Hi dren,
Thanks for the input. I do recall seeing your trouble with getting a loan earlier in the thread and sorry to hear things haven’t improved for you even with 2 co-signers. But good to hear you can start some of the course. In summer, did they give you any idea what improvements they are looking for to qualify by then? Your FICO score, income, and possibly still need a co-signer?
I wonder if the co-signer, while great credit, needs a good job, homeowner, and such to insure they can cover the payments if the student falls behind. My brother and his wife tried to get me to co-sign for a car loan, I refused, along with parents and such, I didn’t want to get stuck covering for some $280 monthly payment to protect my credit. The next month he was fired, dodged a bullet there. We all still helped him out a bit until he got a new job.
The 24 month remove co-signer option. I’ll have to check again, maybe it was in the detailed, “yes I understand that…” at the end of the application, but I don’t think it’s a guarantee. Possibly more of a minimum time before you can “request,” or up for parole, but they might still have review you once more, meaning, it could be denied. I’d love to say to a potential co-signer that it’s a 100% guarantee that they can remove their name, so I’ll have to ask Victoria about that.
In fact, maybe I should fire some questions her way to show my commitment or interest, possibly standing out over silent applicants.
Can you apply for a smaller loan? I thought the loan, or the way it was worded, had to be the full amount of the tuition. Making it sound like I couldn’t put say $5,000 down and loan the rest to make it easier to qualify. I suppose that’s another question to ask.
I hope I do get accepted, but I do know there’s always a chance of being rejected with no reason why as a policy I think, so I won’t let myself become too upset if it happens. I don’t want to delay too long to prepare for a new career, my current one hasn’t been very secure. It’s finally showing signs of stabilizing, with corporate allowing job performance review raises again. Though, I missed two 5% raises over that time, and was hit with a 3% pay cut during bargaining. If they do another round of layoffs and I lose my job, I’m a bit worried. While I have 8 years of experience at a newspaper, the whole industry is suffering and I only have high school and a bit of junior college just before I was hired, so I won’t stand out over those with degrees.
DreamThinkLive,
I’m contemplating some kind of payment plan, but being a homeowner, I don’t want to hurt my savings too much if I have to make a repair or lose my job in this economy. My income is good, but not the greatest to cover so much every 3 months or so, not unless I turned my life upside down to do it. If the economy didn’t collapse, I could of done an equity loan without putting a dent in what remains, but now, 84% of homes in my county are underwater mortgages.