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To start my credit history is sticky. When I was 19 y.o. I had 5 credit cards because I could get approved for them. I kept up on payments until I lost a roommate and it took my whole paycheck to cover rent, never mind other essentials. It was my fault, I did not think about what would happen if I lost the ability to pay on them.
Fast forward to now. I have improved my credit a lot. I have had loans (with co-signers) and I have 2 credit cards (taken out to help my credit) that I have paid on time for more than a year. I have also returned to college and had to take out federal loans which has also helped my score. Even though I am not paying on them yet, they show as good standing. My score is between 650-675 depending on what agency's report I pull. Not the best, but so must better then what it was.
However, I still have evidence of those old defaulted credit card debt on my credit. The charge offs I once had have fallen off, but I have $6500 in debt collection agencies and a judgement. I have always worked part time while in school and I have had to take out extra loans to help pay rent so paying this off has been a struggle. Also, I always have decided against not taking out federal student loans to pay off credit card debt.
This is my problem. I was accepted to transfer to a 4-year university and after receiving a good financial aid package I am $12,000 short on tuition. I have been turned down for private student loans, even with a co-signer, because of my $6500 debt. I have looked and looked and private student loans are my only options.
What I am thinking of is getting a loan from a credit union (though I think this is a long shot) or finding some kind of third-party loan to pay off the $6500. After that debt is paid I could possibly be able to be approved for private student loans? Understand that if this seems like it is not the best idea that is because I am running out of ideas to fund my education. Any other ideas are appreciated also.
Why not take a year off school to work to get that debt paid off? Graduating a year later is NOT the end of the world.
I can't figure out why you would want to go another $12,000 into debt when you have had such troubles in the past. You didn't receive "a good financial aid package" if you are $12,000 short on tuition.
OP, sorry, I know this isn't what you want to hear, but you're still not making good financial decisions.
Take time off and work your fanny off.
Then go back to school, and do it without student loans. It can be done.
Or seek out a cheaper education. That doesn't mean you will earn less, because what you end up earning is up to you. What is going to happen to you (on your present trajectory) is that you are going to find a way to get into the expensive college and then graduate with an impossible student loan burden. It happens all the time.
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