My son needs about $ 10,000 – $ 12,500 for college next year after scholarships, Federal student loans, grants, etc. He has no established credit. Will he be able to do this on his own? I filed bankruptcy in September 2005 and was discharged in January 2006. Am I eligible to co-sign? My income consists solely of disability income and I don’t think that I will be returning to work anytime in the forseeable future. Thanks.
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How old is your son? If he’s 18-19 he probably doesn’t have the established credit history to get a private loan on his own without a cosigner. The requirement is 2 years of credit history for most private student loans.
If you have a bankruptcy, you will not be able to cosign for him. Bankruptcy usually stays on your credit for at least seven years. Hopefully he has someone else who could cosign for him (private loans do not require a parent to cosign, only Parent PLUS loans do). That person will need a good credit history or credit score. Some companies require a low debt-to-income ratio, others don’t.
Parent PLUS loans generally have relaxed credit requirements. Not relaxed enough for you to get a bankruptcy by, but if your son’s other parent is in the picture and has decent credit this could be an option, depending on your situation.
Ask your son’s financial aid office for advice on student loan options. Schools usually offer different lenders to fit different student needs – perhaps even loans that do not require a cosigner. Despite what you are currently reading about in the media, 99.9% of these folks do good work for cheap pay. Look to them for advice. Good luck to you and your son – be proud!
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Addendum: I think your question says you’ve maxed out on federal loans already.
If the loans are taken out in your son’s name through the school’s financial aid department, he will not need a co-signer. These loans come from the Dept of Education (either directly or through a lender like Sallie Mae). They are called Stafford Loans. There are many 2 main types of student loans, subsidized, and unsubsidized. Subsidized loans do not gain interest in certain situations (like when your son is in school) unsubsidized loans always gain interest (though the rate is less in certain situations like when he’s school). Make sure your son reads the copy of “Rights and Responsibilities” he is given when he gets his loans. It will save him a lot of heart ache later. And lastly, do not, I repeat, DO NOT get a loan that is not a Stafford Loan. It is just like a personal loan and is not subject to the special rules of the Stafford program.