<p>I want to take out a 50k loan, WITHOUT co-signing my parents or using my credit cards.</p>
<p>I understand that is through the Signature Loan, but that requires a co-signer right? My credit is a bit low (especially for a 20 year old) and the university I got accepted at isn’t doing too well with financial aid - I heard it was because all their Wall Street alumni donors went broke this year.</p>
<p>So does anyone know any GOOD, legit programs that would loan out a complete $50,000 to a student who has low credit, and without co-signing his parents?</p>
<p>Even if such a thing did exist, that is a ridiculously bad idea. The interest rate on a $50K private loan without a co-signer would rape you. Assuming you took out four $50K loans, you would end up paying $400K to $500K over the course of your payments…no school is worth that.</p>
<p>Possibly a subsidized loan through your college or university; otherwise, no. If you have to borrow $50,000 a year to fund your undergraduate college education, you need to find other educational options.</p>
<p>I have a $40k/year loan with Chase Manhattan. If one company won’t supply you with all the funds, you can use other resources. I also have federal loans too.</p>
<p>I didn’t have a co-signer nor used a credit card.</p>
<p>My interest rate is only 6.5%, but…I do have good credit. I don’t know how they work with low credit students.</p>
<p>Post #5: Is your loan subsidized by your school, the state or the military? Was it purely a signature loan or do you have assests as collateral? Are you an undergraduate or graduate student? Was the loan check made out to you or jointly to you & your school?</p>
<p>iamtotallyin: are you talking about taking one $50K loan or taking a $50K loan every year? If it’s the latter, I don’t think words can describe how stupid an idea that is.</p>
<p>…because I know how much I deposited in my bank account?
Whether I borrow against a semester or a year does not matter if the amount I recieve is the same.
My first edit was because I thought chase offered 80k for the year They don’t. I only borrowed $40k several years ago for study abroad and don’t recall their limit, so I double checked on the website.</p>
<p>It was a signature loan. I do not have any collateral.
I’m an undergraduate, the school is completely unaware of my loan (unless Chase verified with my school, I do not know if they did) - I received the check in the mail, not them.
I made to sure to avoid telling them of the loan because I worried it would affect future aid. </p>
<p>Straight up, you’re NOT a good candidate at the moment to be taking out any loans without a co-signer given your low credit history. If you haven’t been watching the news since October, you’re in for a rude surprise like the rest of America. Credit and loan companies are becoming very strict on who they lend money to. You have to be able to show that these companies CAN get their money back on time, that you’re a responsible person. That’s the point of the co-signer- to take over any financial responsiblities should anytihng happen to you that prevents you from paying them back.</p>
<p>Judging from your other posts, it looks like you’re trying to transfer to Columbia. I don’t know where you are now but I would think very hard if Columbia is worth that extra money for two or three years. NYC is ridiculously expensive.</p>
<p>Get your head on straight and look around you and read the papers. And learn how you can bring your credit score back up.</p>
<p>Oh, wow, yeah, I thought you meant one $50k loan. If you’re talking per year for some reason, or that’s just for one year, that is the worst idea ever.</p>