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Posted in Student Loans
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Question By
edegas73

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Trying to get enough credit for student loan?
I had tried to go to college right after high school, but because I didn't have any credit - my family taught me to only spend what I actually have until I had more stable financials than an after school job - and no one could cosign for me. I've been building credit for a little over a year now and have 700s for all credit scores...is this enough to get a student loan so I can continue my education? Or do I need to continue building my credit for another year or two? My major is a costly one (average 40,000/year no matter where I look to go) and cannot be done online, even with the federal aid I'd receive and what little I had from other sources I'd still need around 25,000 for my first year. Is it even going to be possible to GET a student loan within the next couple years for me, or am I going to have to wait several years and save as much as possible to get the loan amount down/credit rating sky high??

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I don't advocate going into debt

for your education,  The federal Student loan programs are some biggest scams in this country.  The largest financial instituations in the US have been able to convince the population that its the only way to get an education.  Charging obseen interest rates on loans that can't be discharged, EVER. 

$100,000. in student loans can cost as much as $20K in interest a year. Compounded over the life of the loan, you could end up paying as much as $250,000 over a 20 year period at $1000 a month.  This is whats keeping recent graduates hog tied with debt and not able to pay off loans, buy cars or homes.

Save as much as you can,  Apply for grants and scholarships where ever possible. (nearly half of the scholarships in this country go unused each year because loans are easier)   

Good luck, I wish i had an easier anser for you.

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