Alternative Loans

[SolidGold]

Since a credit check is required for an Alternative Loan, is it possible to get have a co-signer on the loan application? My credit is good, but maybe not established enough and I was wondering if a co-signer can help me out in case I can't get an Alternative Loan on my own, in case I need to.

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[mpp]

Yes.

 

[rosielo]

I have a question. Is it possible to get alternative loans even though stafford and perkins and otherwise cover the school's projected cost of attendance. I ask this because my schools is budgeting 740 a month for a shared bedroom (communal bath) in the dorm and I would like a studio.

 

[birdie]

Originally posted by SolidGold
Since a credit check is required for an Alternative Loan, is it possible to get have a co-signer on the loan application? My credit is good, but maybe not established enough and I was wondering if a co-signer can help me out in case I can't get an Alternative Loan on my own, in case I need to.

Unless you have horrible credit, you probably won't have trouble getting an alternative loan (provided it is within the school's budget for total projected expenses) since you'll be a med student. If you have just average credit, you may have to pay a little higher interest rate. When I applied for an alternative loan, the difference bet having a co-signer and not was .5%, which came out to be a little over $100/year for my loan. I didn't think it was worth it to put my parents in potential risk for that meager amount. Also, no matter how excellent credit you have (I did), your interest rate will still be slightly lower with a co-signer.