How can I pay for college without a cosigner and with no, or bad credit?
Question:
Answer:
You may need to explore an "alternative" loan option. Alternative loans are offered by private lending institutions (banks) outside the usual financial aid process. Some alternative loans can be obtained without a cosigner, though you will certainly pay more in interest and/or loan fees than you would with a credit-worthy cosigner.
I recommend contacting your school's financial aid office or visiting their web site to find out if they have a list of recommended alternative loan sources. An example alternative loan that is available without a cosigner is the Key Alternative Loan from Key Bank (www.key.com/education). No, I do not work for Key Bank. :-)
You might also want to discuss a loan that includes a cosigner release option with your parents. With these types of loan, you must have a cosigner when you take the loan, but your cosigner is released from his/her obligation after you make a certain number of on-time payments. Typically, you must make four years of payments before the cosigner is released. These loans would generally have less expensive terms than a loan with no cosigner.
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J O B
Apply for federal assistance or federal student loans. They are the most leinent with people with bad credit I hear.
There isn't really a solution to this except to have a cosigner(relative, friend, etc)..or
you can attend college part-time and work full-time/part-time. This way, you won't need to spend so much on college and you'll have room to build or fix your credit.
You can also ask you financial aid administrator for more options.
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