Extra Loan Lenders help PLEASE!

[RxRob]

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Hey guys!

Well I'm one of those with a Fafsa EFC of 0, meaning I get the most in grants and stafford loans etc. I did my undergrad at a state school of which I was a resident so it was never a problem. Last year I was accepted to a private pharmacy school that classifies us as undergrads for the first 2 years for some reason, and after moving to the new place, quitting jobs, and moving my family of 5 (my wife and 3 kids) they told me I didn't have enough to attend and had to go find a loan. Well, long story short it was very stressful, my whole family was turned down and then my wife's mother came through for me and the good news is I was able to go to Pharmacy School! Good right?

Well listen to this... CFNC.org (college foundation of North Carolina) decided during the year that they were now raising their minimum credit score for co-signers from 600 to 650. Grandfathered in? Not hardly. I have been declined for next year!!!!!!! How can they do this to me? Why in the world would I accept 35,000 if they weren't going to get me to the job that pays it back? WTF?? How do they justify still trusting me for last years loan since I don't meet the criteria anymore? This is seriously messed up.

Anyway, I need help. Has anyone had a similar problem and found a different lender with similar requirements than my current lender had LAST YEAR?? Nothing has changed on our end, we've done nothing wrong and are just as creditworthy as we were then. It is THEM who have changed. There oughta be a law!

Anyway, there is a movement at the school to have us changed to medical graduate status for next year, but it's far from gauranteed or in place as of yet. Even if it does happen, at least I can still attend, but i won't get as much as I did last year which I really need since I have a family and more bills than my post-teen single co-students.

Any help seriously appreciated.

Thanks! 😱

by the way: Banks like Suntrust, Wachovia, Bank of America, NO WAY... some even said NOT EVEN with a great co-signer for me... yeah I've had some problems in the past which is why I went back to school at 30.

 

[Caverject]

it doesnt matter where you get your stafford loans from. You will consolidate it all in the end with whomever gives you the best deal.

 

[RxRob]

it doesnt matter where you get your stafford loans from. You will consolidate it all in the end with whomever gives you the best deal.

No I'm not worried about the stafford's...they are guaranteed. The problem is I only get $10,500 plus the pell which is another $4,050. Tuition alone is $21,700 per year, and the cost of attendance is $35,100 per year, meaning I need to be able to borrow about $20,000 beyond the staffords... hence the EXTRA loan (that's what it's called)... if i was under 25, it would be the PLUS loan.

The Extra loan is what I need, I'll continue to get the stafford's no matter what which will leave me $7,000 shy of tuition alone not to mention nothing towards my living expenses.

Thanks for trying, let me know if you know anything about what i need.

Rob

 

[hiprayer]

What is the interest rate on a consolidated loan? I know it depends probably on the lender but what is it around??

 

[genesis09]

This is the last year you can consolidate. Starting next year, the loans will always be 5.2% interest.
Starting in Fall 2006, professional and graduate students will be allowed to take out PLUS loans on their own. They still will not be elgible for Federal Pell Grants.
My school has pharmacy students categorized as professional students, and so, can receive the larger loans.

 

[DownonthePharm]

Im sorry, I have nothing useful to add except to say that the whole financial aid/loan process is so confusing and a big PITA. Everyone that I ask about it at my school appears to be brain dead. So I sympathize.

 

[kkelloww]

The Plus loans for Grad stdents are still credit based. However, they will be typically easier to qualify for than private loans and you can borrow up to the cost of attendance.

 

[BiOGoly]

This is the last year you can consolidate. Starting next year, the loans will always be 5.2% interest.
Starting in Fall 2006, professional and graduate students will be allowed to take out PLUS loans on their own. They still will not be elgible for Federal Pell Grants.
My school has pharmacy students categorized as professional students, and so, can receive the larger loans.

After this july 1st, stafford loans will be fixed at 6.8%. The new rate is actually in line with historical rates. However, that doesn't mean the congress can't just increase the rate again.