Private loan denied for pharmacy school!

[Hendlefe]

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Sallie Mae just denied my loan request for $10,000 for pharmacy school even with my mom cosigning! Money must be tight because I thought this loan would be a shoe in. My credit score is not bad... low 700's. My mom owns the house we live in as well as an 8 unit apartment (although it was difficult to reflect that in the loan application).

Anyone else having difficulty getting a loan? Any suggestions on where I should turn to next? The $9500 stafford won't cut it; I need at least $15000 more.

 

[EvilNewbie]

I would ask your mother to do a refinance option on the house to get some money out... basically your mom will be asking for a loan using the house as collateral... then you will use your mother's money to pay for your education... KEEP IN MIND, this is NOT treated as an educational loan, so the interest you pay off will NOT be deductible for education, however, your mother "can" use the deduction for HER income taxes for "mortgage interest" as the loan is under her name (even though, technically she is not suppose to since its not used on the "home" but so many people do it and nobody cares)....

 

[Octagonecology]

Can you not get GradPlus? I got $44,000 from Stafford and another $40,000 from GradPlus. I also had to get a co-signor....