i drop out of school than cosign a loan and help me out until i can find a job. where can i find a loan that doesn't require a cosigner and will let me wait until i'm out of school to start making payments?

    Really? You think this is why your parents won't co-sign? Do you think maybe it is because you fucked the dog all year last year at school and they don't want to enable you to fuck around for an entire year once again on (potentially) their dime? I applaud your parents, and I hope they stick to their guns.
    it is my intention to find employment as soon as i graduate.

    No shit! It is everyone's intention to find employment. I don't know anyone who says, "I do not intend to find employment." That doesn't mean you will find employment, and quite frankly, by your dismissive and irresponsible attitude, I am having doubts you'll even finish your degree/diploma.

    How hard are you looking for a job right now? How many hours per day do you spend looking up posting, making cold calls, tailoring cover letters, and handing out resumes? If your answer is not "10," then you are not trying hard enough.

    Sorry if this all sounds harsh, but I don't think any bit of it is out of line.

    Figgy on
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  • EshEsh Tending bar. FFXIV. Motorcycles. Portland, ORRegistered User regular
    edited July 2010
    I don't know about your school, but at my university, classes aren't 5 days a week. They generally run M-W-F or T-TH. Arrange your classes so you have a couple days a week where you have the entire day available for work and you won't have such an issue with having a job accommodate your school hours.

    Esh on
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  • admanbadmanb the bored genie Seattle, WARegistered User regular
    edited July 2010
    It's a weird day when you come into an H/A thread and Esh's post is the nicest one.

    admanb on
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  • INeedNoSaltINeedNoSalt Registered User regular
    edited July 2010
    Esh wrote: »
    I don't know about your school, but at my university, classes aren't 5 days a week. They generally run M-W-F or T-TH. Arrange your classes so you have a couple days a week where you have the entire day available for work and you won't have such an issue with having a job accommodate your school hours.

    Right now my schedule is set to be M-F, although I'll only have one class on Fridays (filling in a full ~15 credit load while leaving any days open would've meant taking classes I didn't need)
    No shit! It is everyone's intention to find employment. I don't know anyone who says, "I do not intend to find employment." That doesn't mean you will find employment, and quite frankly, by your dismissive and irresponsible attitude, I am having doubts you'll even finish your degree/diploma.

    I have one year left. No, if I have to drop out because I can't get a loan for my very last year, I won't finish my degree.

    I fucked up my first year, the first time I've been in a University environment. I've made a lot of progress and gotten a lot more comfortable since then (my second semester was a huge improvement over my first). I got through my first two years of college with a 3.7 GPA and 15-18 credits a semester. This isn't just "I slacked through my Freshman year, it's proof that I'm not trying".

    I don't know how "I need to get a loan so I don't drop out because I don't want to drop out and I'm trying to find a job and I intend to find a job" suggests that I'm being "dismissive"

    Also I don't even know how to fill ten hours with job hunting but with the threat of the end of my academic career if I did know how I'd fucking be doing it

    INeedNoSalt on
    sometimes you just gotta do a thing
  • DeebaserDeebaser on my way to work in a suit and a tie Ahhhh...come on fucking guyRegistered User regular
    edited July 2010
    Just to echo the above, you aren't going to get a private loan without one of three things:

    1. a very good credit score. And I mean "actual grown up good", not "college student good".
    2. A house or car to put up for collateral
    3. a cosigner

    The path of least resistence is getting a job and until then showing your parents that you are trying like a motherfucker that priority number one is finding part time employment.

    Deebaser on
    YOLO. Swag. Whatever. Fuck it. Lets do this.
  • FiggyFiggy Registered User regular
    edited July 2010
    Deebaser wrote: »
    Just to echo the above, you aren't going to get a private loan without one of three things:

    1. a very good credit score. And I mean "actual grown up good", not "college student good".
    2. A house or car to put up for collateral
    3. a cosigner

    The path of least resistence is getting a job and until then showing your parents that you are trying like a motherfucker that priority number one is finding part time employment.

    Even with the first, you'd still need income to prove you can pay it off. My credit score is fairly good, but I'd never be able to secure any type of loan simply because I don't make enough on paper to "prove" I would be able to pay it back.

