Getting denied for student loans can be disappointing but it does not have to stop you from getting a college education. There are ways you can work around this.
Maybe You Need A Cosigner?
The first thing you should do is determine the reason why your application was denied. Thin credit history is one of the most common reasons why student loans are denied. Fortunately, there is a way around this. If you can get a credit-worthy cosigner, you will have a higher chance of getting your loan application approved.
The Parent Plus Loan Is An Option
Getting approved for a Parent PLUS Loan is easier than getting approved for a private student loan. Two things you should know about this loan though—it will be in your parent’s name and it has a high rate of interest with no benefits for good credit. If you are comfortable with these two conditions, the Parent PLUS Loan may be an option for you.
Reassess Your Finances
Private student loans come at a very high price. If your federal financial aid and scholarships do not cover your college expenses, you may want to reassess your circumstances. Start by looking at colleges with lower tuition fees. Consider attending community college for two years and then transferring to a 4-year college. Doing this can cut down your total cost considerably. If you can juggle work and study, think about taking up a part time job on campus. You may not earn a whole lot but those small earnings can add up over the months and can ease your financial obligations.
Use College Raptor’s free Student Loan Finder to compare lenders and interest rates side by side!