Are Private Student Loans Hard to Get Approved For? - Serious Answers Only Plz

[muffeoniv]

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Do you REALLY need a cosigner to get approved for a private student loan... or will not having one just result in a higher interest rate? Also... is it possible to have so much undergraduate debt that a bank won't give you a loan for medical school? Thanks. Serious answers only please.

 

[aSagacious]

My intuition tells me that a bank might hesitate to dole out $200,000 to a 21 year old kid without another person to hold accountable.

So, short answer, yes.

 

[Pons Asinorum]

What is your FICO score?

 

[WeAreNotRobots]

When you have to specifically ask for "serious answers only," what do you think that says about the quality of your questions?

 

[jc235693]

So I am absolutely ignorant of the specifics of getting a private student loan, but I imagine it would follow similar rules to getting other types of loans. Based on that, I would ask could you get a co-signer that a bank would give a $200,000 loan to? Would your parents be able to get a loan like that and would they be willing to be your co-signer on such a loan. If they could and would then I am sure you will find a loan. However, if you need to get one on your own that is probably more difficult and you should probably talk to a loan officer at a bank about how you could make it work.

 

[jc235693]

When you have to specifically ask for "serious answers only," what do you think that says about the quality of your questions?

I think he may be referring to the fact that all his other threads usually get flamed (which they deserve to be), and that he wants people to actually try to answer this question.

 

[Pons Asinorum]

I think he may be referring to the fact that all his other threads usually get flamed (which they deserve to be), and that he wants people to actually try to answer this question.

 

[aSagacious]

Pons, that may just be the biggest picture I've ever seen posted to a thread.

Congratulations. 👍

 

[Pons Asinorum]

Pons, that may just be the biggest picture I've ever seen posted to a thread.

Congratulations. 👍

Gunners gonna gun.

 

[WeAreNotRobots]

I think he may be referring to the fact that all his other threads usually get flamed (which they deserve to be), and that he wants people to actually try to answer this question.

Of course, but by having to make such a request, it indicates that he doesn't seem to understand why he gets such responses. I think this one is not nearly as bad as the others, and it would have gotten serious answers without such a plea.

In fact, here's my answer: you will need a cosigner. Not only for undergrad, but even private loans for grad and professional school. The (good) catch is the cosigner is usually released of liability after a certain number of payments are made in repayment. Are there limits to how much debt you can have and still get a private loan? I don't know, but I think the interest rate may depend partially on this(?).

 

[jc235693]

Ha, even on the interwebz I'm bringing out the awkward turtle. Oh well

 

[slatermd]

Do you REALLY need a cosigner to get approved for a private student loan... or will not having one just result in a higher interest rate? Also... is it possible to have so much undergraduate debt that a bank won't give you a loan for medical school? Thanks. Serious answers only please.

Your chances of getting approved for such a large loan decrease without a cosigner.

Some creditors will gladly issue the loan with an astronomical interest rate. They pretty much know you'll default but the terms of student loans generally prevent this from happening until you have an income. At this point they'll gladly seize as much of your property as possible.

 

[gettheleadout]

Gunners gonna gun.

Pons, the image you have posted is too large for use within the forums, and represents a hazard to other users. You will be receiving an infraction shortly.






lol

 

[aSagacious]

Pons, the image you have posted is too large for use within the forums, and represents a hazard to other users. You will be receiving an infraction shortly.

 

[longwhorn]

You can get them without a cosigner but you will need excellent credit (FICO > 750) and consistent full-time employment over the past year. There are aggregate loan limits for students but you can search for those.

 

[longwhorn]

Didn't realize who started this thread, should have posted another giant picture..