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FAFSA Loan Consolidation - The Bills.com Blog
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FAFSA Loan Consolidation
Tuesday, May 1, 2007
Question: My credit is ok for my age but its not good enough. My parents credit is not good and they are the only co-signers i have. Ive already completed the fafsa but the money i recieved is still not enough. How can i get a loan of about 10,000 to cover the rest of my expenses when i dont have anyone else to co-sign? If you have any suggestions i would truly apreciate it. Thank You.
to loan money to students with poor credit, including those without co-signors.
Given that you have already completed the FAFSA and need additional funds, you will probably require private student loans to bridge the gap between the FAFSA funds and your actual tuition expenses. Private student loan financiers know that the majority of students have not yet established a meaningful credit profile, so many lenders do not focus on students’ credit scores when making lending decisions. However, these lenders tend to charge rather high interest rates on their loans, especially compared to federally insured loans, so you should work to repay any private student loans you obtain
Given that you have already completed the FAFSA and need additional funds, you will probably require private student loans to bridge the gap between the FAFSA funds and your actual tuition expenses. Private student loan financiers know that the majority of students have not yet established a meaningful credit profile, so many lenders do not focus on students’ credit scores when making lending decisions. However, these lenders tend to charge rather high interest rates on their loans, especially compared to federally insured loans, so you should work to repay any private student loans you obtain
as soon as possible after graduation. Again, I recommend that you speak with your school’s financial aid advisors to find out more about private student loans.
A possible alternative loan resource you may want to explore is www.Prosper.com, a site which puts private lenders in contact with private borrowers. A private lender may be more willing extend you a loan than a traditional bank.
For more information about student loans, I encourage you to visit the Bills.com Student Loans page, available at http://www.bills.com/student-loans/
Best of luck in finding a loan to help finance your education. I hope the information I have provided will help you Find. Learn. Save.
Best,
Bill
www.bills.com
A possible alternative loan resource you may want to explore is www.Prosper.com, a site which puts private lenders in contact with private borrowers. A private lender may be more willing extend you a loan than a traditional bank.
For more information about student loans, I encourage you to visit the Bills.com Student Loans page, available at http://www.bills.com/student-loans/
Best of luck in finding a loan to help finance your education. I hope the information I have provided will help you Find. Learn. Save.
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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