    As for student loans where you need to pay them back after graduation, they almost always need a co-signer.

    Figgy on
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  • RyeRye Registered User regular
    edited July 2010
    Try to get outside family if you can - my uncle cosigned for my loan when my parents couldn't afford to.

    Sometimes parents still have to decide if it's worth risking the house and car.

    Your attitude is dissmissive because you are mitigating your own responsibility for A) Getting good enough grades to stay in school and B) Getting a job to stay afloat otherwise.

    "My school decided.." "my parents..." and one mention of "I fucked up.." followed by excuses and circumstance.

    There are so many FREE tools for getting a job. Very few people can empathize with a person who doesn't have a job but hasn't exhausted craigs list, wanted ads, all local vendors, job search sites, alumni relations from school, job plavement from school etc.

    Can't fill 10 hours? Don't deserve a job.

    I'm not trying to make you mad or troll you, but you need to take more responsibility. It's TOUGH and a lot of my college buddies went to graduate school to AVOID having to get jobs in this economy.

    Rye on
  • VisionOfClarityVisionOfClarity Registered User regular
    edited July 2010
    I wasn't able to get a student loan without a cosigner until I hit grad school. All of my undergrad loans required one. When I did get one it was from the place I had my undergrad loans from, CitiBank.

    VisionOfClarity on
  • INeedNoSaltINeedNoSalt Registered User regular
    edited July 2010
    Rye wrote: »
    Try to get outside family if you can - my uncle cosigned for my loan when my parents couldn't afford to.

    If I can't find a job, I'm probably going to ask my grandfather to help. However, my parents will probably tell him not to do it, because they will think I am trying to go around them (and I guess I will be.)
    There are so many FREE tools for getting a job. Very few people can empathize with a person who doesn't have a job but hasn't exhausted craigs list, wanted ads, all local vendors, job search sites, alumni relations from school, job plavement from school etc.

    I've mostly scoured Craiglist. I was up until four AM last night looking over pretty much whatever resources I could find online (through the school, the city, craigslist, etc). Finding local listings is a little harder because I don't live in the city I go to school in. I submitted several applications last night, say.

    Hell, I submitted applications for a couple of baby-sitting jobs (even though I can't imagine I'll get them). I'm not just choosing not to look.
    Can't fill 10 hours? Don't deserve a job.

    Not unwilling to, just not certain how or where to look. I'm open to suggestions.

    I think what's causing me the most trouble is that when most people want work (morning through afternoon) is when I'm in class; there's lots of work in Milwaukee for evening/weekends (well, not lots, but there's not lots of work anywhere I guess), but it seems like a less popular option in Madison.

    INeedNoSalt on
    sometimes you just gotta do a thing
  • LearnedHandLearnedHand Registered User, __BANNED USERS regular
    edited July 2010
    I don't remember having to have co-signers. Of course, I only applied for loans for graduate school. It was no problem even though I never worked and had no credit. They just throw money at you. It's all a big scam.

    Anyway, anyone suggesting that it's easy to get a 10-20 hour a week job has a very limited understanding of the job market. Of course, it's more difficult to find part-time work than full-time work. Especially as little as 10-20 hours a week. Not many such jobs exist.

    Also factor in the current economic situation. It's not a matter of "not trying hard enough". The jobs don't exist. It's a myth that you can just apply to McDonald's and they'll give you a job. I've tried it. Never even got an interview at these sorts of places. They hire recent immigrants, the mentally retarded (I don't say this as an insult, I mean actual mentally retarded people) and similar people who they know aren't going to quit right away (because they have few other options).

    Anyway, I don't think many part-time jobs are advertising on the internet. I guess just go to grocery stores and restaurants and the like and talk to somebody in charge of hiring.

    Parents not co-signing (particularly when they would co-sign if you found some little pointless job) is a bullshit move. Also, given that it's your last year.

    LearnedHand on
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  • DeebaserDeebaser on my way to work in a suit and a tie Ahhhh...come on fucking guyRegistered User regular
    edited July 2010
    Step 1: go to the mall, strip malls in your area and ask every manager at every store if they're hiring in person.

    Step 2: Make a list of the chain stores you visited and try and apply on their websites

    OR

    Rearrange your schedule to free up one or two days where you can work daylight hours. It's college.

