Question: I have found myself in the position of needing a private student loan because the fin aid office at my uni says I do not qualify for a pell grant. I do not have good credit at all. But, I have a close family member who says they will co sign a loan. Are there any companies which only look at the co signers credit as well as monthly income? My possible co signer has totally fair credit and a great monthly income. I am 32 and totally cannot obtain a parent plus loan or anything. My uni just told me about this situation last week!

Answer: If you have an unsatisfactory credit history, but the co-signer’s is okay, then most any lender will make the loan. All they require is that one of the signers be credit-worthy. Keep in mind that if for some reason you don’t make the payments then your relative is legally responsible to pay or his/her credit record will be affected. I can’t speak to your situation with the online university.

But if you attend a community college full-time with an EFC of 700 you should qualify for an annual Pell grant of about $3,300 (1/2 that if only 1/2 time) and a Stafford loan of up to $6,625 if you are attending at least half time. Stufent aid should cover your whole bill and maybe even refund some back to you for other expenses.

If you will attend the community college this September or January, then you should amend your FAFSA to add that school – if you end up not going no harm is done.

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