Denied A Student Loan?

Being denied for a student loan can be frustrating. It can also be scary as it impacts the plans you made and changes the course you were on. What should you do if you are denied a student loan? Read below for four options.

Ask Someone To Co-Sign – Denied A Student Loan

This is the most common remedy when you are denied a student loan. If you are in this situation and a family member or close friend of the family can help you, it is a real blessing. Co-signing a student loan carries the same risks as co-signing any other type of loan. For this reason, asking someone to co-sign should not be taken lightly.

Pay As You Go – Denied A Student Loan

For some, this seems impossible, but one quick Google search on the topic will reveal many accounts of people who did this. Although this may not be the college life you envisioned, it is possible. An additional upside is that when you graduate, you will be free of the burden of student loans. That alone offers many possibilities!

Go To Work + Save

At first, this may seem like a letdown. That being said, it is important to note that the path to success or achieving your goals is not always a straight shot. Start working somewhere and live as far below your means as possible. Stock as muck of your earning away as you can and then pay cash to go to college once you have saved enough.

Seek A Private Loan

Some lenders have special loan products for lending parents money for tuition. Another option would be seeking out a family friend or associate of the family who is in a financial position to help you. Sit down with your parents or your own advisers and make sure you have looked into all of your options.