A loan that we can actually apply for. - Page 5

Hey guys, my dad has a work permit that's given to him each year and along with it he has a valid SSN with excellent credit (in the 700s). Can I still apply for the signature student loan? Is the interest rate high or is it reasonable? I don't want to borrow too much, just enough for this semester at least since I don't have a job, but if I only borrow for this semester can I reapply somehow in case I need more for the fall 2009 semester?

Oops, I meant the tuition answer loan, not the signature. Sorry.

Yes, he can apply. If he is approved, they will ask to see a copy of his Drivers License, so as long as he has that, you're fine.

Depending on your credit, the interest rate can be quite high, but if you start paying off right away it's not so bad.

Tuition Answer Loan is closed right now, I'm not sure which, probably because of the crappy economy. But they usually start giving them away again in the summer.

Man, I wa really getting my hopes up for this loan only to find out it's closed...are there any other alternatves? Scholarships, grants, etc. where you don't need a ssn? I start school in january and really want to do everything possible to actually start with some of it paid off.

I have the same question as lolly1, does anyone know of other loans or things like that that we can get? I don't need it until next year, but unless I get into some of the more elite colleges I'll need to find a way to pay for college.

There are no other loans at the present time that you can apply for. Even if there were some available in recent years, the current status of the economy is forcing the lenders to shut down the loans, or to be extremely selective about their customers.

I suggest you start applying for scholarships right now, and as soon as you decide on your college, call them up and see if you can work out a payment plan of some sort.

And of course, check back in the summer, perhaps Sallie Mae will open up Tuition Answer Loans. And if I find out about any others, I will be sure to post.

What a great forum this is!! Thank you all for the information. I am currently a senior in college. Luckily I do not have debt associated with my undergrad career. My next step is to go to medical school, thus, I will be in desperate need of a loan! I am really hopeful of Tuition Answer Loan to be bcak on business ASAP.

I called up Sallie Mae recently, I was told that Tuition Answer would open up again in 2009, although I don't know when.

Keep in mind that the interest rates are quite high, try all other options before going for this loan.

I have looked at many other options, but unfortunately dream students do not qualify for them; such as subsidized stafford loans. I am glad that you are telling me that Tuition Answer is coming back and if this high interest loan is my only option I will have to do it regardless. I think that my only option would be the approval of Dream Act, but this is got to hurry, I start med school on August. I appreciate your concern and advice, in case you know about any other option, please let us know.

Med School? That's awesome! thats gonna be me in about 3 years when I finish my undergrad, hopefully! Big ups for making it that far, people like you remind me that my goal is attainable. Okay, back to the subject now...