private loan for med school

[robo77]

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I am going to be attending an osteopathic school (most likely) that costs more than what federal loans will cover. This means that i have to find a source of loans elsewhere. my credit history is not good at all, so I am not going to be able to get anything with that. however, my family, whose credit score is very good are willing to co-sign for the loan from a private lender. do you think this will help in obtaining the loan? if anyone has been in my situation before, please advice, what are my options besides not going to school in the fall.

 

[FinancialAidOff]

My family, whose credit score is very good, are willing to co-sign for the loan from a private lender. Do you think this will help in obtaining the loan?

Approval for alternative student loans is based on the credit of the applicant AND the co-applicant. If the student's credit is terrible, the loan can still be denied even with a great co-applicant. However, if the student's credit is poor and the co-applicant's credit is strong, the lender will evaluate based on both and may approve a loan for a student that otherwise would not qualify. The only way to really find out is to apply. Try:

Allternative Student Loan Center

 

[J.opt]

I was reading that some loan companies would release the cosigner if the student makes a number of payments on time. What do you guys know about this?

 

[JJNY]

www.educationone.com

 

[VeganSoprano]

I applied for private loans with my mom. My credit is not good (not the worst ever, but definitely not good). With my mom as a co-applicant, I was able to save myself a lot in interest. After I graduate and make 24 consecutive on-time payments, my mom will be removed from the loan.

 

[myfavred]

I am going to be attending an osteopathic school (most likely) that costs more than what federal loans will cover. This means that i have to find a source of loans elsewhere. my credit history is not good at all, so I am not going to be able to get anything with that. however, my family, whose credit score is very good are willing to co-sign for the loan from a private lender. do you think this will help in obtaining the loan? if anyone has been in my situation before, please advice, what are my options besides not going to school in the fall.

check out citi bank

 

[OSUdoc08]

I am going to be attending an osteopathic school (most likely) that costs more than what federal loans will cover. This means that i have to find a source of loans elsewhere. my credit history is not good at all, so I am not going to be able to get anything with that. however, my family, whose credit score is very good are willing to co-sign for the loan from a private lender. do you think this will help in obtaining the loan? if anyone has been in my situation before, please advice, what are my options besides not going to school in the fall.

Unsub Stafford = $30,000
Sub Stafford = $8,500
Perkins = $6,000

If $44,500 is not enough, then consider a PLUS loan. You can always pay it off even if it is under your parents' name.

 

[Munchkin6245]

I have my undergrad loan through Citibank, at a 3.25% APR, and with no cosigner. This was before I had any credit, so I think they give an advantage to students. I think Bank of America gives good loans too, but I'm not for sure. My mom works for Wells Fargo, but if you need the full cost of education, I would go with someone else, since WF only gives up to $30K I think.