Why You Can’t Get a Loan | 01.06.09
It seems the frustration level is rising. Times are tough, people are losing their jobs, and schools are raising tuition costs. Lenders are changing their portfolios, trying to stay afloat. All of this makes it very hard for a student to get a loan they once got in the past. Gone are easy to receive International school loans, gone are the private consolidation loans, gone are the loans that pop up in your mailbox. You can still obtain a loan, but it will most likely be different from any private loan you have had in the past. It may also require you to have a cosigner, even if your credit score is perfect.
This frustration is real, and it’s resulting in some students dropping out of school, even if its just for a semester while they get all their ducks in a row. So the question is what to do, how to prepare accordingly. If you relied on private loans in the past to pay your tuition, check with your school to make sure they will accept private “school certified” loans…as this seems to be the most prevalent loan in the market right now. If they do not handle those loans, then I would suggest looking into a cheaper state school, which you can afford with just Federal loans.
The biggest mistake I made, and others make, is going to a school for the name….and unless you are going to a Harvard or Yale, you very well may regret it in the future. Assuming large amounts of debt, and not being able to pay it will affect you for the rest of your life.
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