I'm a 23 (M), I didn't go to uni right after graduating high school, I work full time and have a part time job currently. I have a little over 2 grand in credit card debt, and both parents aren't willing to be co-signers for my student loans. FAFSA didn't give me enough money to cover my OOS tuition and my credit score is in the mid 400's. If I pay off my debt before school starts, would I have a chance of still going to uni and getting loans without a co-signer?
Do I still have a chance of going to uni this fall?
byu/logictrumpsfeeling inStudentLoans
Posted by logictrumpsfeeling
4 Comments
If you wait a year you don’t need to submit parent information on your FAFSA
If you have a credit score in the 400s and have $2k in credit card debt you should really consider what your college plan is, especially if you’re seeking an out of state school. You’re setting yourself up for financial chaos right now. Speak with a financial advisor first and see if there’s any in state tuition options instead, pay down those credit cards. It sounds like you have a bunch of missed payments or something too if you’re in the 400s, so you’re going to get terrible rates through a private lender. Wait a year, get federal loans so you get protections associated with federal loans, use that time to get good financial footing if you’re able, find a cheaper option if you’re able (community college for 2 years + uni for 2 years?)
Why not go to school in state?
What’re you going to school for? Based on your degree I guarantee there are likely cheaper options for the pathway than going to a university.
So you’re going to be considered a dependent until you’re 24 or 25 (someone help me out here) because who knows, that’s just how it works, even if you live alone and pay all your own bills. I was treated as an independent student from the jump because I was a parent and so I didn’t need parental involvement in getting financial aid – and I think there’s other ways to be considered independent. But then again I also had a good credit score by the time I was asking loans but I think that matters less than if you have any adverse credit history. So what I’m saying is, even if you paid off the $2K, there is something else going on that’s making you that low, so you have to identify and address that. And even if you did that, they still may use your parents’ financial info to determine your eligibility.