Cheryl Said:

Private student loans without a cosigner? UNIQUE QUESTION!?

We Answered:

If you fill out the fafsa, you will be eligible for federal stafford loans. If you are a junior based on credit hours, then you will be able to borrow up to $7,500/year - and federal loans are a smarter option than private loans. Federal loans are given to everyone -- they are not based on income because they are not a needs-based financial aid award.

As a dependent student, the fact that you are working full-time would probably hurt your grant-eligibility more than your parents' income. Even once you become an independent student, it's unlikely that you will qualify for any need-based grants if you work full-time unless you have a few dependents (I have one child and did not qualify for the full Pell working full-time at minimum wage 2 years ago). Fafsa will go by your parents' tax forms from the previous year and by your tax forms, as well as the money in checking, savings, and cash. However, your parents should not be in charge of your uncles' inheritance... the estate should have the money and distribute it to the necessary heirs.

Fill out a fafsa application so that you can borrow from federal loans. If you need to borrow a small private loan (if tuition is more than $7,500/year) - you should be okay since you have a full-time job and have been paying car and phone payments (as long as you have not had any late payments). Cosigners are not required for federal loans and they offer more benefits than private loans -- so try to stick solely with federal loans. Good luck to you.

Laura Said:

I need to consolidate private student loans without a cosigner...help!?

We Answered:

You might find a bank that will consolidate your loans, but then the interest rate would be so high it would probably not be worth it for you. If you can't get a cosigner, you basically need to wait around and improve your credit rating.