Quote:
|
Originally Posted by Livia Regina
I am a junior in college and right before the semester ended I found out that my loan for the semester had been declined because my cosigner lost his job. I have asked my family if they will help me and my parents are the only ones who might be willing. The only problem is that if they agree to cosign they want me to live at home and go to a school closer to home (my parents live in Colorado and I go to school in Michigan). With one year left, I don't want to have to transfer. I do not have the credit necessary to apply for a loan on my own (it's not bad credit, I just don't have two years worth of credit history). Federal loans are not an option as my college does not accept federal money. Are there places where I could get a loan without a cosigner or with a cosigner who has excellent credit but no job?
|
Well, you may not have to have two full years of credit history to qualify for a loan. I would suggest applying just to see if you can qualify.
A couple of things I would suggest - first of all, you may want to have a sit-down conversation with your parents, where you explain your reasoning behind wanted to stay where you are. You should also find out the reasoning why they want you to move back home and change schools. See if you can work out your differences and come to a conslusion that way.
As far as your questions regarding loans go, I would imagine the answer is "yes" to both your questions. As long as you have some credit, you should be able to get a signature loan - obviously, if you have poor credit or don't fall neatly into the underwriting guidelines, you probably won't get favorable interest rates or loan terms, but it may be a viable last resort. As far as your current co-signer, it is possible for someone with excellent credit to get a loan without a job - I am not familiar with the Colorado area, but you probably have several different options when it comes to getting loans. If you are looking at education specific loans with your cosigner, they may have different guidelines and not be able to approve him/her without a job. However, you could take a look at a couple more... unconventional... ways of financing school, such as taking out a signature loan or potentially even a mortgage. Obviously, your co-signer would have to have a home with equity in it and be willing to risk it for you, but providing that is feasible there are loan programs out there where the lender doesn't verify the borrowers income, assets, or even if they have a job. As far as the latter two options, though, you would have to begin making payments immediately - probably not an issue of you are working right now, but if you are just going to school full time it may be difficult to balance those payments in with your meager (I'm guessing) typical college student budget.
Hopefully this helped, if you have any more questions, please ask!