    Deebaser on
    YOLO. Swag. Whatever. Fuck it. Lets do this.
  • DeebaserDeebaser on my way to work in a suit and a tie Ahhhh...come on fucking guyRegistered User regular
    edited July 2010
    Anyway, anyone suggesting that it's easy to get a 10-20 hour a week job has a very limited understanding of the job market. Of course, it's more difficult to find part-time work than full-time work. Especially as little as 10-20 hours a week. Not many such jobs exist.

    If 10-20 is hard to find, then be more flexible. It's definitely possible to workup to 30 hours with a full class load and seeing as how his parents aren't willing to underwrite the OP if he doesn't get a job, it might be necessary.

    Deebaser on
    YOLO. Swag. Whatever. Fuck it. Lets do this.
  • ceresceres When the last moon is cast over the last star of morning And the future has past without even a last desperate warningRegistered User, Moderator mod
    edited July 2010
    What's your major?

    I'm a bio major, and I'm being paid to assist my professor with some research he's doing for which he managed to obtain a nice grant. This is separate from financial aid and not considered work study, and I work a little less than 10 hours a week because we're still getting set up. There may be a position like that with one of your professors, or something equivalent for your major. It's worth asking around. Also if you're that close to done it might be worth looking into internships.

    Talk to some of the profs you get on really well with, and see if they have any suggestions. They can often give you leads and tips on things to try, you just have to show some initiative and be willing to chase them down.

    ceres on
    And it seems like all is dying, and would leave the world to mourn

  • INeedNoSaltINeedNoSalt Registered User regular
    edited July 2010
    my major is Religious Studies

    it is unfortunately not a very technical thing (I'd been considering getting a retail job after I get my degree and using it to pay off two years for a technical certification or something, dunno), but it's really interesting and I'm enjoying it (my performance improved pretty well last semester when I started taking RS courses exclusively)

    INeedNoSalt on
    sometimes you just gotta do a thing
  • FeatherBladeFeatherBlade Registered User
    edited July 2010
    Do your parents subscribe to the proverb "The one who cosigns for another's loan is a fool"? If so, that's probably why they won't cosign.
    And why would you want to inflict a loan on your family anyway? That's kind of rude.

    Look on your school's website for job listings. Apply to them all. Find out if university employees get a discount on tuition. Work for the university until you finish your degree. There are many people who have gotten their bachelor's, master's and probably even doctorates by working as university janitors.

    FeatherBlade on
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  • INeedNoSaltINeedNoSalt Registered User regular
    edited July 2010
    Most jobs -with- the university won't employ me until next semester (no financial aid!), although I've applied to everything at the school itself that I qualify for (and that they have on their website, at least, I'm still digging around)

    INeedNoSalt on
    sometimes you just gotta do a thing
  • KyouguKyougu Registered User regular
    edited July 2010
    Why are you using craglist to find a job and not going out and turningin applications at every place you can find?

    Kyougu on
  • INeedNoSaltINeedNoSalt Registered User regular
    edited July 2010
    Kyougu wrote: »
    Why are you using craglist to find a job and not going out and turningin applications at every place you can find?

    because i don't live in the city that i need to find a job in.

    INeedNoSalt on
    sometimes you just gotta do a thing
  • LadyMLadyM Registered User regular
    edited July 2010
    Yeah, definitely pound the pavement. Try pizza places, Hastings, maybe McDonalds . . . they often hire high school students, so presumably at least some of their managers understand that students have flexible schedules. As a college student you should have more available hours than a high school student.

    Edit: I just saw your update. Okay, yeah, that limits you. Check for places that have online applications. Off the top of my head, I know Petco and Shopko do.

    LadyM on
  • ceresceres When the last moon is cast over the last star of morning And the future has past without even a last desperate warningRegistered User, Moderator mod
    edited July 2010
    I'm fully of the belief that no degree is really wasted unless you waste it, but a degree you're completing when you already have a plan to, upon graduation, get a technical cert so you can do something else? I think I can see why your parents don't want to risk this. I'm sure they don't doubt that you have every intention of paying them back if it all goes pear-shaped, but at this point they may find your attention span suspect.

