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Student Loans

LunarRay

LunarRay

Diamond Member
My granddaughter was told she needed a co-signor for her student loan. I understood the Federal insured student loan was for folks who could not get a normal loan or a co-signor because of what ever circumstances. Her parents are losers so it figures she can't use them to co-sign and I won't for anyone for any reason..
I know lots of you folks have current experience with this issue.
She is expecting to attend Brooks College in Longbeach.
She just graduated High School, works but, is without a credit history.

Has anyone been turned down for a FISL?

Any input is appreciated...

Edit.... I've had custody of my grandkids for over 6 years... if that matters
 
Have her work with Financial Aid. I was turned down for all sorts of loans because of...

1. I have NO credit
2. I don't have a co-signer

I ended up having to get loans where I had to pay off the interest while in school. Which isn't so terrible, just tell her to schedule an appointment and sit down with the FA people.
 
Oh and of course the goverment aid..FASFA + the loans you have to pay interest on won't cover all the costs but will do most. She'll also have to pay off the remaining balance while in school.

Granted, going to school full time then working 40+ hours a week isn't the idle situation, just tell her that it is doable if you manage your time. And if she needs any help, feel free to have her email me. I'm not an expert by all means, just have gotten this whole school/work thing scheduled out to a tee.
 
Have you tried getting a Stafford Loan? They require you to fill out a FAFSA, but are eligible for anyone. The goverment will determine if she qualifies to have the interest subsidized. Either way, she can get one of those without a co-signer. Although I believe the loan amount is capped at 2500 freshman year.
 
Originally posted by: Cook1
Oh and of course the goverment aid..FASFA + the loans you have to pay interest on won't cover all the costs but will do most. She'll also have to pay off the remaining balance while in school.

Granted, going to school full time then working 40+ hours a week isn't the idle situation, just tell her that it is doable if you manage your time. And if she needs any help, feel free to have her email me. I'm not an expert by all means, just have gotten this whole school/work thing scheduled out to a tee.
Click to expand...

I will.. thanks!

She's filled out the paper work and all that expects to work PT but, that is for her expenses like car insurance and girl stuff. She didn't count on Interest Payments.. but, she could manage that with our help.. which I don't mind doing but, I won't co-sign.

 
Originally posted by: msparish
Have you tried getting a Stafford Loan? They require you to fill out a FAFSA, but are eligible for anyone. The goverment will determine if she qualifies to have the interest subsidized. Either way, she can get one of those without a co-signer. Although I believe the loan amount is capped at 2500 freshman year.
Click to expand...

She filled out a 6 page form for all the loan thingi.. I think it is one form for all..
But, her tuition and board is like 20K a yr. Me hopes she actually goes to UCSD and lives at home.. here.
 
I'm not sure what an FISL is, but you can receive private educational loans without a co-signer. I did, and I already had some loans from my undergrad. I used Bank of America. I believe that without a co-signer, the interest rates or the "induction" fee were possibly higher.
 
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