Need Student Loan

[creditfix]

DH and I have been working on our credit for a VERY long time. I only have 1 neg and it was 2 years ago. Everything else looks good. Our daughter is getting divorced and her credit is shot - we're working on it. I wanted to get a loan for her in my name. Sallie Mae says my credit passed but they don't like my debt/income ratio. We refinanced our home in my name only - thought it was a good idea at the time. DH has a few old negs left - Sallie Mae told me to resubmit with DH as co-signer and w/his income we should be okay - they turned us down! Now what? If it weren't for the mortgage in only my name I would be okay with the d/i ratio! HELP! :lol:

[kb9tbq]

Sorry I don't know of an answer for you, but will bump to see if someone else may be of help.

Have you checked with the school to see if they can recommend any grants or such that can be obtained to help on the matter.

I really have a hard time with recommending to put loans of this sort in your name for someone else no matter what, because if they are defaulted on, it is your credit that will suffer - and besides the obvious of being responsible to pay.

Worse part is that these type of accounts do not have SOL's Statutes of Limitations - meaning that they will follow you around for life litterally.

[Susan811]

creditfix,
If your daughter is under 24 years old, unmarried and with no children, the student loan regs classify her as a dependent of your and your husband. This is even if she has been working, living away from home and pays her own bills. If you are turned town for the Plus Loan (the loans which parents take out in their name on behalf of their kids), she should be eligible for a limited amount. In this state it's $4000. She needs to apply for financial aid (at FAFSA.gov) as soon as possible so that she can get in early next year and have a better chance at getting state grants.

If your daughter is over 24 and/or has children, she is considered independent and you wouldn't be able to take out a student loan on her behalf. If her credit is bad, she would most likely be turned down for what is called a student signature loan unless you are willing to co-sign.

Your daughter will be eligible for a Stafford loan, in any case. Depending on your (or her) income, she may be eligble for a Pell Grant. She should ask the different schools about their in-house scholarships and grants. Also, we send our students to www.fastweb.com and wiredscholar.com to assist in a search for scholarships.

I hope this helps.

[Ravenous Wolf]

When I went back to school for the second time, my credit sucked big green donkey [EXPLETIVE DELETED].

I had just paid off one student loan that the State of Texas put a judgment on me but I still had another defaulted student loan that Uncle Sugar took over. The Depatment of Ed set up a payment arrangement in which I had a very spotty payment history.

The Financial Aid office of my university told me that I had to "cure" my loan status. That is make like six consecutive payments without being late. Or something like that, I don't remember if it was three or six.

Anyway, I still had a spotty payment history and I could not access the student loans because of the spotty payments. I really wanted to get back into school and didn't know what to do.

So I wrote a letter to both of my senators and since I had mulitple addresses at the time, I wrote a letter to three congressmen.

The senate offices told me that it would take about 90 days before they could get to my letter. The same with the office of one congressman. Another one, more or less told me that I could go screw myself (and he was one of those poverty warrior types). The third one, their office said that it would also take 90 days. However, later in the day, the office of the third one told me that after reading my letter, they went ahead and contacted the Dept of Ed and got everything straightened out and that they needed the fax number of the Financial Aid office of my university so that the Department of Ed could fax the approvals over.

The next day, my university had what it needed to enroll me for the next semester (which started that same day).

So this particular post confused me because when all was done, I got additional student loans of 10k. That was with all my student loan problems and terrible credit. And I just in my late twenties too and living on my own with a full time job.

As long as you are in good standing with Uncle Sugar, I don't see how anyone cannot get a student loan.

I am sure that there are situations that would prohibit a student loan.[/list]

[summer]

I think that's because federal student loans are not credit based (up to 18K for grad school). Thing is, tuition can run in the 20' & 30's and so you have to depend on private loans for that.

To the original poster: what was your credit score when you applied for Sallie Mae loans?