Private Loans

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10+ Year Member
7+ Year Member
Dec 4, 2004
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For those who have experience with private loans, how difficult is it to get approval? In other words, do you need to have a stellar credit history? My credit history has some blemishes in it, but I have since made amends by cleaning up my past/overdue accounts and re-establishing my credit through diligent, on time credit card payments.


Grizzled Old Newcomer
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15+ Year Member
May 7, 2003
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I'll be able to tell you in a few months. :D

In general, yes, private loans are harder to obtain than government-backed loans. However, there is variation from lender to lender. I too have some blemishes, but my credit score is good. Last year, when I was initially accepted to my postbac, I was rejected by a tough lender I chose specifically to get a sense of where things stand -- but they said with a co-signor, I'd be all set. I deferred my start til this year, and in the meantime I've cleaned up the report quite a bit. So we shall see.

My school was able to recommend a lender they work with frequently, who has an enlightened attitude about the subject. You should check with your school's FA office.

Good luck!


Senior Member
15+ Year Member
Feb 8, 2005
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My situation: A postbac/G'town SMP is the only hope for me to try to get into med school. My credit is shot and cosigners are pretty much out of the question. Tuition is $26,000, federal loans only go up to $18,500. Short of prostitution, is there a way through?

Any comments? additional advice? Can anyone confirm the last part of this message (ie were you able to get private loans despite bad credit for your post bac/ masters??)

I am pasting the following in from the Georgetown SMP yahoo listserve. It may help someone out there??
Message 1537 of 2046
Date: Wed Jun 16, 2004 1:05 am
Subject: Financial Aid

Hey all,

I got the $18,500 in Stafford loans and all, but how do we go about getting the rest of the loan money needed for tuition and living? I want to apply so I get $$ ASAP, but I want to go to the right place.
> I figure a lot of people are trying to get the extra loans so you
> might have some advice.

> Thanks,

> V.
Message 1540 of 2046
Date: Wed Jun 16, 2004 10:19 am
> Subject: Re: [physios] Financial Aid

> Private loans is the answer.
> check out fanniemae.com or accessgroup.com
> fill out the form, figure out how much you need and
> pray youve got good credit. otherwise find a
> cosigner.
Message 2047 of 2048
Date: Sat Feb 19, 2005 4:26 am
Subject: Re: Financial Aid

Hi All-

What do you do if you cannont get a cosigner and have bad credit?
Is there any alternative to giving up?

Thanks in advance.
Message 2048 of 2048

Date: Sat Feb 19, 2005 10:35 am
Subject: Re: [physios] Re: Financial Aid

I think every student is entitled to the 18,500 in Stafford Federal loans (this includes subsidized and unsubsidized). If you don't have a co-signer and you have bad credit, you may have a rough time getting private loans. However, I'm sure you can find a bank to loan you the money. They're usually more lenient when it comes to school loans. You may get a lot of extra surcharges though and a higher interest rate. When you get to Georgetown University, you will get a financial aid assistant who will help you through this process.