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Maxed out in federal loans, what to do next when your cosigner has bad credit?

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Maxed out in federal loans, what to do next when your cosigner has bad credit?

Postby mil » Mon Aug 06, 2012 8:50 am

Hello,

I am currently transferring to a new school which is more expensive than the one I was attending, I didnt think I would end up in this financial downfall, but I am and hopefully in the end it will be worth it because I am changing schools for many reasons.. anywho I have already maxed out of my federal loans.. my mom was denied the parent plus loan so they gave me the extra federal loan money already. So now I need a parent loan, however.. my family was denied the sallie mae loan as well as the wells fargo student loan. I am not sure what step to take next because I really need money to help fund the rest of my college education. I have been working and my family can help pay, but Im going to need to take out at least $5,000. I ultimately need around $16,000.. can you guys offer any advice for me? . . I do not have anyone else to co sign because my mom has also ruined my grandmothers credit :/ ..and sense im 19 I do not have any credit at all, I tried to do the sallie mae loan on my own and it denied me, which makes sense.. but I am not really sure what steps I should now take.
mil
 
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Maxed out in federal loans, what to do next when your cosigner has bad credit?

Postby walby93 » Mon Aug 06, 2012 9:00 am

You are already up to your nose in debt. Are you sure you want more debt?

Student loans are a wonderful thing if it helps you get an education. You are in over-your-head when you have maxed out the loan & it still isn't enough. Odds are good you won't get any more in time for this semester. You knew the risks associated with a transfer. Money was certainly a factor in it. A job while attending school is your best option, even if it means going part time to finish or consider putting it off for a semester while you work full time. That doesn't change your plan, it helps ensure it will happen.
walby93
 
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Maxed out in federal loans, what to do next when your cosigner has bad credit?

Postby harlow » Mon Aug 06, 2012 9:09 am

I don't know the reasons for transferring to a more expensive school, but it is pretty obvious that you cannot afford that more expensive school. Maybe you need to take a closer look at what school you attend.

Maybe you need to take fewer classes and get a full time job.
harlow
 
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Maxed out in federal loans, what to do next when your cosigner has bad credit?

Postby duncan » Mon Aug 06, 2012 9:14 am

16000 is a full time job that u will get and
work around school.

suggest u look at real schools instate to
save u decades of debt slavery.

long run where u go to school matters little.
duncan
 
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Maxed out in federal loans, what to do next when your cosigner has bad credit?

Postby sun » Mon Aug 06, 2012 9:15 am

NO undergraduate college is worth going into debt you will not get any more pay just because your school cost more
sun
 
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