Hi everyone, I’m 23 with a low income and I was denied again for financing independently without a co-signer. Unfortunately, I know no one willing to co-sign for me after asking. Can anyone offer any pointers on how to get a co-signer? Is there a website where I can pay someone? Maybe offer a deal after graduating like paying them any large bonuses I’d get from the airline? Idk. I’m completely lost at this point. I wish federal aid could be used.
I don’t mean to be rude, but if the people you know won’t co-sign for you, why should anyone who doesn’t?
You need to understand these are unsecured loans and as such the lenders want to know the odds are better than good they’re going to get paid. Honestly I think your best bet is to keep saving your money and building your credit to the point where you can get the loan on your own.
I understand how the $100k loan works which is why no one I know wants to co-sign because of the amount and risk. Currently, I have a class B CDL so I guess I’ll have to keep putting that to work or by a miracle, life stops stepping on the little guy in the meantime.
Your solution is right there in your wallet. Bump your CDL up to an A and get into UPS driving feeders. When I worked at UPS in 2012-2015, around here in Ohio package car drivers (brown trucks that deliver packages) started at 60k and feeder drivers (semi truck) started at 120k. Now with the new union deal feeders are starting at 175k
Dalton my friend, the fault lies not in our stars, but in ourselves…
I’m sorry to hear you’re having such a tough time. But it’s time to get creative and think in the solution instead of the problem. If you’re not getting approved for a lack of credit history, start focusing on ways to build your credit. It will take some time but it’s a work in progress. If you’re low income, well it sounds like @r6russian described a good plan to start making more and saving.
When it comes closer to apply for the loan again, and if you still require a cosigner you could aim to see up for the first 12 months of payments and have that stashed away. The loan FAQ page says:
"Most lenders offer a cosigner release option. After making as few as 12 consecutive on-time principal and interest payments, the borrower may request that the lender remove the cosigner from the loan entirely as long as the borrower has sufficient credit individually. (Cosigner Release: Apply to Release Your Student Loan Cosigner | Sallie Mae)
That could help give any prospective cosigners peace of mind.
Finding a co-signer can be a challenge for many, as the figure and holding up equity of someone else may be a bear. Hannah linked a great page that ATP put together for finding a cosigner and being able to release them after 12 consecutive on-time payments. I can say since being signed into the airline that I released my co-signer and was able to refinance for a lower interest rate.
I was negotiating for hours with underwriters and their managers because my co-signer didn’t quite fit their “requirements,” in the end getting through and making the dream come true. I actually reached back out to the manager after completing ATP thanking him for his time months prior.
If there is one thing about aviation and life, there will always be adversities, it is up to you how you tackle adversity. I recommend saving some cash or upgrading your CDL, if you can pick up extra work here and there without sacrificing QOL, it may be beneficial!
If this is really what you want, then DO sacrifice quality of life. Save money like your life depends on it (because your dream really does)! Live frugally, save like crazy, and stay on top of your debt so you can get your credit score up (or at least not tank it). Make more money any way you can. You’re still young, and you have time to save enough money to make this happen. If this is really what you want, you can make a way.