I’ve been accepted into the program, I have my medical certificate, and I’m ready to go…but I have quite a big problem ahead of me. I’ve been shopping around for a loan to pay for the program, and I’ve found out that I cant get one. My credit is fine, I have 0 debt, I’ve worked since I was legally allowed to work, and I’ve had a good paying job for the last 2 years now. My problem is that I am only 22 and everywhere I look says i need a co-signer. Most people say to just get your parents to co sign, and that was the plan, but my parents debt to income ratio is absolutely jacked. Their financial advisers said I would get denied everytime if they co-sign.
So are there any options for me? Can I put down payments on a loan to help me get approved? Can I hire a co-signer? I’ve been looking around for options, but if one of you could point me in a general direction of options that would be super helpful.
Austin,
That’s a tough one. There really is no “down payment” on a loan, you’d simply be asking for a lesser amount which may be an option IF you can get the amount down low enough. I’ve never heard of anyone “hiring” a co-signer but I would think they’d want enough money to be safe and if you had that we wouldn’t be having this conversation. I do think it’s odd your parents debt to income is “jacked” and they have financial advisors (perhaps they need some new one?).
I know I haven’t helped but where there’s a will there’s a way so keep thinking hard on it. Grandparents, aunts, uncles might be an option. Otherwise it’s working and saving until you get that figure down to the point the banks feel comfortable.
Adam
I don’t know if this will help but along the lines of what Adam said in terms of asking for less money, you can split the total amount of borrowed money between the two lenders. Might want to see if that’s an avenue you can make work.
Caleb
Austin,
Have you spoken with Kirk in ATP’s financing department? He is an expert on these things and is very helpful.
Chris