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Daughter denied student loan because of meDaughter denied student loan because of me
parrothead86 said: "I just got a letter in the mail that my daughters student loan was denied because her co-signer (me) was "unacceptable"
It says that they used the TU credit report.
My TU score is 656 and on my TU report there is just one neg in the last 3 years ( this is a 30 day late on an installment loan that hasnt been late before or since) and 3 collections (Paid)from 1/2000. (nearly 6 years old!)
So I called the loan place and asked them why it was denied and they said that it was the old, paid off, collections.
That cant be right... I have had several credit success's in the last couple of years... Refied my house at a good rate.. bought a truck (which I owe very little on) at 4%, Got a cingular cell phone with no deposit,,got a credit card with a $6500 limit (that I pay in full every month)
I have my own student loan and in fact just got another small one a couple of weeks ago.. I have a very good income and a very low debt to income %.
I dont understand... I need to get rid of those old collections once and for all but I cant see why they would make such a difference.
Does anyone know of any place that my daughter can get a student loan that isnt credit based?? She has no credit.
SHe is currently in the middle of her sophomore year at college and it would be awfull if she had to leave because of this.
I am just so intensely angry and embarrassed."
Omega blood said: "Student loans shouln't require a co signer, they are guaranteed by the federal gov. I took out student loans when I was 18 with out a co-signer and with out any credit history. Your daughter needs to shop around some more."
TommyV said: "She needs to talk to the student aid department @ her school. She should look into Direct Loans, Perkins Loans and GRANTS.
Also, did she file a FASA form to get an aid package?"