Will bad credit effect a small loan?

Paying for College
1

<p>Hello, Im new to the forum and am looking for some advice. My situation is this:</p>

<p>I received my BA this may and am grad school bound, however due to the program I want to go into (Classics) I need an extra year of language training. My university (University of Iowa) has what is called a post-baccalaureate certificate, designed especially for students in my position. The problem is the federal government decided to cease financial aid to those not in a degree-program, or a certificate program that covers the pre-requistes for a degree program. Since I am not enrolled in a grad program yet, my courses don’t count as latter. In order to continue on my trajectory, I need a private loan. Okay, no problem. Except my credit and all three of my parents’, is not so good. (mine is especially bad). So I’m nervous about finding a co-signer. However, I’m looking solely to cover the costs of tuition, without borrowing for books, which I can afford on my own. The amount depending on how many hours I take, would be either 4442$ or 6115$. Given the relatively small amount, will my parents have a better shot at being accepted as co-signers? Thank you for your time.</p>

2

<p>That isn’t a whole lot of money. How much can you make this summer, and next year while you are studying? You may be able to cover those costs yourself.</p>

3

<p>Greeknerd… </p>

<p>Happymom is right. You should be able to earn that much. It’s unlikely you and your parents will qualify if no one has good credit.</p>

<p>Frankly, this could be a good money-managing lesson for you. Your first instinct was “borrow money,” instead of “let me earn/save money to pay for that.” That kind of thinking it likely what got all the family into situations with poor credit. Credit should be the last resort; not the “go to” solution.</p>