Alternative loans

[bobby_sepulveda]

Anybody have any trouble getting an alt loan? Co-signer, no co-signer? Any horror stories or close calls? How hard is it to finance this portion of your education and how much to borrow?

Any and all repllies are greatly appreciated.

[FoxTrot]

I also want to know the same info. I'm preparing to apply for the alternative loan probably on Aug 1st. Been waiting since I've been paying off alot of credit card debts so my credit report will show no balances on anything when they pull it. I just want to know if anybody out there had average/below average credit, but got approved with a cosigner with high income, low debt?

[bocca]

Welcome to the wonderful world of Ross. You pay ~10k to get treated like crap, bad professors (good ones are leaving), and 5th world living conditions (no lights, power, etc).

There will be alot of folks leaving Ross since they can not get the good school loans. I come here on a good loan, but they lost that. I know they will also lose the FAFSA. I was hoping Devry could help, but they are only interested in the money. There are about 400 students coming for sept. class, what a joke.

You will not get a straight answer out of anyone on this forum. The schools Deans doen't care and MitchDC is a brown noser.

I hope you get the SGA Presidency, you will need it on your resume. You seemed to screw-up the lab problem real well for us.

Hey, maybe Devry will move the school to Chicago. The city of corruption, this admin. will fit right in. However, the locals will at least know how to run a library.

[newB]

the tone of your type is familiar... your id is listed as a new member, but u seem to have a lot of negative comments and seem to know people of this forum pretty well... Nasir, you need to get a life!!!! I am here on this island and your messages are crap!!!

[medNoir]

Winston Churchill coined the phrase "3rd World" where
1st world denotes developed nations
2nd world denotes the industrialized socialists
and 3rd world is those who have not yet aligned with either and are underdeveloped.

He made no mention of a 5th world.

I'd say Dominica is a 3rd world country.

[Linus]

You may want to repost your question it appears people are getting a bit off topic...mainly bocca/nasir

[MitchDC]

While I'm sure there are some students with bad credit who have had bad luck with loans, I don't think most have any problems. In fact, a credit check isn't done for the staffords, so everybody gets those. The alternative loan is credit based though. If you have a credit-worthy cosigner you won't have any problem.

The new loans that the AMS company provides has changed. But they have decreased the interest rate and have given you the options of extending the loan out to 25 years (yuck) if you really want to. You should call the lender for these specific questions. We can only provide guesses on these sorts of things.

Good luck!

MitchDC

Anybody have any trouble getting an alt loan? Co-signer, no co-signer? Any horror stories or close calls? How hard is it to finance this portion of your education and how much to borrow?

Any and all repllies are greatly appreciated.

[happydoc]

I decided to apply for a Sallie Mae Signature loan on my own. I applied with a co-signer ( heard that it's good to have one). The loan is approved but they are just waiting for the certification from Ross. It was really fast and easy and you can apply on-line.

Sallie Mae is my lender for the Stafford Loans and I just thought I'd apply with them. Turned out to be a good idea. Why wait for the school's alternative loan paperwork?

happydoc :)

[bobby_sepulveda]

Does anyone know if it is possible to be denied at one amount and approved for another? Has it happened? The eason I ask is because I am trying hard not to have a co-signer. I have a problem with burdening someone else with my dream, not to mention I may not have any viable co-signers in my immediate vicinity. Questions, comments, concerns.

Peace.

[oc23]

The decision to approve or deny you for alternative loans depends on your credit history and debt-to-income ratio. That means aside from bad credit, your chances of getting approved for the loan decreases as your debt/income ratio increases. Different lenders have slightly different ratio cut-offs, but I think most have a cut-off at 40% or something.

Although lenders do count the loan amount you are requesting as part of your debt, this amount does not really play a big role when they calculate your debt-to-income ratio. In other words, I don't think changing the loan amount will make a lot of difference.

Take all your MONTHLY credit card, car, home, and personal loan payments. Add $10 per $1,000 loan amount you're requesting. Then divide that by your total MONTHLY income. That should give you your debt-to-income ratio. The lower it is, the higher your chances of being approved...assuming your credit history is decent.

From what I know, some students who have been turned down my AMS have been approved either by Sallie Mae or National Education--the latter two seem to be more lenient.

Hope this helps.

[bobby_sepulveda]

thanks for the input, but do they factor in any previous loans from undergrad, like say stafford loans? What about the ones you will get for medical school?

[oc23]

Yes, they factor in ALL your debts--including the alternative loan that you are currently requesting. Like I said, you add $10 per $1,000 of loan. For example, if you're applying for a $8,000 alternative loan, you add $80 to your monthly loan/debt/credit card payments and divide that by your total monthly income--that's your debt-to-income ratio.