"Denied without the possibility of approval"????

[Sphinx]

Salie Mae Sucks...they wont tell me why I was denied, and why there's no way I'll ever be approved...LOL ouch....there's nothing THAT wrong with my credit...and they wont let me submit with a different co-borrower.??????? (sigh)

so...I'm between a rock and a hard place......

Anyone know anything about financing? good avenues for it "alternatively".?


thanks.

 

[twighead]

i though it was the law that they have to tell you why you were denied. i guess student loans operate under a different set of rules then private loans.

9 times out of 10 it's due to a low credit score, or a simple lack of credit if you're too young. get a copy of your credit report and look for yourself.

if you plan on going to a title IV school, look into federal student loans.

 

[Sphinx]

part 141 schools I'm looking at are accredited...but the fed loans cap at 45K schools are between 65-80K, and once you pull a fed loan, private lenders wont even look at you.

on the other foot, private lenders dont care if you have another private loan pulled. <rolls eyes> go fig.

 

[User_Name]

I got approved for a Sallie Mae loan, then I waited, and waited, and then I signed some paperwork.. and waited, and waited, and called, and waited, etc. It was always something... we did not get your paperwork, we can't read the photocopy of your license, blah, blah, blah. Finally said the hell with it and canceled their worthless loan.

Mine rate was supposed to be prime +1, which turns out to be 8.5%. AOPA has (or had) a program with MBNA for training funds at a fixed 8.99%. I got a line of credit thru them instead which is actually a better deal (the sallie mae interest was variable and it looks like the prime rate will only be increasing over the next year or so). I'd suggest checking out AOPA.

 

[Sphinx]

Thanks for the info Elmo...lol...I'll look into AOPA

 

[AAflyer]

check out www.pilotfinance.com

I have heard good things about them.

Good Luck,

AA

 

[744]

Get copies of your credit reports ASAP. A possible explanation is identity theft.

 

[Sphinx]

Christ...I hope not...It's happened to me before...and takes forever to correct...if that's the case I wont be able to do anything for over a year.

 

[SeanD]

Yes I agree with 744. This happend to me and I got the same response from a certain lending company. Very vague and harsh, almost like they wanted nothing to do with you. I am still negotiating with the bank and it does suck and most banks dont care ( BANK OF AMERICA ) I really hope that isnt what happend to you,lets hope its due to lack of credit because its a long fight to regain your credit stats and a stressful one. Good luck, let us know

 

[Sphinx]

Well...that's it...this country is F***ed when it comes to how easy it is to steal someones identity. There's a bunch of S**T on my report that isnt mine...
Can someone tell me what the hell Boscov's Department is? supposedly I have a credit line in collections with them for over 5K...???????????? oh..here's the kicker... I've lived in 2 states...CA, and NV... but now there's an address in PA??? <sigh> Christ...I think I'm gonna get sick.