SchoolLover

I am 20 years old and a junior. I just started to build my credit by paying my phone bill. Is this possible to do? If so what companies?

kelsmom

I am not a fan of borrowing more than the federal student loan limits. How much are you considering borrowing? Keep it to an absolute minimum. Credit unions are a good place to look for education loans, as is the website FinAid! Financial Aid, College Scholarships and Student Loans.

SchoolLover

20,000. I might not even have a cosigner for federal student loans..is there anyway i can take federal student loans by myself?

SchoolLover

will places like citibank allow me to take out loans at my age and low credit?

WayOutWestMom

You can only take out Federal Direct (Stafford) loans on your own. You'll need a co-signer for any other loans.

It's very unlikely that any bank will allow you to take out $20,000 in loans without tangible assets or a permanent job,

SchoolLover

do i apply for the federal direct loan on the fafsa?

also do i need to be a part of a credit union bank to take out loans? if not how much do you think they would allow me to take out?

WayOutWestMom

FAFSA is not an application for anything. It's a report that you need to file to determine your eligibility for federal financial aid--like Stafford loans.

Once you have filed your FAFSA (you'll need your parent's tax return info to do so), your school will notify you of your eligibility for federal financial aid.

You need to be member of a credit union to take out a loan from one. Credit unions are member owned and serve only members. Joining one is usually fairly easy to do.

I have no idea how much a credit union would loan you, or even if they would offer you a loan at all.

SchoolLover

I have already received my financial aid, but is there anyway to try and get more or is that it for the fafsa this year?

WayOutWestMom

You can talk with the FA office at your school. If you have already received the max federal loans you're eligible for, then there's no federal aid left for this school year.

If need money for fall, then you need file a FAFSA for the 2012-13 school year.

Olymom

I strongly recommend that you get a good guide like "How to pay for college without going broke" so you understand the system better. There's a lot to know -- and some really crummy folks out there who will loan you money in ways that will ruin your life. Please don't just think "I've got to get my hands on money now and I'll deal with the paying back part later." HOW you get your hands on money makes a huge difference in what kind of life you'll have for the next forty years.

You might check out Coast Guard, national guard, the military to see if you want to stop and work a couple of years -- all of those have matching programs so you can come out with some big bucks for college costs. As a rising junior, you should also check out work opportunities/internships through your college because maybe you can alternate working a term with classes. Good luck.

swimcatsmom

The maximum federal direct student loans a dependent Junior student can borrow is $7,500. Those would be awarded to you through your school if you are eligible. Federal student loans do not require a cosigner. They are processed through your school.

As others have said, you will not be able to borrow private loans without a cosigner that has a good credit rating.

cptofthehouse

Does your financial aid package already include loans? As WayOutWestMom state, you need to find out whether you have already received the $6500 in Stafford Direct Loans that is the max a junior may get. Your parents can apply for Direct Loans under their own names. Those are the PLUS loans that they may get if their credit checks out. If it does not, you can get additional Stafford loans.

If you already have gotten financial aid, you already completed the FAFSA with your parents. That is what allows you to get the DIrect loans and your parents can apply for PLUS.

Private loans will most likely require a cosigner with good credit. Almost certainly. Have you spoken to your parents about your gap this fall?