    You screwed up and that sucks bad, but it's really nobody else's fault that this is happening. If you don't find something then part of the consequences may be that you need to stop long enough to find work full-time and pay off your previous debts. If you really, truly love this degree, you can always save up for it and finish it part-time later if you need to. "But it was years ago" really doesn't matter in the scheme of things.

    Keep trying hard to find a job, take anything that offers, and prepare yourself for the possibility that you may need to take a semester off to work.

    ceres on
    And it seems like all is dying, and would leave the world to mourn

  • INeedNoSaltINeedNoSalt Registered User regular
    edited July 2010
    ceres i think you have showed up every time i have made a thread about school and finances

    and every time you manage to make it sound like it's not the end of the world

    i really appreciate that

    INeedNoSalt on
    sometimes you just gotta do a thing
  • ceresceres When the last moon is cast over the last star of morning And the future has past without even a last desperate warningRegistered User, Moderator mod
    edited July 2010
    I've started and stopped schooling more times than I care to recall, for one reason and then another and then another and then finally finished only to feel the need to go back. Really, especially as an undergrad, you can always go back, and people take semesters off to save money all the time.

    Unless you have repeatedly failed academically or never met their standards in the first place, very few schools say "We're sorry, you missed your chance. You can keep your money, we don't want it." If this thing is really what you want, it will be there.

    ceres on
    And it seems like all is dying, and would leave the world to mourn

  • UnsaltedUnsalted Registered User
    edited July 2010
    I don't remember having to have co-signers. Of course, I only applied for loans for graduate school. It was no problem even though I never worked and had no credit. They just throw money at you. It's all a big scam.

    Anyway, anyone suggesting that it's easy to get a 10-20 hour a week job has a very limited understanding of the job market. Of course, it's more difficult to find part-time work than full-time work. Especially as little as 10-20 hours a week. Not many such jobs exist.

    Also factor in the current economic situation. It's not a matter of "not trying hard enough". The jobs don't exist. It's a myth that you can just apply to McDonald's and they'll give you a job. I've tried it. Never even got an interview at these sorts of places. They hire recent immigrants, the mentally retarded (I don't say this as an insult, I mean actual mentally retarded people) and similar people who they know aren't going to quit right away (because they have few other options).

    Anyway, I don't think many part-time jobs are advertising on the internet. I guess just go to grocery stores and restaurants and the like and talk to somebody in charge of hiring.

    Parents not co-signing (particularly when they would co-sign if you found some little pointless job) is a bullshit move. Also, given that it's your last year.

    Between this and other comments you have made (no one pursuing anyone for lease breaking...) , I cannot wait to see someone come after you on the legal field. No one throws money at you, and if you think thats the case, have fun spending the rest of your life struggling to keep your head above water because every creditor you've screwed finally comes to realize that you are a goose who made off with their money. Please stop giving advice that could potentially mislead people into make very serious mistakes with their financial and legal well-being.


    Anyway, Salt-

    Have you tried unconventional avenues as well? You said you live in a town outside of where you need a job. Are you living in one town and going to school in another? What type of town do you live in, Is it more suburbia or closer to rural/agricultural? One of the ways I found work during a particularly hard time was with several of the folks that had horse properties and livestock but didn't necessarily have the time to maintain everything. Id wake up at 4 AM and make rounds feeding and watering horses so they didn't have to. Where I was, people were more than willing to throw money or goods your way for the convenience.

    What kind of social network do you have? My biggest tool seems to always go back to the people I know and connected with. If they've given you their contact info, you've obviously made some sort of impression on them. Start tapping your network, explain your situation, but only briefly. You never know when someone you know has something open. Not to mention you'll be on their mind if something does open up.

    10 hours a day is pretty ridiculous in my opinion. I dont think its so much about time spent vs time spent effectively. Mr. "you need to put in 10 hours a day at least" might think that, but Id say 5 hours a day expending every resource you have in order to find a job is better than 10 hours beating yourself up trying to think of other things.

    I think one of the most important things to remember about being unemployed/between jobs/etc. is that there are always ways to get what you are looking for without killing yourself to do them. I will posit that just because someone is unemployed, doesn't mean it's a vacation. You should be doing other productive things. You know all those things you thought, man, this would be really useful if i had the time to "blank". Do those. Work around your house needs done? Great. Older parents need help with their house? Great. Getting back in to shape? Great. (This was probably the easiest to do when income is nonexistent IMO(no temptations!))

