College Loan Declined? You Have Options - 600 Credit Scores and below - bankruptcy, foreclosure etc.

In this video, we discuss the steps to take if your student loan has been denied. We provide the steps you should take to try to obtain additional financial aid and resources to help to put the funds together to attend college. Private student loan lenders might deny applications for a variety of reasons, including credit and other financial issues. If you’ve applied for a loan on your own and had your application denied, you still have several paths to move forward. We talk about Parent Plus loans, NJ Class Loans and Private loans like Sallie Mae, Nelnet, Sofi, Citizen Bank, Discover, etc. We talk about when not to take a private student loan and when to go with a state loan like NJ Class, Vermont Student loan, PHEAA Student loan. We go over the different credit score levels and how you should look to apply for student loans based on your score - TransUnion, Equifax, and Experian. Student loans are the one corner of consumer finance where your credit score doesn't always dictate your ability to borrow, especially if you take out federal student loans. However, private student loan lenders typically require you to have a credit score of at least 670. Most private lenders require you to have a credit score of at least 670 or higher on a 300-850 scale used by FICO, the most widely known credit score.
Useful Links
Student loan list:
www.salliemae.com/smartoption...
www.citizensbank.com/student-...
www.discover.com/student-loans/
www.hesaa.org/oNJCLASS/jsp/NJ...
Here is the last loan to consider if the rates are higher than what you want or if you are denied:
studentaid.gov/
Other videos to check out here:
Understanding the 3 types of student loans to help pay for college
• Understanding the 3 ty...
Understanding the Subsidized & Unsubsidized Student loans & the Parent Plus Loan
• Understanding the Subs...
The College Process and Financial Aid during Covid
• The College Process an...
Take Gap Year leap or head off to College?
• Take a Gap Year leap o...
College Admissions and Financial Aid Scams, Frauds and things to avoid
• College Admissions and...
Understanding College Scholarships and where to get them and why you never pay for them
• Understanding College ...
Principia Prep has been around for almost 20 years helping families with the college process both admissions and financial aid.
#College #highschool #studentloans

[@intelligentglamm1406]

This was so helpful! Thank you!

[@barbarathen9371]

Thank you for everything that you do, especially helping with scholarships and applications. Our daughter is at Bergenfield HS, Bergenfield NJ Class of 2022.

[@edzamoracollegeprepchannel3820]

Thank you for watching and helping the scholarship fund. Your school has been counted.

[@2eckert]

Thanks Ed for all the great info. Morris County School of Technology class of 2022

[@edzamoracollegeprepchannel3820]

Thank you for watching your high school has been counted.

[@nitdawg007]

Hi Ed, thanks for helping us (parents) learn how to funds for our kids college. Could you make a video on how to widthdraw assets to fund for college from 529 and other savings. Secondly would it be a good idea to take out a susidized loan even if you don't need it and use that first and keep a portion of 529 invested. Thridly how would this strategy impact a parent when is filing fafsa on the second year of college to lower their EFC.

[@khi123mg]

If both parents are denied the parent plus loan, are you only awarded a singular amount of unsub loans or are you awarded unsub loans for both parent’s denial?? Thanks for your time!

[@kmold0033]

My friends grad student loan was declined bc bad credit which was induced bc they didn’t get their loan on time…. They have one semester left but seems like they’re getting screwed over. What should they do?

[@michelleharris6260]

Gréât info.

[@sergetorres611]

I know this is an old vid.. but how do I know how much money gets used and how much is left over.... I'm guessing financial aid office can answer? How will the funds be distributed or reimbursed?..

[@ShopperPlug]

I'm completely independent, my nice parents kicked me out of the house and have me legally evicted. So "Parent PLUS Loan" is out from the question, also don't have any guardians. I have terrible credit history around 400. So since I have no roof under my head, I need to find campus/off-campus housing. I'll be short by $6K - $15K to pay for housing after getting federal loans, is it possible I can do a financial aid appeal to get more federal loan to cover $6K - $15K? Thanks.

[@josedominguez1033]

How can the student get a State or Private loan if they do not have a line of credit? My daughter is only 17 yrs old, Class of 2023 at High Tech High School, Secaucus NJ.

