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Alternative Student Loans

Ann Said:

What to do when you are turned down by student loans?

We Answered:

i was also turned down due to bad credit, but someone with outstanding credit co-signed and i was approved for a loan. you may want to try a creditworthy co-signer.

Anna Said:

Denied student loans for "W" grades. Any alternative loans?

We Answered:

Eric:

You're potentially up against two issues - one, that financial aid will only pay for the first 150% of the hours required by your degree program, and two, that a student on financial aid is required to maintain a pass-rate of at least 70% of the courses that they REGISTER for.

Neither of these are school policies - these are rules of the Federal Student Aid program - rules established by Congress when they created the program, and rules that the US Department of Education monitors to assure that every school complies.

Remember where financial aid money comes from - it's not grown on trees out behind the Department of Education in Washington. Financial aid is taxpayer money, and I'm sure you can appreciate why the taxpayers just aren't willing to pay for courses that you're not completing.

Think of me as the taxpayer picking up the tab for your college expenses. You come to me at the beginning of the semester needing $1000 for classes. I give you the money, and at some point during the semester, you decide to drop a few of those classes that I paid for. Next semester, you're back asking for another $1000, and you're going to drop a few more classes again. Why would I want to keep paying for classes you're not finishing? I think you know the answer to that - I don't want to - and neither can you expect the taxpayers as a whole to do that.

Federal law says "If you want to keep receiving financial aid, you're going to need to pass at least 70% of the classes that your financial aid money is paying for."

Here's where I don't feel the empathy - you're not getting aid now because you're on financial aid suspension. Financial aid suspension comes after financial aid probation - so at some point, you were notified that you were on probation. Probation is a warning period - you're warned that you have fallen below the aid eligibility standards (the Satisfactory Academic Performance standards, to be exact), and provided with one semester to regain compliance. I suspect that John Jay notified you that you were on aid probation. Whether you took notice of that or not, that I don't know.

Here's the really bad news that you don't want to hear: It's next to impossible for a student with poor credit and no-cosigner to be approved for a private (alternative) educational loan. Up until a few years ago, lenders treated student loans as a "special case", approving loans because they assumed that the students would graduate, get good jobs, and repay the loans. That was a pretty reckless assumption - a lot of borrowers quit school, or can't find jobs because they majored in snail farming - and of course, those loans weren't repaid.

Today, lenders treat student loans like any other loan. They ask to see your income, your debt to income ratio, and your credit history - to see if you have the PRESENT ability to repay the loan. If you don't, they'll require you to provide a cosigner who does.

There are NO legitimate lenders who are making "lax" educational loans right now - and you'd be well advised to stay clear of the crooks that are likely to respond to this question offering you amazing loan offers.

I'm sorry for the disappointing news, and I honestly wish you the best of luck.

Danielle Said:

Best alternative loans for a university of pitt student?

We Answered:

scholarships.onlinewebshop.net - it provides some tips about applying to US federal and state grants for college students.

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