Where can I get a $20,000 student loan?

Question by Apathy: Where can I get a ,000 student loan?
I’m a student heading into my freshman year of college. I’ll be studying computer engineering. My parents had no savings, will not be contributing financially, and will not be cosigning, but are in excellent financial standing. After financial aid and my own small personal savings, I need almost exactly $ 20,000 to afford this year of school; $ 10,000 of that by August 1, and the other half in the spring.

My grandparents are willing to cosign for me. They have a poor credit score, but are homeowners and have a decent income.

With them as my cosigner, I was instantly rejected for a student loan from Sallie Mae. I’ve also applied to Citizens Bank, and Discover, and am waiting to hear back.

Where can I go to get such a large loan? Would getting smaller loans from multiple banks be feasible? I’m just not sure where to go with this. It’s been difficult to find advice on the topic.

Any suggestions would be great, and very much appreciated.

Best answer:

Answer by happydawg
I do not recommend anyone co sign for you. If you don’t pay the loan, the co signer will have to pay it, I recommend you get a job, and pay your own way thru school.
Don’t ask your grandparents because they are older now and you will cause them to lose their house.

Know better? Leave your own answer in the comments!

3 Comments/Reviews

  • Eri says:

    You won’t be able to find a $ 20,000 loan.

    Some of these people are right and some of them are wrong. I’m a junior in college and have not had a single private loan, but I need one this year. I also don’t work, but that is due to such a high need for financial aid and my financial aid office advising me to wait till the spring of my Junior year. What you need to do is have one of your parents apply for the Parent Plus loan, which is a government loan that can give you all that you need. If they are denied, you will receive an extra $ 4000. You need to explain to your parents that your education is very important to you and that they need to help you with this opportunity. You may have to play the, “do you want me living in your basement the rest of my life?” card. An expensive school is not always a bad thing, try talking to financial aid. Also try scholarships and grants.

    http://www.fastweb.com/referral/Schramc

  • J. says:

    Any loan over $ 5000 is too much. You really should look into getting more scholarships and grants. Also, you should contact you financial aid office and see if any adjustments can be made. You’d be surprised as to how much they can help. EX) the school may let you work on campus, you wouldn’t get paid, but they would deduct some money from your bill. If you still want a loan, look for subsidized loans because you wont have to pay interest and payments in general till 6 months after you graduate.

  • Supercell says:

    Choose a cheaper school since you cannot afford that one. No one is going to approve you for a private loan unless you have cosigners with excellent credit.

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