Im not looking to start ATP for at least another six months, but ive so far been denied a full amount starting with private(obviously since im 20) and will have a cosigner. I want to know if there is a better way to apply for loans than getting denied, try again for a different amount, denied, try 50/50 then denied or accepted all the while each time they pull up my credit and corrupting my credit history as well as my cosigner’s. Is there a better way than this? thx for all the responses and happy memorial day.
Cameron,
Unfortunately we are not the financial experts. Your best bet is to call Admissions and ask to speak with Kirk Clews in the finance department.
Tory
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ill be sure to do that thx
If it makes you feel more confident, I don’t have a large amount of credit history (my score is 740), and I used a co-signer. We were able to get approved through Sallie Mae for $105,000 even with my dad not making a large sum of money (retired Coast Guard), and me without any savings really (only $1000). We only applied once.
However, Wells Fargo wanted an additional co-signer on top of my dad, so you may need to take that into account. For the best it seems, since Wells Fargo’s student loan department might be quite terrible judging from all of their reviews haha.
Best of luck!
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Hey Zachary what interest rates did you secure for the Sallie Mae loan? I am in the process of doing this myself.
Thanks for the help, AR
I’m not Zach, but I recently got approved (with co-signer) for 6.25% fixed. There was an option where I could get 5.75 but it requires making interest payments while in school which is a no go for me. My co-signer has a high income. With my first co-signer who is making only social security income the rate was gonna be 9.5!
Cody,
If you dont mind m asking, what 2as the loan you got approved for and was it fully financed?
I haven’t looked at it yet since I have my physical tomorrow. Didn’t want to get excited then have something unknown randomly pop up in my physical and delay me, and bum me out haha. I will let you know tomorrow evening Anthony!
I was approved for $97k and after a little calculation I reduced it to $94k. Yes I am financing everything. I don’t want any sort of distraction or stress while I am studying.
Anthony,
For a $105,000 loan (cost is now at ~$99k), my interest rates are:
Variable
Interest Repayment: 9.75%
Fixed Repayment: 10.25%
Deferred Repayment: 10.75%
Fixed
Interest Repayment: 10.75%
Fixed Repayment: 11.25%
Deferred Repayment: 11.75%
Pretty high, but that is around what I expected with having a co-signer with a smaller income.
Also has anyone done the Wells Fargo app with two joint co-signers? One with small income, and one with large income? I’m contemplating filling it out after seeing my Sallie Mae rates
I didn’t end up doing a third Wells Fargo app, so I can’t tell you for sure. But if you find someone with a high income, I would try both and see who’s cheaper. My guess will be Sallie Mae, but I didn’t try for Wells Fargo after my high income co-signer brought the sallie mae fixed interest rate into the 6’s.
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i was able to get an educational line of credit (8.25%) through American Airlines federal credit union at 23 years old. I’m not sure what the criteria is for joining anymore, (nor what the limit is since i only needed a portion of what i didn’t already have saved) but that’s definitely a good direction to look in.