School loan for Dependant Student
Author: thejoshua
Posted: Thu Sep 08, 2005 4:48 pm
Post subject: School loan for Dependant Student
I am not considered an independant student , it's up to me to pay for school, no mommy and daddy. My question was really, how likely it will be that I get approved for a loan. I had a charge off a couple years back, that I have paid now in full as of Feb 2004. I have a BOA CC that I've had for a year with no lates, and one circuit city card that I've had only for one month. The toal year cost of the school would be $15,050, so I would need a loan of approximately $10k. How likely is it I would get approved? I would greatly appreciate any help you could give me.
Author: lawyer2be371
Posted: Thu Sep 08, 2005 6:40 pm
Post subject: School loan for Dependant Student
Do you mean you are an independent student?
What state do you go to school in?
Do you currently live there?
What level are you, Freshman, etc...
Are you undergraduate or graduate?
Do you have Stafford Loans?
Or Perkins Loans?
Are you currently working, if so, have you been at your job more than two years?
Author: thejoshua
Posted: Thu Sep 08, 2005 6:47 pm
Post subject: School loan for Dependant Student
What I meant was I'm a dependant, even though I receive no help from my parents, because I'm not 24. The school is the aveda institute, it's in Charlotte NC. I am a resident but for the school it doesn't matter. The loan offered for the school is a sallie mae trade school loan. I am working but have only been at my current job 7 months, my last job was 3.5 years.
Author: lawyer2be371
Posted: Thu Sep 08, 2005 7:14 pm
Post subject: School loan for Dependant Student
When you say that you recieve no help from your parents, what exactly does that mean..
When you did your FAFSA, did you or did you not supply your parents tax return information...
And if so based on that information did they tell you that you were not eligible for any governmental loan program, or does the school you attend not participate in the gov student loan program.
The loan that you stated the school has, have you already applied, and been turned down, or are you asking what our your odds of being approved for that particular loan
Author: thejoshua
Posted: Thu Sep 08, 2005 9:03 pm
Post subject: School loan for Dependant Student
I'm trying to see if I have a shot at getting it. I have to use my parents info on my fafsa app. They however don't help me at all, with mine and there income I don't qualify.
Author: lawyer2be371
Posted: Thu Sep 08, 2005 9:27 pm
Post subject: School loan for Dependant Student
Well, If you could get your parents to cosign, the loan you might be able to get it Sallie Mae for the most part requires a cosigner, regardless to how good your credit is.....
Author: girlie
Posted: Thu Sep 08, 2005 10:49 pm
Post subject: School loan for Dependant Student
You might try calling the FASFA people (I had to call once its actually quite easy to get through and they are very helpful). Maybe there is some way you can appeal that rule. I have heard of other students appealing things like academic probation (not me because I am a total geek when it comes to school) and ending up with loans they were originally told they wouldnt get. Its just a matter of finding the loop hole, filling out the the right papers and jumping through their hoops. Maybe they have forms or something you can submit as proof that you completly support yourself.
Secondly if you havent had your parents fill out the FASFA with you as a dependent, you should try. The worse thing they can say is no. If your parents have a lot of assets and make a lot of money you probably wont get grants but you have to make some serious boat loads of money before you wont get federal student loans. I have heard of plenty of people not getting grants because of too much income - but loans are different.
Cindy
Author: thejoshua
Posted: Fri Sep 09, 2005 8:20 am
Post subject: School loan for Dependant Student
Getting them to co sign will not happen. I've already tried to do the fafsa as independant, I talked with fafsa and school, they basically said too bad. My parents have no money to begin with, they are military, I haven't had help from them for years.
Author: ladybug23
Posted: Sat Sep 10, 2005 2:09 pm
Post subject: Here's how I got around this . . . .
Hello --
I was in this same situation when I was first starting out. I was technically a dependent but receiving no support from parents. I guess in this scenario, your only option from the Feds in is a PLUS loan (loan your parents take out). I was able to get around this by having my mom's bank provide a letter saying that they would not approve her for a PLUS loan. Once it was demonstrated that my parents couldn't get a PLUS loan, I was able to take out the loans myself. This was at major state university.
I remember working with a school financial aid officer on this, so I would touch base with them to see if this would work.
