Loan - Page 3

When you try to get a cosigned loan from them online it will ask for the Student's SSN in order to verify their identity and credit history. Since the majority of people in this situation do not have a valid SSN number, then the online application is pretty much not possible to complete.

The loan will be for the cosigner on your behalf, and pretty much most of the information will be the cosigner's own information.

Here is an update on the status of my application, after not being approved immediately additional information was required, including verification of education (basically you have to demonstrate that you are currently a student by providing a CURRENT schedule and/or bill or a letter by the school verifying your current enrollment. They also had a number which my sister had to call to verify additional details (don't know what they were, since the loan is essentially given to my sister, even I the beneficiary cannot call and ask specific details of the loan apparently), as well as the cosigner's most recent pay stub (no more then 90 days) and most recent federal income tax return including all schedules, and there was something else my sister had to provide, I forget what it was though.

Right now it seems like they have received (and I hope approved) everything else with the exception of the pay stub and tax return.

well... an update of my application status, it has already been about 2 months since I applied, and finally, I am conditionally approved for 17k for next year, all that its missing is the signature of my cosigner and they should send the money to her.

my case was seriously complicated by me being on a leave of absence after essentially running out of money and not being able to afford the costs for next term (the current term) and Well Fargo requirement that you must be enrolled when you apply, and prove it with a schedule that has your name the current term (not the term for which you applied). Sent them a past schedule with the cost of tuition and stuff, they did not accept that, waited until I could apply for the classes and print out the schedule for the future term, they did not accept that either but only because it did not clearly stated the name of the school.

Had to call the school to send me a fax certifying my future schedule stating that it was for a third party, got it, sent it. My cosigner got a call from them inquiring as to the amount of the loan and what it was for, explained that it was the cost of tuition only and that the cost of living and everything else will be covered by my parents, they said ok and added a note, then we got information that it was conditionally approved and we had until january 11 to accept to the terms and send in a signed document which if I am not wrong would make the next step them sending the money.

Celebrated splurging on myself before cybermonday ended... bought me an RC helicopter
Now the question is which will get here first, the helicopter or the money? :-p

congrats on the loan buck!

i was wondering how in the world people were paying for school.. 30k a year is just.. ghastly. couldn't afford it out of high school and now our situation is better but still not good enough..

my question is: what if you don't have an ITIN? i do have a passport that was renewed about a month ago if that helps.

here is a thread that was recently created talking about how to get an ITIN number.

http://dreamact.info/forum/showthrea...highlight=ITIN

There is no way around that requirement, you need to have an ITIN number and you must have a USC cosigner, and you will not be able to apply online, must do it via phone, at least beginning the application process, you can view the progress online.

i was just looking through the forum and...

since i'm 19 and in college i'll have to ask my mom to claim me as dependent and that should be fine, i gather, and i do have a usc cosigner!

thanks a lot!

loan approved and disbursement date is on December the 13th...

end of my plight for one more year at least, and only as far as the cost of the tuition is involved

omg if i knew about this loan ealier like last year when i made this thread and so many others about student loans i would not be stuck at my old cc my god this is bs. but oh well only god knows why things happen....i might get accepted to ucla or usc this time around tho so thats cool....havein said that......CONGRATS BUCK IM SO HAPPY FOR U....wish u the best of luck and happy ur back in school i know how much it sucks not goin to school for one semester makes u feel down and all but im glad ur able to keep goin strong i remember u from other similar post it was basically me and u providin all this info about student loans and stuff im glad this guy who started the thread clue us in on an actual loan that we can apply for!.....Buck if u dont mind me askin what were the conditions of ur loan so i can know or get somewhat of a clue if i do ever apply for this loan?

Just to get the loan you have to prove that you are enrolled in a school by submitting a bill with the name of the student and the name of the school, a class schedule with your name and that of the school. You monthly payments start about a month after you get the loan so its not one of those loans that you start paying off 6 months after you graduate.

The primary difference between this and any other kind of loan is that its not intended to tuition assistance, that is what lower interest rate and more stable federal loans exists, this is sort of intended for everything else, though it could be used to cover tuition. They charge you the prime interest rate, right now at 3.25%, plus the interest rate that is based on the credit score of the co-signer in this case, so it is not that cheap, furthermore, it is variable, and the interest rate could go as high as they decide, there is no limit to how high the interest may be for this loan, that is a major disadvantage and almost a sticking point before I submitted a signed document that I agree to the terms.

After you do this, and according to the description by the OP of this thread, your cosigner get the money and it could be used for whatever you want, just as long as you continue on making the monthly payments on time.

The information that you have to provide is very limited, basically just satisfy that you are currently enrolled when you apply for this loan, the rest is up to the cosigner, in fact they won't even allow you to see the progress of the loan without the cosigner's approval, it essentially goes to them, I just found that funny when I called them one time.

thats pretty cool but 3.25 is pretty high but i guess i could go higher which scars me but ay its better than nothin that's fo sho.....well this is the best we got without the DA so yea i'll probably apply for it sometime before next fall...if the DA doesn't pass if it does thank god we can get out some loans which are just a bit better.....but if it doesn't atleast we got this one

What were the terms of the loan? I am hoping your APR was low and you had a re-financing option. It is also important to note when you would have to start paying the loan back (at the end of the year, at graduation or 6 months after graduation)... Is there a prepayment option? Can you refinance? Sorry for all of those questions but I feel it would be beneficial to the community if you shared some of that info.. Lastly, how are you going to pay the loan back?