Private loan without Co-signer

[TSUJC]

I have reached my limit for federal aid, however I need an additional loan for the remainder of my books and moving expenses. I have taken out private loans in the past but I had my parents to co-sign. At this point, my parents have co-signed student loans for all of my siblings (there are 6 of us) and are no longer able to co-sign anymore of our loans. I have a great credit history (725) but I can't seem to find a private lender that will approve me without a co-signer.

Has anyone used a private lender without a co-signer?

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[Vydellia]

In undergrad, I got a Sallie Mae loan without a cosigner. But that was also well before the financial crisis, when you could get a loan pretty easily.

Have you tried talking to the head of the financial aid department at your school? My final semester, I was coming up short in funds. I talked to the director of student aid and he got me money in scholarships to help me finish out (for which I will love him forever). You definitely have to talk to the right people, though, because the financial aid office in general was entirely unhelpful.

 

[chris03333]

I have reached my limit for federal aid, however I need an additional loan for the remainder of my books and moving expenses. I have taken out private loans in the past but I had my parents to co-sign. At this point, my parents have co-signed student loans for all of my siblings (there are 6 of us) and are no longer able to co-sign anymore of our loans. I have a great credit history (725) but I can't seem to find a private lender that will approve me without a co-signer.

Has anyone used a private lender without a co-signer?

I did mine through:
https://www.studentloan.com/findstudentloan/loanforhealthpro.htm

They did not make me get a cosigner.

 

[TSUJC]

Thanks Chris, I had read about the Citi-assist heath professional loan but they do not lend to CSU 👎. They do however lend to CSU for the Citi-assist graduate loan. I will try that.

 

[georgie339]

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[sumstorm]

You may have more success if there is anything you can offer up as collateral. Equity in a house, car, collection, etc. I understand many people do not have collateral to offer, but if you do, approaching loan agents with that as a possibility may help.

 

[TSUJC]

Thanks for the advise, but sadly I don't own anything.

 

[laurafinn]

Have you investigated GradPLUS loans? I suspect they are more lenient with co-signer requirements, since they have some government involvement.

 

[TSUJC]

Thanks for you reply but GradPLUS loans were part of my fin. aid package. I suspect the PLUS in GradPLUS means here is a little extra interest for ya or and some other fees too 🙂

 

[meadow36]

Bumping this thread up - some good links for those of us (like UF 2013'ers) who are just getting our financial aid info.

Anyone have any advice for a private loan that does not have a "cost of living" maximum? GradPLUS only goes up to cost of living; which I have in stafford loans. Problem is, my definition and the school's definition of "cost of living" are two different things. 🙁

 

[TSUJC]

Even though I got approved for a private loan I ran into another issue that some of you might also experience.

CSU says my cost of attendance is X amount and I received financial aid for only that amount. Although Wells Fargo approved me for a private loan to cover my additional costs, the school wouldn't certify the loan. The school sets a budget for each student and that budget is an average estimate for the year. For example it only allows 525/month for living expenses (I don't know anyone who can pay rent and bills for 525/month) it also doesn't factor in the cost of a 1200 mile move and all the additional expense associated. I also have some medical bills that I acquired this year. Needless to say, the lender is willing to give me the extra money that I need to stay afloat but the school says I don't need it! Very frustrating.

 

[meadow36]

Even though I got approved for a private loan I ran into another issue that some of you might also experience.

CSU says my cost of attendance is X amount and I received financial aid for only that amount. Although Wells Fargo approved me for a private loan to cover my additional costs, the school wouldn't certify the loan. The school sets a budget for each student and that budget is an average estimate for the year. For example it only allows 525/month for living expenses (I don't know anyone who can pay rent and bills for 525/month) it also doesn't factor in the cost of a 1200 mile move and all the additional expense associated. I also have some medical bills that I acquired this year. Needless to say, the lender is willing to give me the extra money that I need to stay afloat but the school says I don't need it! Very frustrating.

Yes this is a HUGE problem, the banks have cut out the non-certified loans due to the failing economy. Gone are the days of getting loans without school certification. Those are the ones above the "cost of living". Wells Fargo is the ONLY bank I found that still will do a non-certified loan. I just e-mailed my mother this morning to see if she will co-sign. I have good credit but you need to be making $12K / year in order to get this non-certified loan. The Wells Fargo people told me on the phone it's not an easy loan to get.

TSUJC - did they make you verify income? Did they have any other "catches" on the loan? PM me if you don't want to post that info here - thanks!!!!

 

[meadow36]

Just wanted to add those of you that got non-certified from Chase and Sallie Mae in the past - these loans don't exist anymore.

 

[TSUJC]

I don't mind posting my experience. Since I bank with Wells Fargo it was very easy. I applied online without a cosigner and was approved instantly (pending school certification). I applied for the MedCAP Alternative Loan for Health Professionals. I didn't have to verify income and I don't recall any "catches" actually it was a pretty good loan, zero origination fee with deferred interest/principle.

I know they have a non-certified loan but since I don't have a co-signer I was SOL on that. Generally speaking the remaining non-certified alternative loans have HUGE fees and high interest rates, If I could find one that had a decent interest rate/fee and didn't require a co-signer I would be in good shape...not the case though!

I have a meeting with FA office at CSU. The counselor is pulling out her bag of tricks in order to get my budget increased and therefore certify the loan (really nice lady). If I had a child my daycare allowance would be 3000+ a year, this frustrates me because they told me that the school doesn't give a moving allowance because attending school OOS is a personal CHOICE.....maybe its just me but isn't having a child also a personal choice???

It's my debt...if the lender wants to give me X amount of money I don't see how it is up to the school to tell me that I don't need that much 👎

 

[meadow36]

OK so you don't get the loan until CSU approves it? I wonder if UF would be willing to do the same.

 

[ckgilabert]

do any of you have a lot of debt or bad credit? my friend said that i could get denied from those loans because i have not so great credit.


thanks!

 

[TSUJC]

do any of you have a lot of debt or bad credit? my friend said that i could get denied from those loans because i have not so great credit.


thanks!

Have you taken out any federal loans before? If so, then you will not have a problem getting enough aid to cover the cost of schooling and a little extra. I have never heard of anyone not getting federal aid. Private/alternative loans are another story, they are difficult to get without a co-signer and even harder to get with not so good credit. Even with a 750 credit score and I got denied from two companies (the no income thing is a killer) So yes, when it comes to alternative loans...credit does count.

I think for most people what the school offers is sufficient, but for me I am going from making 20,000 a year to having NO INCOME. That leaves me with a truck payment that I can't get out of, the cost of moving 1200 miles and a quite a few other bills. The alternative loan isn't something that everyone needs but it sure does suck when you can't get it!