Good luck!
Posted: Thu Sep 08, 2005 4:48 pm
Post subject: School loan for Dependant Student
I am not considered an independant student , it's up to me to pay for school, no mommy and daddy. My question was really, how likely it will be that I get approved for a loan. I had a charge off a couple years back, that I have paid now in full as of Feb 2004. I have a BOA CC that I've had for a year with no lates, and one circuit city card that I've had only for one month. The toal year cost of the school would be $15,050, so I would need a loan of approximately $10k. How likely is it I would get approved? I would greatly appreciate any help you could give me.
Author: lawyer2be371
Posted: Thu Sep 08, 2005 6:40 pm
Post subject: School loan for Dependant Student
Do you mean you are an independent student?
What state do you go to school in?
Do you currently live there?
What level are you, Freshman, etc...
Are you undergraduate or graduate?
Do you have Stafford Loans?
Or Perkins Loans?
Are you currently working, if so, have you been at your job more than two years?
Author: thejoshua
Posted: Thu Sep 08, 2005 6:47 pm
Post subject: School loan for Dependant Student
What I meant was I'm a dependant, even though I receive no help from my parents, because I'm not 24. The school is the aveda institute, it's in Charlotte NC. I am a resident but for the school it doesn't matter. The loan offered for the school is a sallie mae trade school loan. I am working but have only been at my current job 7 months, my last job was 3.5 years.
Author: lawyer2be371
Posted: Thu Sep 08, 2005 7:14 pm
Post subject: School loan for Dependant Student
When you say that you recieve no help from your parents, what exactly does that mean..
When you did your FAFSA, did you or did you not supply your parents tax return information...
And if so based on that information did they tell you that you were not eligible for any governmental loan program, or does the school you attend not participate in the gov student loan program.
The loan that you stated the school has, have you already applied, and been turned down, or are you asking what our your odds of being approved for that particular loan
Author: thejoshua
Posted: Thu Sep 08, 2005 9:03 pm
Post subject: School loan for Dependant Student
I'm trying to see if I have a shot at getting it. I have to use my parents info on my fafsa app. They however don't help me at all, with mine and there income I don't qualify.
Author: lawyer2be371
Posted: Thu Sep 08, 2005 9:27 pm
Post subject: School loan for Dependant Student
Well, If you could get your parents to cosign, the loan you might be able to get it Sallie Mae for the most part requires a cosigner, regardless to how good your credit is.....
Author: girlie
Posted: Thu Sep 08, 2005 10:49 pm
Post subject: School loan for Dependant Student
You might try calling the FASFA people (I had to call once its actually quite easy to get through and they are very helpful). Maybe there is some way you can appeal that rule. I have heard of other students appealing things like academic probation (not me because I am a total geek when it comes to school) and ending up with loans they were originally told they wouldnt get. Its just a matter of finding the loop hole, filling out the the right papers and jumping through their hoops. Maybe they have forms or something you can submit as proof that you completly support yourself.
Secondly if you havent had your parents fill out the FASFA with you as a dependent, you should try. The worse thing they can say is no. If your parents have a lot of assets and make a lot of money you probably wont get grants but you have to make some serious boat loads of money before you wont get federal student loans. I have heard of plenty of people not getting grants because of too much income - but loans are different.
Cindy
Author: thejoshua
Posted: Fri Sep 09, 2005 8:20 am
Post subject: School loan for Dependant Student
Getting them to co sign will not happen. I've already tried to do the fafsa as independant, I talked with fafsa and school, they basically said too bad. My parents have no money to begin with, they are military, I haven't had help from them for years.
Author: ladybug23
Posted: Sat Sep 10, 2005 2:09 pm
Post subject: Here's how I got around this . . . .
Hello --
I was in this same situation when I was first starting out. I was technically a dependent but receiving no support from parents. I guess in this scenario, your only option from the Feds in is a PLUS loan (loan your parents take out). I was able to get around this by having my mom's bank provide a letter saying that they would not approve her for a PLUS loan. Once it was demonstrated that my parents couldn't get a PLUS loan, I was able to take out the loans myself. This was at major state university.
I remember working with a school financial aid officer on this, so I would touch base with them to see if this would work.
Good luck!
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