Best place to find a private loan/unsecured loan with bad credit for college? (Dallas: student loans)

[thatoneperson]

Here's my story:

I'm looking for a way to finish funding my tuition and living expenses for school, which starts in 3 weeks. In short I need $59,281 ($23,281 for tuition + fees and $36k for living expenses for 3 years) within 2 weeks and I'm stuck.

Considering the economy's state and our current financial situation as a country it's getting harder and harder to find a lender without paying through the ears. Here are some key points:

- I don't have good/extensive credit

- I owe a bit on my loans from a previous school (financial aid was still able to cover 71% of my tuition, so I'm grateful for that much - the part that's being owed is being deferred right now)

- I don't know anyone with good credit to sign on with me as a co-signer

- My family can't help me (my father passed away last December and my mother is still paying off his debt along with her own expenses)

Because this is a vocational school financial options are harder to come by and my last option should be the Smart Option Loan from Sallie Mae. The school is based in California (Gnomon School of Visual Effects) and they've advised me that that certain loan should be my very last option. At this rate I don't know what else I can do or where to borrow that money from. My mother can help me repay an unsecured loan or the Smart Option Loan, but would she be turned away due to her bad credit? I couldn't find anything regarding a co-signer other than the sidebar. She makes a little over $2k and works as a home provider, to give an idea of her work ethics.

Any help would be greatly appreciated. I've looked all over the internet for a good few hours but I still can't find a clear answer.

[loves2read]

first of all you should really consider rethinking this opportunity

I don't know anything about the school but you have admitted your past experience with education has not turned out that great--so it looks like there is reason why getting a loan is difficult

two--what are the hiring ratios for people who have graduated from this school within the past 2 years?
if you cannot get accurate figures AND names/contact info for grads with jobs then it will not do you any good to pay the money and take the courses--
you won't get a job to repay the loans and will be in worse hurt than now...

three--your mother can't support herself with that income level--how do you expect her to help you

[thatoneperson]

My past experience with school didn't turn out to be so great because it was The Art Institute Online and I was wasting money away with classes that had nothing to do with the degree itself. Granted, it's my own fault for letting it go as far as it did but I tried not to judge the school thinking it'd get better. It never did and I never felt challenged. That's mainly the only reason why I'm not able to have more of my education funded, because I didn't leave fast enough and loans weren't being paid (again, all me).

The hiring ratio is roughly 97% and I've heard nothing but success stories from past alumni (at least the ones I've contacted before). I know just because I attend doesn't mean I'm going to find a job immediately or will get hired, that part has to come out of me and my own efforts. Many (if not all) instructors work in the film and game industry themselves so it's not like I'm learning from people who just have a general idea of what to teach.

As far as figures go it depends on what the students decide to do with their certificates afterwards - many continue their education elsewhere, others go to work with movie studios or game publishers (I know a few that went to LucasArts, Activision, and EA), and then there's the few that screw it up and get nowhere. The entertainment business is a hard one to tackle because everyone wants in but only a few get their dream jobs, though I truly believe this school is what I'm lacking. I have 9 years of graphic/web design and media, so it's not like I'm a newcomer to the art business and its competitive streak. Still, even though I worked freelance it wasn't enough to warrant a secure income because people don't want to hire those without proof of education.

You're right though, and I might have to sacrifice my dream school if it means not getting her involved. I made it very clear to her that I didn't want to drag her along with my debt as she has enough to worry about. She was the one that suggested payments on her part, but I'd still feel guilt over it so I really don't want her to be part of it. I'll continue to look into private student loans and discuss the Smart Option Loan but if it means unbearable interest rates I just might have to stick it out and work for a year to make up for the funds.

[Pontificator]

George Carlin would say, "Drop some of yer needs."

From personal experience, I do not believe such an expensive degree is needed. The thing that makes or breaks folks is chutzpah. And no school can teach that. No paper certification required.

My soon to be son-in-law went to film school, but never completed his degree, because due to personality, drive, and motivation, he was flooded with job offers. He currently works a salaried job in the industry, with a full benefits package. They've never asked to see his degree. They just know that he's the answer man, knows how to dress for success, talk to any person, do the job, and see forward for his company and himself (and my lucky daughter).

[loves2read]

for some jobs the only way to get technical experience is to go to a great tech school--
there is no "on the job" training because some of the machines/computers used are mega-expensive and they don't let just anyone get ahold of one

I just don't know that you can really live as cheaply as you seem to think--LA is very expensive town

[malamute]

With this economy, I'd find a school that you can live at home and commute and have a job that helps pay tuition. Starting out with that kind of debt would not appeal to me at all.

[eastontracks]

sounds like a waste to me. 36k just for living expense? sounds like you need to get a job and actually work to supplement your income. i wouldn't invest in that, sounds like money down the drain and financially wouldn't come out ahead.

[plwhit]

<sob>I failed in my last school and don't wanna work and need more money for another school<sob>

Grow up, get a job and stand on your own two feet.

BTW, why didn't you post this in the California forum where they are experts at living off of other people?

[TX75007]

I'd get a job - any job - then get an associates degree in java and cisco from a community college and get an entry level job with a web firm then work your way up. Pay as you go on the degree.

In general, your total debt after school including loans, car, credit cards, etc should be 50% or less of your expected starting salary.

So, unless you are getting an engineering degree or a medical degree, you should not take any debt at all because working tables you will make maybe 20K.

[thatoneperson]

Originally Posted by plwhit

<sob>I failed in my last school and don't wanna work and need more money for another school<sob>

Grow up, get a job and stand on your own two feet.

BTW, why didn't you post this in the California forum where they are experts at living off of other people?

I suppose I have to justify myself to you lest I turn out to be just 'another stupid young person'?

I actually do have a job as a freelance web/graphic designer and I could get a full-time job with that, I'm just not 100% sure I want that to be my life. I've turned down 2 marketing firms already (one in LA and the other in Austin) because I wanted to continue my education. Right now I'm working on 2 global, short-term contracts (with a possibility of full-time employment), one located in NY to a global VoIP client and the other with a game publisher that's set to release a PS3/XBOX LIVE game next year in the Spring. I also currently have smaller clients in India, England, and Dallas, so trust me, work is plenty on my plate.

Thanks to those who have given me helpful advice though. It doesn't fall on deaf ears. I went ahead and postponed my attendance to the Winter. Even if I don't want my current field as my full-time job I can't deny that it makes money. Maybe I don't want it as a life career because I've been at this for over 9 years and sometimes feel burnt out, but I also know that these type of jobs are always in demand in an internet-ruled world. It's more than what most people can say these days and I'm grateful for it. I just might forget about this whole school idea seeing as how I'm not equipped for it financially. We'll see.