FAFSA Loan Consolidation
My FAFSA Loans won't cover my student loan costs? How can I get a student loan for the difference?
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 received 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 appreciate it. Thank You.
My first recommendation is that you go sit down with a financial aid advisor at your school, explain your problem, and find out what he or she recommends. When I was in school, I found myself in a similar situation, and found my school's financial aid advisor to possess a wealth of information about available loans, grants, and scholarships. Your advisor should be able to direct you to private lenders willing to loan money to students with poor credit, including those without co-signors.
Given you 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 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 are peer-to-peer loans from Prosper or Lending Club. Both are Web sites that put 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.
Best of luck in finding a loan to help finance your education. I hope this information helps you Find. Learn & Save.
Best,
Bill
Debt statistics
Mortgages, credit cards, student loans, personal loans, and auto loans are common types of debts. According to the NY Federal Reserve total household debt as of Q4 2023 was $17.503 trillion. Housing debt totaled $12.612 trillion and non-housing debt was $4.891 trillion.
A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.
Collection and delinquency rates vary by state. For example, in Alabama, 15% have student loan debt. Of those holding student loan debt, 9% are in default. Auto/retail loan delinquency rate is 7%.
While many households can comfortably pay off their debt, it is clear that many people are struggling with debt. Make sure that you analyze your situation and find the best debt payoff solutions to match your situation.
