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  1. #1
    Join Date
    Jul 2007
    Location
    Texas
    Posts
    3

    Default Building Credit for Student Loan

    I will graduate from a high school in Texas in 2008 and am looking at applying to both a private university and a state school. With me being in the top 10% of my graduating class, I already count on my acceptance into my state school(top 10 percent law). But like most high school students I am worrying about how I am going to pay for college. My mother incurred alot of debt when she got diagnosed with cancer, as well as my father, therefore leading to a low credit score for the both of them.

    Thankfully I was able to recieve enough scholarships to pay for most of the first year of college, but am worried about the rest, and it seems the only other option are loans. My question is... being that my parents would not be sufficent co-signers, how long would it take for me to build my credit to a good enough score not to need them at all?

    any other advice on applying for private loans/other types of aide would also be appreciated...

    thanks in advanced.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Building Credit for Student Loan

    You can almost certainly get student loans - it's just that with a limited credit history and no cosigner, private student loans are likely to have unfavorable interest rates. If your parents are of limited means, focus on trying to get grants and subsidized student loans.

  3. #3
    Join Date
    Jul 2007
    Location
    Texas
    Posts
    3

    Default Re: Building Credit for Student Loan

    Quote Quoting Mr. Knowitall
    View Post
    You can almost certainly get student loans - it's just that with a limited credit history and no cosigner, private student loans are likely to have unfavorable interest rates. If your parents are of limited means, focus on trying to get grants and subsidized student loans.
    All subsidized student loans are offered by the government right? and wouldnt that limit the amount of money I can get from those type of loans. I just want to know that I would be able to afford my private school choice, and that money would not be stopping me.

  4. #4
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Building Credit for Student Loan

    If you want to borrow beyond what you can receive through subsidized loans, as you were previously told, you should be able to get loans - but the rates and terms may not be favorable.

  5. #5
    Join Date
    Jul 2007
    Location
    Texas
    Posts
    3

    Default Re: Building Credit for Student Loan

    Thanks both to you Aaron and Mr. Knowitall for information you both have give me, have a good week!

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