[@fernidejean-charles4332]

Hello, I was recently denied by 2 private loans and I wanted to purse another bachelors and my advisor told me it’s probably because I already have a bachelors in something else. But my credit recently dropped and I feel like this may be the reason why from reading your comments. Should I work on raising my credit score before applying again, I’m not too far off the minimum.

[@edzamoracollegeprepchannel3820]

I would try for federal direct loans or state loans in place of the private loans. Which lenders have you tried?

[@nicolebeck1269]

Do you have any advice for grad school loans? Do you suggest private over the plus loan in that case ? Thank you

[@edzamoracollegeprepchannel3820]

Hi Nicole, I usually go with Grad Plus but if the private lenders have better rates I'd go private. I do have this video up now th-cam.com/video/LY6663wfpCY/w-d-xo.html
If you want to check the best rate private loan options

[@leslysoto9326]

What if I am going to grad school and I can't get parent loan bc of parents immigration status, I can't receive private loans bc of my bad credit & I don't have any more loans left because I had to max out my sub and unsub loans during undergraduate (bc of me not being ale to get the PLUS and Privates)

[@Jannesmiles]

Hi. In the same boat. Did you find an answer to this?

[@angelinalashay375]

Do you know anything about extenuating circumstances letter? I’m at the beginning of the video.

[@edzamoracollegeprepchannel3820]

For an apply for the loan or for a financial aid appeal?

[@angelinalashay375]

@@edzamoracollegeprepchannel3820 for the parent plus’s loan.

[@edzamoracollegeprepchannel3820]

@@angelinalashay375 You can appeal a denied Plus loan and it's done through a person.

[@annieknott3150]

We are planning to apply for Parent Plus Loan, but we have $4,000 charged off on our credit history. Will we be qualify to apply the loan?

[@edzamoracollegeprepchannel3820]

As long as you have around a 620 credit score you should be ok. If it's does deny you, you can also appeal it. Thank you for watching and commenting we are using the videos to create scholarships so the more you watch the more it helps.

[@luna7810]

What to do when you are denied a student loan for being on unemployment during the pandemic? there's no way around it. Any advice?

[@edzamoracollegeprepchannel3820]

Do you mean private or federal loan?

[@luna7810]

@@edzamoracollegeprepchannel3820 private

[@emme.7]

I’m going through this right now with a 724 credit score

[@bestfutureme3637]

Hello Ed, Thank you very much for your video, does it matter if one parent has lower score (denied) but the higher income. Can the other parent with the higher score and lower income be the co-signer, btw, we are married. Thanks for your response.

[@edzamoracollegeprepchannel3820]

Use the parent with the higher score

[@bestfutureme3637]

@@edzamoracollegeprepchannel3820 Thank you so much for your help and videos!

[@evergreens92]

If you say the links in the description 1 more time I’m reporting you

[@kiankooros225]

My parents and I got denied for a co-sign loan for a PA state grant and Private loan which was sallie Mae. What is the usual accepted credit score for parent plus loans?

[@edzamoracollegeprepchannel3820]

I have seen people get the Parent Plus with 620-630 scores

[@lizcicchella8886]

Why can't I select the award year 2021-2022

[@edzamoracollegeprepchannel3820]

Do you mean for loans? Or for Fafsa?

[@kidcrash3052]

I’m applying for med school at 50 if I need a co-signer for a plus loan could I use my wife ?

[@edzamoracollegeprepchannel3820]

If you mean grad school you can apply for grad plus loans with no cosigner needed.

[@evolveandgrow174]

Is it only the Parent Plus loan that you are eligible for the extra $5000. If you are denied the the Plus loan are you eligible for the extra $5000

[@edzamoracollegeprepchannel3820]

Yes Just the Plus loan for an extra $4,000 to $5,000

[@kristendifilippo7692]

I was denied parent plus loan- my daughter will be a freshman and owes 8,000. Will an in subsidized federal direct loan automatically happen? I plan on making appt with financial aid office asap.

[@edzamoracollegeprepchannel3820]

Call the financial aid office let them know you were denied (They see it in 24 hours but better to contact them). This way you can see what your new balance will be. She should be able to get $4,000 in unsub