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Author Topic: Private Loans ABOVE the COA...anyone try to get one?  (Read 779 times)

CPSinvestigator

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Private Loans ABOVE the COA...anyone try to get one?
« on: May 01, 2005, 03:37:04 AM »
i have applied to 2 banks for a "maximizer loan"( a loan that does NOT need the school's certification and can exceed the COA) and have been denied. i have very good credit, so i dont understand why im being declined. im going to try with a co-signer. has anyone out there tried to apply for one of these loans? anyone have any advice?

CPSinvestigator

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Re: Private Loans ABOVE the COA...anyone try to get one?
« Reply #1 on: May 01, 2005, 04:52:20 PM »
anyone??????

Franz

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Re: Private Loans ABOVE the COA...anyone try to get one?
« Reply #2 on: May 01, 2005, 04:57:38 PM »
which school are you attending?

CPSinvestigator

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Re: Private Loans ABOVE the COA...anyone try to get one?
« Reply #3 on: May 01, 2005, 10:34:15 PM »
western new england college

michaelduke

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Re: Private Loans ABOVE the COA...anyone try to get one?
« Reply #4 on: May 01, 2005, 10:57:07 PM »
i have applied to 2 banks for a "maximizer loan"( a loan that does NOT need the school's certification and can exceed the COA) and have been denied. i have very good credit, so i dont understand why im being declined. im going to try with a co-signer. has anyone out there tried to apply for one of these loans? anyone have any advice?

What kind of credit score do you have?  Also, why would you want to borrow above the COA?  Is your loan burden already heavy enough?

CPSinvestigator

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Re: Private Loans ABOVE the COA...anyone try to get one?
« Reply #5 on: May 01, 2005, 10:59:05 PM »
my score is a 630, which is considered "B" tier. i have a car loan and personal loan that will be paid for at the end of my first year. i just need to borrow extra this year. i was just wondering if anyone has tried to apply for these loans or has any inside info about them.

ScurvyWench

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Re: Private Loans ABOVE the COA...anyone try to get one?
« Reply #6 on: May 01, 2005, 11:03:25 PM »
Haven't tried, but I'm pretty sure you'll need a co-signer with income. If you asked me to lend you money with a low B credit score and you had to pay it back starting NOW, I wouldn't trust you to pay it back. This is to say that you seem like a risk because you'll be paying this loan with a loan. You'd be less risky with a co-signer with an income so if you default (which, to them seems likely), they will still be able to get their money. Keep in mind that every time you try, it shows up on your credit score which hurts you and reduces your chances of getting the loan.

michaelduke

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Re: Private Loans ABOVE the COA...anyone try to get one?
« Reply #7 on: May 01, 2005, 11:06:28 PM »
i have applied to 2 banks for a "maximizer loan"( a loan that does NOT need the school's certification and can exceed the COA) and have been denied. i have very good credit, so i dont understand why im being declined. im going to try with a co-signer. has anyone out there tried to apply for one of these loans? anyone have any advice?

Yep I would assume that would be pretty hard.  Most law students assume extremely heavy loan burdens to pay for the COA alone.  If I were a banker I would be wary of giving you the $$$$. 

michaelduke

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Re: Private Loans ABOVE the COA...anyone try to get one?
« Reply #8 on: May 01, 2005, 11:16:55 PM »
i have applied to 2 banks for a "maximizer loan"( a loan that does NOT need the school's certification and can exceed the COA) and have been denied. i have very good credit, so i dont understand why im being declined. im going to try with a co-signer. has anyone out there tried to apply for one of these loans? anyone have any advice?

Could you have a "normal" private loan approved? 

Are we there yet?

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Re: Private Loans ABOVE the COA...anyone try to get one?
« Reply #9 on: May 02, 2005, 12:03:22 AM »
my score is a 630, which is considered "B" tier. i have a car loan and personal loan that will be paid for at the end of my first year. i just need to borrow extra this year. i was just wondering if anyone has tried to apply for these loans or has any inside info about them.

I hate to break it to you, but 630 is not considered "very good" in terms of credit scores. I think you'd have to have north of a 720 to be considered very good with most lenders.