Student Loan Declined!

I can't believe it!  My credit is not fantastic, but definitely passable, and I have two co-signers (boyfriend and father) with impeccable credit!  After a lot of thought we had decided on a Tuition Answer loan from Sallie Mae so we could get the money disributed directly to us and now we're stuck seven weeks before tuition is due.  There is a backup plan with savings, but it's complicated and definitely not ideal.

I am of course researching like mad, but does anyone have any thoughts for me?  Thanks in advance!

It's probably still not too late to do the government loans (Stafford and PLUS) if you haven't maxed out that route. They're easier to qualify for. You will have to get them disbursed to the university, but it's really not that much of a hassle.

I did not seem to be eligible when I applied in April, which is why we first started exploring the private route.  Now I see that I may be eligible for some other form of aid, but I am very confused by the FAFSA site, and can't seem to get anyone on the phone!

I got mine from Citibank although the interest on them is variable and can be quite high at times... it was a very easy loan to get.

I got mine from Citibank although the interest on them is variable and can be quite high at times... it was a very easy loan to get.

Ditto on Citibank.  Interest at 4% (at least once out of school) at the moment too. 

I was surprised that I qualified for a Stafford loan because my income from the previous year was deceptively high (I'd quit that high-paying job in the previous months) and when I filled out the FAFSA form and got the results, it said that my EFC was pretty high (more than I wanted to pay). But the University requested the full amount for me and I was approved for it, so it was not an issue at all.

I suggest you fill out the FAFSA form and go to the site to choose a lender and get the process started. You'll probably have to stay on top of your university's financial aid office to ensure that the do the loan certification quickly and all that.

Good luck!

A high EFC doesn't preclude you from loans. It precludes you from need-based scholarships and grants, but you can still take out federal loans.

Because I haven't had coffee yet, I'm blanking on how Staffords relate to EFC, but I know for PLUS the EFC doesn't really matter. It's unsubsidized, so it's more like a personal loan that the government happens to guarantee.

If you file your FAFSA online now, you should be able to move forward with your loan applications (also online) immediately. If you have endorsers, they can fill out their bit online as soon as you finish. It'll take a day or so for it to get to the uni for certification, but it will leave you with an only slightly delayed disbursement.

Right, Jen252. I just meant that I thought I wouldn't be approved for the full amount but then the uni told me that EFC doesn't matter for Stafford loans. From what I understand, you'll pretty much qualify for the Stafford no matter what, it's just a matter of getting the paperwork all processed so you'll have to keep on top of everyone.

Get it all done ASAP, helle_chic and it'll be okay. You've worked too hard to get there to give up now! *hug*

Thanks everybody!

My FAFSA has actually been done for ages, but like AngelaK I thought that I wouldn't be approved for enough and went another route.  Unfortunately I just ordered my SAR yesterday to be mailed to me so I can give my university a hard copy as they don't send electronic copies out to foreign universities (the FAFSA people, naturally, do not know this), so now I am just waiting to see if they will take a printout so I can do it faster!  The scary part is that they would expect it to arrive within two weeks...  if I were in the states!  They are not equipped to airmail or overnight anything, as the woman said to me "we're the government, we don't take your money."   

Ditto on Citibank.  Interest at 4% (at least once out of school) at the moment too. 

how easy?  can you get a citibank loan without a cosigner?  and with a credit score in the mid 600s?  also I know Sallie Mae doesn't just go by credit scores, but by credit history.  do you know if citibank does that too?

how easy?  can you get a citibank loan without a cosigner?  and with a credit score in the mid 600s?  also I know Sallie Mae doesn't just go by credit scores, but by credit history.  do you know if citibank does that too?

Not sure about the logistics these days, but why not give them a call or shoot them an email to check into it. 

Not sure about the logistics these days, but why not give them a call or shoot them an email to check into it. 

ok i will.  it says on their site the loans are for u.s. schools only.  did you get your loan for a uk school?  if you did when was that?

ok i will.  it says on their site the loans are for u.s. schools only.  did you get your loan for a uk school?  if you did when was that?

US School.  I have no idea if Citibank has a UK site, but if they do, check it out -- or give them a call and ask; I have always found their reps to be very helpful.