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Private Loans for Students with Bad Credit
Stupid Mr Whoopsie Name
Registered User, ClubPA regular
Registered User, ClubPA regular
Anyone else in the same boat, trying to secure a loan for the coming semester but bad credit is halting the process?
I had, admittedly, really bad credit. In fact I'm almost sure if I were to run a credit-check it would result in a man showing up to my door and kicking me square in the bean bag. The reasons *why* aren't important, just the fact that the problem exists, is.
What I'm looking for is a private student loan. Not the federal or stafford loan, but a private loan. I've tried just about every regular outlet for a student loan I can find, and this is *with* a cosigner, but it's always *my* credit that halts the process. I understand this is due to the colossal shift in the lending market and the stricter lending criteria, but what I don't know is what to do about it.
My school's financial aid office is worth fuck-all on the subject. Come this fall when scores more people are in the same boat they might actually decide to do something more proactive, but for now their attitude seems very much to sweep it under the rug.
So I'd greatly appreciate if anyone knows of a place I can get a bad credit student loan, or at least a place I can *talk* to someone who can point me in the right direction.
Thanks.
I had, admittedly, really bad credit. In fact I'm almost sure if I were to run a credit-check it would result in a man showing up to my door and kicking me square in the bean bag. The reasons *why* aren't important, just the fact that the problem exists, is.
What I'm looking for is a private student loan. Not the federal or stafford loan, but a private loan. I've tried just about every regular outlet for a student loan I can find, and this is *with* a cosigner, but it's always *my* credit that halts the process. I understand this is due to the colossal shift in the lending market and the stricter lending criteria, but what I don't know is what to do about it.
My school's financial aid office is worth fuck-all on the subject. Come this fall when scores more people are in the same boat they might actually decide to do something more proactive, but for now their attitude seems very much to sweep it under the rug.
So I'd greatly appreciate if anyone knows of a place I can get a bad credit student loan, or at least a place I can *talk* to someone who can point me in the right direction.
Thanks.
Stupid Mr Whoopsie Name on
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Out of curiosity, would you say your head fits a normal, adult sized ski-mask or would you need something custom made?
I seriously laughed out loud.
But on to some advice before someone chops my cock off.
You say your financial aid office is worthless? How high have you gone up the ladder? Keep asking for a supervisor until you get someone who knows what is going on. What school is this by the way? Also how are your grades and GPA? You can check out Fastweb just google it. You have to go through a pretty intense data entry process but they filter from a gargantuan list of scholarships, internships, work-study etc etc. They find stuff that can apply to you and usually they find a lot of stuff in smaller dollar amounts. A ton of this stuff gets few or no applicants/entries.
Shogun Streams Vidya
I go to the Academy of Art University, and I admit when I originally talked to the Financial Aid department, I could tell it wasn't someone who knew what they were doing. Her grand advice was "Sounds like you are doing everything you need to be--bye!" I'm going to go back in, but in the mean time I'm getting my feelers out in every possible direction.
I've been at this literally for three weeks straight. I'm starting to ache all over.
This. I'm in the same boat actually as well. I need to finish one more semester to have my bachelor's, but my credit is also super shitty. I think I'm probably going to either have to find a rich person's teet to suckle from or walk into a bank and sign everything I own over as collateral. It was bad enough before, but with the current market it's going to be very difficult to get a private loan, if not simply impossible. Hunt for scholarships like it's your job.
Chase Bank
Discover
Key Bank
Sallie Mae
Wachovia (This is who my last loan was through, but after their guarantor went bankrupt and they switched, I no longer qualified for a loan).
Wells Fargo
MyRichUncle.com
Prosper.com^
Fynanz.com^
lendingclub.com^
PNC
Bank of America*
Citi Bank*
Chela Financial*
Gate Loan*
Nellie Mae*
TERI.org (every lender on their site is currently not accepting applications)*
^Peer-to-Peer lenders. Virginmoneyus.com and Greennote.com are part of this catagory, but I haven't tried them specifically yet.
*No longer lends to my school, tried them anyhow.
I've run into some places over the past couple of days, such as onesimpleloan.com that speak of lending to people with bad credit, but after running through the application process on the phone, all it ends up being is just another way of going through Campus Door, who already cold turned me down.
As mentioned before, scholarships, it's too late for scholarships for the summer semester. I'm not even looking for a huge loan, just one to cover tuition and rent, basically, since being a full time student leaves little time for else (like a full time job). More than anything, something that will get me out of the immediate crunch so I have a couple of months to formulate a better plan of attack. This situation caught me rather off guard.
You are right, the lending markets have changed and also the private school loan industry is being targeted for extermination so they have to watch their step now. The criteria for getting a school loan has been raised as a result of these two factors.
I currently have 40k of student loans in my name and I went to go get one for a measly 3,500 and even with my credit which is average and the fact that I am in my final year of college. I couldn't even get that much with a cosigner, albeit not a particularly credit worthy one.
The only way you can pull it off is with a good cosigner. A good one.
There really isn't anything past this. Private loans are harder, not easier to get than Federal loans. But you are limited in your federal loans, that is the difference.
Here are your options as I see it:
1) If your parents haven't already: get them to apply for a Parent PLUS loan. I believe this is a type of Federal loan that parents apply for in their name only. My Mom was able to do this and her credit is basically horrible.
2) If you have any relatives with some sort of collateral then they can take out a private loan for you, and you can pay them back. The problem is you'd have to pay them back immediately (unless they have money and can make the payments for you until you are able to). This will probably be lighter on you than just arranging a payment plan with your school.
3) Do a payment plan. It sucks, in fact some schools "payment plans" are basically "here's the plan: give us our fucking money now or you can't attend".
Oh yeah, whatever you do DO NOT just spam loan applications to every place you can. Applying for loans can chip away at your credit even more if you do it repeatedly in a short time span. Sallie Mae is pretty much the most lenient bank you can go with, but their interest rates are also traditionally higher. Beggers can't be choosers.
we also talk about other random shit and clown upon each other
At this point I would take a loan with a high interest rate, if only I could find a lender to give me one.
This depends very much on your employer and very much on how much money you need.
we also talk about other random shit and clown upon each other
You specifically say in your first post not Federal loans... is this because you've already taken out the maximum on offered federal loans or is it some other reason? If it's some other reason, you should probably still fill out a FAFSA to figure out if you're eligible for any more Federal loans.
Here's one ( http://www.creditloan.com/bad-credit-student-loans/ ) that I found in a quick search that I don't see in your list, though since it's targeted at students with bad credit it may or may not be reputable.
You should try going to the Financial Aid office and talking to someone else if possible to see if they can offer any more help.
A cosigner can also sometimes be a friend instead of just family. Granted I don't really know many people who I'd be comfortable cosigning a loan with, but you could try to think of someone, or just reevaluate your family for anyone else who might be possible.
I don't know how you're dealing with the other places, but if you're just doing an online application, getting rejected, and moving on you might want to try to call them and talk to an actual person about it. Explain the situation and maybe ask if they can offer you something with a higher than usual interest rate.
Hmm... most of this doesn't really boil down to actual concrete help. Sorry.
I'll look into those links, if nothing else you've given me a couple more leads to follow (such as calling in person and for sure going back into the Financial Aid offices).
EDIT: Yeah, I've seen that bad credit student loans link you posted, and it felt kinda sketchy the first time I was there.