    So, I'd say that if you feel like you are using everything at your disposal, you probably aren't. But you are also human and are not the exemplar of efficiency. I think its more important to be satisfied with what you have been able to do than beat yourself up because you didn't devote 10 hours a day like some hardknock on the interwebs said.

    Unsalted on
  • kaliyamakaliyama Registered User regular
    edited July 2010
    Why exactly can't you get a stafford loan? What GPA did you get? what school did you attend? I can't believe i'm about to read the student handbook for you, but i will if you link me. If you're worried about maintaining your deferral enroll at a community college to keep that going.

    kaliyama on
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  • INeedNoSaltINeedNoSalt Registered User regular
    edited July 2010
    I can't get a stafford loan because (as mentioned above) i came through with 65.4% credit completion my first year at the university, and the school requires 66% cumulative completion to grant financial aid.

    I didn't have 'satisfactory completion' for last year.
    If you're worried about maintaining your deferral enroll at a community college to keep that going.

    I think this is not a bad idea. Right now the only loans I have out are from last year (stafford loans for ~$14,000), so if I have to take time off from Uni, I could take twelve credits at the local technical college for ~$2000 in the meantime (and get a job to make sure it's not more debt, naturally)

    INeedNoSalt on
    sometimes you just gotta do a thing
  • ChanusChanus Never Backward Always ForwardRegistered User regular
    edited July 2010
    If you already have $14,000 in debt for one year where you didn't complete 2/3 of your classes, stop borrowing money until you sort yourself out.

    The last thing you want is to continue tacking on debt and having nothing to show for it.

    Community College is affordable without loans or grants. Start there and get some credits under your belt. Once you get yourself onto a successful track where you're in the habit of doing schoolwork and doing well, then consider going back to Uni and accruing debt.

    Chanus on
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  • ChanusChanus Never Backward Always ForwardRegistered User regular
    edited July 2010
    Just to give you an idea, $14,000 in debt on a student loan is about $150/mo for 10 years to pay off.

    Chanus on
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  • Love CommanderLove Commander Registered User
    edited July 2010
    Usually the university can give pretty decent jobs, and they'll work around your classes. The pay isn't terrible either, usually around 8 bucks an hour. Of course, you'll probably be working in the cafeterias. It's not glorious, but it's a job.

    Do you go to Madison or Milwaukee now? I actually live near Milwaukee and go to school at UW Madison.

    Love Commander on
  • Void SlayerVoid Slayer Very Suspicious Registered User regular
    edited July 2010
    I understand that you wish to graduate from the university you are currently attending, but right now it seems like that is not going to happen. One thing you should look into is how many semesters you can take off from the school without loosing whatever progress you have made and a place at the school.
    If you can take 1-2 years off from your degree, you can get a job at your local area you feel more comfortable in, stay at home and keep expenses low. Go to a community college to keep your loan repayment from starting, possibly getting a degree or progress towards a technical certification while you are at it.
    If you perform well at the community college level you may be able to convince your university to apply for financial aid on your behalf. Also if you save your money while working you may be able to afford to pay for the courses yourself. You may need to take a different course of action then you originally intended but there are lots of options which can still allow you to finish your degree.

    Lastly have you talked to the dean of students and the head of the financial aid office yourself? Maybe the dean/head of your department? Even if they cant help you get the aid right now they may be able to suggest a course of action to allow you to attend now or in the future.

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  • noir_bloodnoir_blood Registered User regular
    If I don't go to school this semester, then my loans will see that I'm not in school, and they'll come due. I'll need to get a full time job and start working to pay them off. I'll be out of school for at least a solid year while I work to pay off the ~$14000 of loans I have for last year. I'll no longer be covered by my parents' insurance, so that'll be an issue, too.

    This is dependent where you got your loans, but most non-crappy loans (ie Sally Mae), generally give you 6 months in between being out of school and having to start making payments. The crappy thing is they'll count summer, but that gives a little bit of wiggle room. So maybe don't go to school for six months, buckle down and work a full time job, and make sure you have enough money to pay school the next semester.

This discussion has been closed.