Question:
My parents have really bad credit, but I want to go to an Ivy League school. Can I still get a student loan?
anonymous
2012-01-12 18:06:44 UTC
Or should I find a co-signer, like an aunt or grandparent? Also, how does the paying off of the student loans work? Obviously, I'm currently completely in the dark here.

All answers would be greatly appreciated. Please be respectful.
Three answers:
Sailen
2012-01-12 19:09:29 UTC
Ivy Leaugue is prestigious private school. Its' eight time better than other popular school. you would need co-signer to get a student loan to start or continue this school. you might need to go through interest search about what type of loan you are looking for.If by any chance you have a bad credit history, then you will need to get a cosigner with a good credit rating so that your loan can be approved faster. It is absolutely necessary for you to get a cosigner if you have a bad credit rating.
하하
2012-01-12 18:52:29 UTC
The other answer is mostly correct except for the fact that student loans *are* most certainly a part of financial aid. Financial aid includes loans, grants, work study, and one could even throw scholarships in there as well. When you fill out the FAFSA at www.fafsa.ed.gov you are applying for federal and state financial aid which includes grants for very poor students, and loans for all students, plus work study for those who are interested and qualify.



To go to an expensive school, you will most likely need to take out private loans which are credit based and require a cosigner. Since it goes on their credit, you need to be very careful with whom you ask to cosign.



When it comes to paying off student loans, you enter repayment 6 months after you graduate or fall below half time attendance. You cannot get out of student loans by filing bankruptcy or waiting on them to fall off your credit. They never, ever go away until paid. Defaulting on a student loan is the worst thing you can do. Taking out loans is easy to do, but many students freak out when it comes time to repay. If you can't afford a school without taking out more in loans than you'll make in your first year after graduation, pick a cheaper school.



Obviously if you want to go to an ivy league school you better be the best of the best academically. If you are actually ivy league material, you should be able to use your intelligence to google appropriate resources to learn more about financial aid and college in general. Good luck.
c4680 p
2012-01-12 18:18:33 UTC
Government student loans are not really based on your credit and have very low interest rates. Financial Aid and student loans are 2 different things and you should have your parents apply for both. You DO have to repay student loans after you are no longer in school at least half time or if you flunk out. Financial Aid you do not pay back and is for students that need financial help paying for classes and books.

About the Ivy league school...the cost will be enormous and if your parents are not able to shell out large amounts of money you should concentrate on looking elsewhere. Please, there are plenty of great schools with great academic standing all around. Do your homework and check out the alternatives.


This content was originally posted on Y! Answers, a Q&A website that shut down in 2021.
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