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Why did I get denied for student loans?

Student Loans with a cosigner clarification?

  • I am an MBA student in one of top 20 schools. I need additional financial support and have been applying for private student loans because those are the only ones I am eligible for. I know my personal credit history is very bad due to a personal unfortunate situation in the past year (I literarily fell from 720 to 500s), therefore I need a cosigner for any private student loan. If I get this it will be the only student loan I have. I have applied to Citi with a cosigner and got denied. When I called customer service to ask for clarifications and ways I can improve, they told me that even if I get a better cosigner I will not be approved because of my bad credit history in the past year. My question is: Is this possible that I cannot get student loan even with a good cosigner? If so, what is the point of a cosigner then if not to guarantee for someone? I know lenders have different criteria, should I try another one? Which would you recommend?

  • Answer:

    Do you have a scholarship? Sometimes you can apply for a scholarship part way through your course (especially if you're on a 2 year course) and that way you can get your hands on some funds without having to take out a loan, most are needs accessed so if you're really struggling they'll take that into account when they look at your application. Depending on which school you're at you should also try contacting your schools 'student financial support' desk as they might have some funds they can give you as well. There's a good article on scholarships below:

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There is some good tips on this topic. make sure you go over on www.ultrastudentdebthome.tk

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That is quite odd. If you filed for bankruptcy recently you might not get a loan from anyone. (I hope for your sake that since you are an MBA student at a top 20 school that you did not file for bankruptcy, please, please tell me you did not file for bankruptcy). It's hard to figure out what you could've done that would cause your credit to fall so far (please don't say it was bankruptcy). You should try to pay your late debts, if you have a lot of write offs you will just have to wait it out. You will also need a co-signer with a very high (like 800) credit rating, and it also depends on how much you are trying to borrow. I will say that you are probably better off trying to figure out another way to pay for school. If you are already in a financial mess the last thing that you might want to do is get a student loan. It's not like a car loan it's more like a mortgage and this is something that they never tell you when you take one out. Trust me if you can, avoid them at all costs, not worth it, even with an MBA. *EDIT* I would advise you to get a copy of your credit report. You may have too many open lines of credit which can also drag down your credit score. Try to close up any excessive ones. If you have any store cards pay them off and close them up, they also drag down your credit score. In the past it was far easier to get school loans, sadly because of what has happened in the economy it's hard to know what banks want. If you can have more then one cosigner do so and make sure they both have really high credit scores. I only know what the system used to be like before everything fell apart. Now I don't know what criteria they are using. Your not getting the loan might not even be completely your fault. You might have to be creative and find other outlets. Ask some of your fellow students what they are doing and of course check with the financial aid office at your school. They might have some additional resources. Good luck!!

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