My parents have bad credit history,can I still get a student loan?

I will need to take out 15,000 a year for my college. My parents have bad credit history and needed to file for bankruptcy 7 years ago. I am 18 but I have no credit history since my family only uses debit cards now. I work 2 jobs and i get good grades but the school that I 'm going to is a public school and gave me absolutely nothing off. I feel like I have worked hard enough the last 2 years to deserve to go where I want to go to school and not be forced to go somewhere cheaper that doesn't have the program I'm interested in. I also don't think it's fair that I would have to be accountable for my parents mistakes. Is it possible for me to get a stafford loan or some other type of loan that I wouldn't have to pay off until after graduation/graduate school?

Update:

EDIT: I have no grandparents to cosign the loan.. they are all passed. I also have no local family.

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  • 1 decade ago
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    Rachel:

    Your question is a little confusing, because you mentioned that your school "gave you nothing off". Should I read that to mean that you applied for financial aid and you weren't offered anything, are you saying you didn't qualify for any scholarships, or are you making some other comment about the quality of your high school? That part was confusing.

    IF you completed your FAFSA application, you will definitely be offered the opportunity to borrow from the Stafford loan program. That's automatic, as long as you qualify to apply for aid, to begin with.

    The Stafford program is ideal for you, because you're already approved - this is your loan - in your name alone, and your parents' finances have nothing to do with it. There aren't even any questions on the application about your income, or assets or credit history. None of those things matter, thanks to the government's guarantee of the Stafford program. If your parents' name goes on the application at all, it will be because you decided to use them as a personal contact (your lender will need that, later, if they lose track of you).

    On the other hand, the Stafford will only solve part of your problem, because there is a strict annual limit to how much you can borrow (But read on, because I have a 'hint' up my sleeve).

    A dependent freshman student can borrow up to $5500 from the Stafford program. That's not negotiable - that's the absolute limit. You can't appeal, you can't complain, you can't beg - that's all you can borrow. Next year, you can borrow up to $6500, and in your 3rd and 4th years of school, you will be permitted to borrow up to $7500.

    The Stafford is a low-cost educational loan, with very reasonable terms and conditions. You'll pay 6.8% fixed rate interest, and your 10-year repayment obligation won't begin until you have been out of school for 6 months.

    Unfortunately, though, your Stafford loan is very highly likely to be the ONLY educational loan that you are going to be able to get. The "other" kinds of school loans - which are usually called "private" or "alternative" loans - are almost completely unavailable. Yes, they used to be quite common, but the worldwide banking and lending crisis has just about wiped out that particular type of lending. There are a small handful of banks that accept private student loan applications (Wells Fargo, Chase, Discover, Sallie Mae, a couple more), and they are ALL extremely conservative in their lending.

    That means that almost NO students will qualify for an educational loan without a cosigner - and if you're wondering who might, the answer would be that extremely rare college student with a high (and continuing income), few debts, and a well-established and very positive credit history. You're saying "Who in the heck has that?, and the answer is "almost nobody".

    Without a cosigner, you won't get a private educational loan - and I'm sorry to say that that won't change, no matter how deserving you think you are.

    I promised you a "hint", and here it is. Have your parents apply for a PLUS (Parents' Loan for Undergraduate Students) loan. It's another government lending program - a little like the Stafford - but only available to the parents of undergraduate students (thereby explaining the name, right?).

    Unlike the Stafford, the PLUS loan is definitely a credit loan. If your parents' credit is as awful as you suggest, they won't be approved. Oh well.

    Ah - but that's the good news (see? I told you it was coming). If your parents are rejected for a PLUS loan, YOUR Stafford borrowing limit will increase to $9500 this year. That's still not $15,000, but hey, it's a start.

    Now that I've been helpful, it's only fair that I get to be realistic, too. You've told us what you want, and what you think you deserve, but you've also told us that you can't afford it, and you're almost demanding to know how you can do it anyway. I want a Lamborghini - honestly, I do. And I think I deserve it. I work hard in my real job, I'm nice to people, and I've answered several thousand questions for students here as a volunteer. The problem is, I can't afford the Lamborghini, any more than you can (apparently) afford the school of your dreams.

    There is a certain amount of money available to me, and I used it to buy a car I could afford. It's not quite a Lamborghini, but it's still a great car, and I love driving it. You may have to accept that you can't afford Lamborghini University, and accept a cheaper substitute.

    Just saying.

    Good luck to you - don't take any of that to indicate that I don't honestly hope that you find a way to afford the school of your dreams. Maybe someday I'll drive a Lamborghini!

  • 5 years ago

    I searched across the net and found a bunch of spam. Nevertheless the webpage that helped for us: loanhome.info-

    RE My parents have bad credit history,can I still get a student loan?

    I will need to take out 15,000 a year for my college. My parents have bad credit history and needed to file for bankruptcy 7 years ago. I am 18 but I have no credit history since my family only uses debit cards now. I work 2 jobs and i get good grades but the school that I 'm going to is a public school and gave me absolutely nothing off. I feel like I have worked hard enough the last 2 years to deserve to go where I want to go to school and not be forced to go somewhere cheaper that doesn't have the program I'm interested in. I also don't think it's fair that I would have to be accountable for my parents mistakes. Is it possible for me to get a stafford loan or some other type of loan that I wouldn't have to pay off until after graduation/graduate school?

  • 3 years ago

    1

    Source(s): Easy Private Student Loans : http://StudentLoans.ohfos.com/?nCy
  • Anonymous
    1 decade ago

    technically-yes. I work for a bank and i am in school for business. Although your parent's did file bankruptsy it will only stay on their credit for 7 years.. and after those 7 years are up it will be cleared! so you lucked out.. .also you have two jobs..in which you have a higher chance of getting it. What i would suggest you to do is get a visa to build credit history, and make payments regularly.. and once you have a good credit history you will able to get a loan without your parents...... i mean i got a loan for a large amount as well and i didnt need my dad to cosign it....soooo yeah ! gluck

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  • Anonymous
    3 years ago

    Thank you for the answers, much appreciated!

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