Denied for Private Loan

[seagoddess]

For those of you who were denied the private loan, how did you finance the amount covered by it?

Please help by replying. I'm desperate. I don't know what I'll do...

[Nimitt]

Did you try having a loan co-signed with a family member who might have a good credit line to help your loan get approved. If your loan got rejected it was due to bad credit or not enough credit. So the co-signer can boost your chances.

Nimitt
4th year
SGU SOM

[ikep]

First try to find out why you were denied. More than likely it was your credit score. So go online and order your credit report from all three credit agencies with your score. I believe the minimum is 650 on the FICA scale. I would suggest paying any oustanding debt you have to bring it down to 0 balance if possible. See if you have a ton of credit cards. The more you have the worse it is because they figure you can borrow additional money through your credit cards. Most people that have a ton of credit cards only use a couple on an everyday basis. Personally I prefer a debit card which takes money out of your checking account. I was told by Fin aid that having a cosigner may make a difference. They advise against using a cosigner because the cosigner needs to be making 4 times as much money as you borrow. So if you borrow $1 they need to be making $4 multiplied of course by the thousands you want to borrow. Keep in touch with Fin aid.
If all else fails borrow from people you know. Some states like Missouri have programs that will lend you money in exchange for going to underpriviledged areas of the state.
Good luck

[IndianBabu]

So sorry to hear, but was it denied with a cosigner or by yourself?

And was it Ed-Invest that denied you or CanHELP?

Don't give up yet...

IndianBabu

[seagoddess]

Hey guys;

thanks for all the input. my credit is horrible (575) and there is no hope for me raising 100 points so that is out of the question. I applied with my father as cosigner but he was already my cosigner last year, so I was denied.

Has anyone ever been in a similar situation and can give me some advice?

Thanks,
Yadira

[canman]

A friend of mine was in a similar situation. she had a score of 525 or something like that. her father took out a home equity line of credit on their home. shy applied for the stanford loans ($18500 per academic year) paid tuition and took out money from the home equity line to cover other expenses. her father was making the payments every month- Don't know how much. she also paid off her credit cards through the home equity and in 1 year, now, she will be able to take out the private loan if she wants. she is in 2nd year and says that the home equity has a lower intrest and it is fixed. she lives very tight, though, and spends almost nothing for personal enjoyment, but i think its worth it because she will be a doctor in 2 years.

Ohh and by the way- Don't tell the Fin Aid office that you can't pay. they will not help you! when she told the Fin aid office that she got denied for the Private loan, they made a whole fuss about it. they only care to get their MONEY and only through Ed-invest. Because she didn't get approved from Ed-invest they wanted her to re-apply for the following term, even when she told them about her idea with the home equity line. i think they have somthing going with Ed-invest 8) .

Anyway i hope it all turns out well

Canman

[seagoddess]

thanks canman.

I've found another cosigner and I'm praying that she will qualify.

What you mention about the school is true. I've been making a bunch of phone calls today and found out that the Teriloan for example has a higher debt/income ratio and hence higher chance of getting approved.

The idea you gave me won't do though. My parents don't own a home. We're pretty recent immigrants and have struggled quite a bit. The story of my life...

Thanks for your help!

Yadira

[IndianBabu]

Hey Yadira,

Just keep in mind that the more credit checks/applications you do, the lower your credit score drops, so keep that limited to only substantial places where you have a chance, like with TERI.

Best of luck,

IndianBabu

[seagoddess]

Yes, you're right. I'm going to try Terry with a different cosigner. I might also be able to use my mother as cosigner. I just realized that though her income is very low, she has very little debt.

You're all great!!!

Thanks for your input!!!

[NYC-girl]

Hey Yadira,

Why don't you try for more scholarships? Your grades are so good!
I am depending on you to be in my Path group!

[stranger2]

I think Ed Invest and SGU have definetly something going on. Does anyone know why they never mention Medachiever or teri loans? I know Saba promotes Medachiever, why SGU doesn't. What's going on??
feel free to comment.

[seagoddess]

can i have the number to med achiever if anyone has it

[FutureDoc23]

Hi Yadira,

I was wondering if you found out if Medacheiver(like the Teri loan) is also an easier loan to get -compared to Ed-Invest.

Thanks

[wolfvgang22]

can i have the number to med achiever if anyone has it
Here's MedAcheivers website with contact info.
http://www.key.com/templates/t-ps3.jhtml?nodeID=H-1.33.b7

http://www.planetsmilies.com/smilies/character/1/character47.gif

[doc5544]

why go for the medachiever when Ed-invest gives the better rate?

Medachiever = 4.19% (LIBOR +2.65%)
ed invest private loan= 3.5% (prime - 0.5%)

I think Ed Invest and SGU have definetly something going on. Does anyone know why they never mention Medachiever or teri loans? I know Saba promotes Medachiever, why SGU doesn't. What's going on??
feel free to comment.

[seagoddess]

I think the Teri loan is easier to get because the debt to income ratio required is less than 50 percent whereas Ed invest is 40 percent.

[seagoddess]

I got approved with Ed invest with a different cosigner. Anu you are not getting rid of me at least for another year :wink: . Thanks to all those who followed up on my drama... hahaha. I can laugh now but it wasnt so funny.

Expect a post on the Prague selective soon or that is as soon as I get back home.

Thanks to all of those who offered their advice :D

[NYC-girl]

see ya next week loca