Question:
I have found myself in the position of needing a private student loan because the fin aid office at my uni says I do not qualify for a pell grant. I do not have good credit at all. But, I have a close family member who says they will co sign a loan. Are there any companies which only look at the co signers credit as well as monthly income? My possible co signer has totally fair credit and a great monthly income. I am 32 and totally cannot obtain a parent plus loan or anything. My uni just told me about this situation last week!

Since this summer I have been attending an online University. This online University claims to be accredited. For the summer semester, I qualified for a Pell Grant, a Big (institution based) Scholarship, and a Stafford Loan. For this fall semester, I have been told that I do not qualify for a Pell Grant nor a Supplemental Educational Opportunity Grant, that they have done away with their (institution based) scholarships, and that the only form of financial aid I qualify for are student loans. I have tried very hard to appeal this situation through varying channels, and I haven't really heard anything back at all.

I am under the umption that this University may have recently lost its accreditation. And, I have e mailed the financial aid department as well as the Higher Educational Commission of the state this University is located in hoping to find things out. However, since I only learned of these (aforementioned) things a week and a half ago, I do not have a lot of time at all. I pride myself on being a fair minded and hard working lady and if I knew that this University did away with soo many things in April or something like that, then I would have worked two jobs all summer.

My yearly income (please keep in mind I live with one of my younger brothers) was (approx.) 7000.00 and my EFC for this University was (approx.) 700.00.One cl at this University costs 1000.00, and that is not counting any fees or anything. You can see where I umed I would qualify for fin aid for the fall.

What I am thinking of doing is applying for a degree at my local Community College and transferring to a normal University in my City. I am thinking that the best thing I should do is apply for a degree at my local Community College for the Spring of 2007. So, I am wondering if I should make a correction to my FAFSA stating that I will be attending my local Community College in the Spring of 2007? Would I still be in the running for a Pell Grant if I did this? Or should I gamble on qualifying for a private student loan?

I am sorry for unloading my burdens on this board. But, I am one of those adult students who had to wait a fair amount of time to go back to school. And, it is really hard to try and study hard for finals and whatnot and not know if you can ever go back to school or not.

Answer:
If you have an unsatisfactory credit history, but the co-signer's is okay, then most any lender will make the loan. All they require is that one of the signers be credit-worthy. Keep in mind that if for some reason you don't make the payments then your relative is legally responsible to pay or his/her credit record will be affected. Steve Blank - If you have an unsatisfactory credit history, but the co-signer's is - okay, then most any lender will make the loan.

All they require is that - one of the signers be credit-worthy. Keep in mind that if for some - reason you don't make the payments then your relative is legally - responsible to pay or his/her credit record will be affected. can't speak to your situation with the online university. But if you attend a community college full-time with an EFC of 700 you should qualify for an annual Pell grant of about $3,300 (1/2 that if only 1/2 time) and a Stafford loan of up to $6,625 if you are attending at least half time. Stufent aid should cover your whole bill and maybe even refund some back to you for other expenses. If you will attend the community college this September or January, then you should amend your FAFSA to add that school - if you end up not going no harm is done.