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What are the chances of getting a $50,000 student loan?

I have bad credit (550), what's the chances of me getting a PRIVATE student loan w/ a cosigner w/ good credit?

  • Particularly Wells Fargo Connection Loan. I wonder if they will deny me because I have bad credit? My co-signer has excellent credit. What are the chances? I am not interested in any federal loans at this point and time, thanks.

  • Answer:

    Ok, assuming your summer school class is not a college class, or that you are not taking enough credits to apply for federal aid in this case, you would need a private loan. One of the points of having a co-signer is to be able to qualify for loans that you do not have the credit worth to qualify for. Providing your co-signer is credit worthy by the lenders credit criteria you should be all set.

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Even if your credit is bad... you will usually be accepted with a Federal loan... especially if it is for education. Trying to apply for other loans with banks that are not included in Federal education loans, are usually not very successful. But if your co-signer has excellent credit than you may receive the loan. Question: Why don't you want a Federal student loan?

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