I need a loan of at least $2,500. There’s no one I can co-sign with, and I literally don’t have a credit score. I also don’t have FAFSA or any other financial aid awards.
Does anyone know any companies that might offer this? It needs to fit all criteria.
Is this for one year? If so, you’d need $10,000 total, assuming it only takes you four years to graduate…not happening.
My father has great credit, and his interest rates would’ve been about 16% (he decided not to take private loans). I can’t imagine what the rates would be without credit…does that option even exist?
Why no FASFA? Are you an International student?
Please clarify. Did you complete a FAFSA?
If you started college in the fall of 2015 like you planned you should be close to graduating. Did you run through your college fund? How many semesters do you have left?
The best way to get your hands on $3,000 is to get a job. That’s about what students can earn in a summer. You may have to delay college for a semester or work full-time while you finish.
If you are eligible for federal aid and completed a FAFSA, you will be eligible for $5,500 in federal loans (unless your school doesn’t participate in federal loans).
High risk lenders offer loans with those requirements (American General, MainOne Financial), but they are high interest rates too. If others made these types of loans at low rates, no one would go to the high risk lenders and since people DO go to the high risk/high rate lenders, that should show you that no unsecured, $3000 loans are available.
Work for it, or ,
ask the local Mom and Dad Savings and Loans
Don’t use a loan shark. These are nasty and will haunt you for months and months.
If you’re not eligible for FAFSA, are you eligible to work? It’d be relatively easy to earn in about 2 months.
I’m confused. If this student had a trust fund with enough to fund undergrad school AND some of grad school…where did that money go?
If the student is able to complete the FAFSA…and we haven’t heard that this isn’t the case…then he or she should do so (assuming the parents will cooperate) and will then be eligible for a Direct Loan that will cover the $3000.
I can pay the the 5-13% etc. APR though. I’m good for that. Isn’t there an option to show my bank statements to prove my eligibility?
What are you talking about. The ONLY way to get a federally funded Direct Loan in your name is to complete a FAFSA form. Do that…why can’t you do that?
If your bank statement shows you have THAT much money in your accounts…why would you need a loan at all.
There are no 5-13% loans available to students except through the student loan programs. For those, you need to file the FAFSA or go through a private lender of STUDENT loans, like Sallie Mae or SoFi. Those would require a cosigner or proof of credit worthiness. You are looking for a $3000 unsecured loan. Those don’t exist at 5%.
High risk lenders have high rates, 24-36%. They are not loan sharks but high risk, regulated lenders. It is your choice to pay much higher rates or to get a co-signer/prove credit worthiness.
No, you can’t just show a bank balance unless you are using that balance as security, and if that’s the case, why not just use the money in the account to pay for whatever the $2500 is needed for?
I don’t have direct control over all my assets.
Isn’t the due date passed for FAFSA?
Is this to pay for college or something else? If you want something your parents won’t pay for and they won’t let you dip into your trust fund for it why not just go get a job?
You can file a 2019-2020 FAFSA any time during that academic year if all you want is the federally funded student loan.
So…file that FAFSA with your parents tonight and submit to your college. Make sure you use the IRS data retrieval tool to upload the info from your parent and your 2017 tax returns. That way…you won’t need to order and get a tax transcript.
Once it’s processed and received by your college, you will be eligible for a Direct Loan. If you are a junior or senior, you would be eligible for $7500.
Is there some reason your parents won’t give you your trust money for what sounds like your final year of college? Maybe try to reconcile that too.
OP didn’t say he wants the money for college.
What is this loan for? If you are not enrolled at least half time in college, you can’t get a federally funded loan.
If you started college in fall 2015, you should have completed four years in May or June. Did you? If not…why?
Frankly, if this money is not going to be used for college costs, I (as a parent) would not complete a FAFSA with you. My opinion.
The FAFSA due date for the 2019-2020 school year is not until next year. So you’re not too late.
Why can’t you file FAFSA now?