Financial Aid- Does it require a Co-Signer for loans on school expenses?

[CuRy]

I just received a package of financial aid from my pharmacy school. I have some questions:
Estimated cost of education: $38,500 (off-campus)
Tuition: $28,000 (private school)
Federal Loans: $18,500
The balance is Neg $20,000. How do I make this loan?

My advisor said that I could loan through a private loan. She gave me a list of lenders. However, none of them has a special loan program for our pharmacy students (Health Professions Loan). I was advised to select Graduate Level. If so, how could we make a loan of $20K/year without any guarantee (credit history)? I could ask my parents to co-sign for me; however, as I was admitted to a pharmacy school, I thought I could live by my own (with a promissing future ahead).

I'd like to have your experiences. How do you guys make loans for school expenses? Do you need to have a co-signer? Your school gives your estimated cost of education but it doesn't join in a Health Professions Loan program of any bank (lenders), so how could you make a large loan by your own?

Thanks!

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[off2skl]

I just received a package of financial aid from my pharmacy school. I have some questions:
Estimated cost of education: $38,500 (off-campus)
Tuition: $28,000 (private school)
Federal Loans: $18,500
The balance is Neg $20,000. How do I make this loan?

My advisor said that I could loan through a private loan. She gave me a list of lenders. However, none of them has a special loan program for our pharmacy students (Health Professions Loan). I was advised to select Graduate Level. If so, how could we make a loan of $20K/year without any guarantee (credit history)? I could ask my parents to co-sign for me; however, as I was admitted to a pharmacy school, I thought I could live by my own (with a promissing future ahead).

I'd like to have your experiences. How do you guys make loans for school expenses? Do you need to have a co-signer? Your school gives your estimated cost of education but it doesn't join in a Health Professions Loan program of any bank (lenders), so how could you make a large loan by your own?

Thanks!

You may need a cosigner for any private loans. Those are based on your credit history. If you don't have one then you may not qualify without a cosigner.

 

[Superflyjsc]

damn your school is quite expensive! And yes you will need cosigner (assuming you are still a young adult without much credit history). Just get your parents or whoever else is willing to sign as cosigner to do it.

 

[lord_helmet]

there are many different options that you can go for. dont go for personal loans, because 99% of them will require you to have a payment each month. for starters, i would have you look at key bank. (med-achiever) you can look them up online. there is also nelnet, usbank (i think), maybe sallie may. i would try to see if the key bank option is available to you first. they offer no payments till 9 months after you graduate, competitive rates, and you can loan out alot to help pay for living expenses depending on what your school maximum is. i hope this helps... as long as you ahve no bad credit you'll be ok for the key bank one.

 

[bananaface]

Moving to the financial aid forum for a better response.