| Author |
Message |
Drew
Guest
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| Posted: Fri Jun 25, 2004 1:59 pm
Post subject: I need a loan!! |
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Ok, so BankOne has shot me down, and I expect the same from any other
bank, considering they all want a co-applicant with good credit. my
parents filed for bankruptcy about 12 years ago.
I filled out the stafford loan application, and the EFC is 7k (if I
even get approved), little problem though.. that's not going to
happen. The financial aid doesnt start until the EFC is met, correct?
So in short, im screwed unless I can somehow pull 7k out of my couch
by fall? Really though, I dont even need 7k. yet atleast..
I guess im down for trying other banks, but this is starting to get
very depressing already.. I "only" asked BankOne for 4500.00, which is
enough to get my associates degree then enroll into a university. (I
didnt graduate High School, but do have my GED.) So I cant just jump
into a 4 year, as I would like to. None are going to take me.
any suggestions on what I should do are VERY much appreciated..
Thanks,
Drew
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Steve Blank
Guest
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| Posted: Fri Jun 25, 2004 6:12 pm
Post subject: Re: I need a loan!! |
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Drew wrote:
| Quote: | Ok, so BankOne has shot me down, and I expect the same from any other
bank, considering they all want a co-applicant with good credit. my
parents filed for bankruptcy about 12 years ago.
I filled out the stafford loan application, and the EFC is 7k (if I
even get approved), little problem though.. that's not going to
happen. The financial aid doesnt start until the EFC is met, correct?
So in short, im screwed unless I can somehow pull 7k out of my couch
by fall? Really though, I dont even need 7k. yet atleast..
I guess im down for trying other banks, but this is starting to get
very depressing already.. I "only" asked BankOne for 4500.00, which is
enough to get my associates degree then enroll into a university. (I
didnt graduate High School, but do have my GED.) So I cant just jump
into a 4 year, as I would like to. None are going to take me.
any suggestions on what I should do are VERY much appreciated..
Thanks,
Drew
|
Drew,
You may be in a much better position than you realize.
Your Stafford Loan will automatically be approved unless you personally
are already in default on a prior Stafford or Perkins loan. Stafford
loans are in your name alone so your parent's credit record doesn't
matter, and there is no credit check on you. It's $2,625 for the
freshman year, $3,500 for the sophomore year.
If your EFC is less than the cost of attendance it will be a subsidized
Stafford - the government pays the interest so it's interest free to you
while you're in school plus another 6 months.
If your EFC is too high, then it will be unsubsidized and you will have
the choice of paying the interest as you go or having it added to the
amount borrowed (see box 12 on the Stafford Loan Master Promissory Note).
In all cases, repayment of the loan is not required to begin until 6
months after you leave school, or drop below half-time.
If your parents credit history was not good enough to co-sign a private
loan from a bank, have them apply for a PLUS loan. PLUS is Parent Loan
for Undergraduate Students and it's taken by the parents alone (not the
student), but they would have been fully responsible for the co-signed
loan anyway if you didn't pay.
The PLUS loan has lesser credit requirements, but if they are turned
down for the PLUS then you are automatically eligible for an additional
$4,000 in unsubsidized Stafford loan for the school year.
So at a minimum you've got up to $6,625 in loans available to you for
the freshman year, another $7,500 in the sophomore year. If I've
understood your situation correctly, that will cover your needs.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761 |
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Drew
Guest
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| Posted: Sat Jun 26, 2004 8:19 am
Post subject: Re: I need a loan!! |
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|
Steve Blank <steve@randallblank.com> wrote in message news:<TEUCc.1113$e71.281@newssvr33.news.prodigy.com>...
| Quote: | Drew wrote:
Ok, so BankOne has shot me down, and I expect the same from any other
bank, considering they all want a co-applicant with good credit. my
parents filed for bankruptcy about 12 years ago.
I filled out the stafford loan application, and the EFC is 7k (if I
even get approved), little problem though.. that's not going to
happen. The financial aid doesnt start until the EFC is met, correct?
So in short, im screwed unless I can somehow pull 7k out of my couch
by fall? Really though, I dont even need 7k. yet atleast..
I guess im down for trying other banks, but this is starting to get
very depressing already.. I "only" asked BankOne for 4500.00, which is
enough to get my associates degree then enroll into a university. (I
didnt graduate High School, but do have my GED.) So I cant just jump
into a 4 year, as I would like to. None are going to take me.
any suggestions on what I should do are VERY much appreciated..
Thanks,
Drew
Drew,
You may be in a much better position than you realize.
Your Stafford Loan will automatically be approved unless you personally
are already in default on a prior Stafford or Perkins loan. Stafford
loans are in your name alone so your parent's credit record doesn't
matter, and there is no credit check on you. It's $2,625 for the
freshman year, $3,500 for the sophomore year.
If your EFC is less than the cost of attendance it will be a subsidized
Stafford - the government pays the interest so it's interest free to you
while you're in school plus another 6 months.
If your EFC is too high, then it will be unsubsidized and you will have
the choice of paying the interest as you go or having it added to the
amount borrowed (see box 12 on the Stafford Loan Master Promissory Note).
In all cases, repayment of the loan is not required to begin until 6
months after you leave school, or drop below half-time.
If your parents credit history was not good enough to co-sign a private
loan from a bank, have them apply for a PLUS loan. PLUS is Parent Loan
for Undergraduate Students and it's taken by the parents alone (not the
student), but they would have been fully responsible for the co-signed
loan anyway if you didn't pay.
The PLUS loan has lesser credit requirements, but if they are turned
down for the PLUS then you are automatically eligible for an additional
$4,000 in unsubsidized Stafford loan for the school year.
So at a minimum you've got up to $6,625 in loans available to you for
the freshman year, another $7,500 in the sophomore year. If I've
understood your situation correctly, that will cover your needs.
|
Ok, thanks for the info Steve. I will post back when I get a chance, I
have a couple more questions you might be able to answer for me.
thanks,
Drew
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