<p>As the titles suggests, I wasnt approved for any of the loans i applied for. To start, I was accepted to the Citadel for the fall term of 2014. To my disappointment, the price tag that came with my acceptance wasn’t exactly worth being giddy about. It was more or less about $50,000. I applied for the sub and unsub loans, and some other stuff, and got $10,000 chopped off. That left about $40,000 unaccounted for. I applied for various private loans using my parents as co-signers, but was declined on all of them. Is that due to their credit? I looked it up online, and some people said they weren’t approved due to bad credit as well. Now my dad is telling me that there’s no way I wouldn’t be approved for any loans due to the Citadel being a military academy and what not. That’s not true is it? It’s very much possible for me to be denied loans right? Just because I was accepted to a military academy, doesn’t make me special correct? </p>
<p>Whether or not you got loans is determined by someone’s determination of your parents’ ability to pay back the loans.<br>
Usually that is determined by their salaries and assets minus their age and indebtedness.</p>
<p>Expecting banks to give you more than 160K to pay for college doesn’t make sense. Why would they? Do you realize what it would cost you each month to pay back 160K over TEN years? About $2000/month! You’d be a very risky loan and they’d have to protect themselves by increasing the interest rate, further increasing the likelihood of default.</p>
<p>One doesn’t pay for college with loans. Perhaps one borrows the federal maximum of 27K over four years, but no more than that unless one is majoring in a high-demand field with great startup income.</p>
<p>If you’re going to go to college in 2015, look around for some colleges you can afford without taking out more than the federal maximum next year: $5500. Look for schools where you’ll get good merit for your stats; schools with very low costs; or schools who will give you quite a bit of aid based on your parents’ assets and income. </p>
<p>For the first of these, begin by looking at your in-state publics. For the second, see the appropriate pinned thread(s) in the Financial Aid and Scholarship forum. In order to determine the last of these, run the net price calculators. </p>
<p>You’re running out of time.</p>
<p>Oh I’m already set up for school. I had a back up for in case the citadel didn’t work out. Going to school is not a problem for me. It’s just my father can’t seem to let go of the past, and doesn’t believe me when I say I wasn’t approved for loans due to their credit.</p>
<p>Students can only borrow the federal direct amount, to borrow more they need co signers, and your parents don’t qualify it seems. The lender knows the risk of a student is too high–they won’t lend to you that. That is just as well as that amount x 4 you would have to be out of your mind to mortgage your future that way. You would end up broke your whole life. No one sane does that, what is your dad trying to do to you? People have to have saved most of that to afford it.</p>
<p>Students can get 5,500 loan freshman year plus 4,000 if the parent gets denied. That’s all.</p>
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It’s just my father can’t seem to let go of the past, and doesn’t believe me when I say I wasn’t approved for loans due to their credit.</p>
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<p>???</p>
<p>How hard is it to show your dad the documentation of why you weren’t approved? You can request that info. I think lenders are req’d to tell you why you weren’t approved…so you can get that info and show it to your dad. </p>
<p>BTW…banks aren’t going to bend-over-backwards for those attending the Citadel. It’s not a military school like one of the service academies (which are free to attend, btw). There is no obligation for a Citadel grad to enter the military. My nephew is a VMI grad and he’s never entered the military. So, your dad is wrong in his assumption that banks are going to fully-fund the Citadel with loans. </p>
<p>Besides, since when can a military person afford to pay back huge loans? Your dad isn’t even thinking clearly! And, no, the military doesn’t pay back those private loans for a new officer. The military might pay back some federal student loans, but those are for a LOT less money.</p>
<p>I have shown him the documentations That clearly state the reason for not being approved was due to credit! But he seems to have convince himself otherwise. And that’s exactly what I told him! Why on earth would the banks go out of their way to help me? As I said before, I’m not anyone special. I’m out of things to tell him. All the truths I’ve told him he rejects because of his thought process</p>
<p>So do you have a school that you can afford to go to without the co-signed loan?</p>
<p>At this point, it really doesn’t matter. He may be embarrassed by the fact that his credit is poor, or his income is too low to qualify for the low. Let it go and forget about it. </p>
<p>Yes I do, I’m attending Ohio University for the instate tuition. </p>
<p>I’ve let go of it already. In fact, I’m already attending another school! </p>