Need more loans beyond FAFSA for living expenses - Sallie Mae vs private loans with bad credit?

Federal loans are always your best option, but if you've maxed those out, then yes, private lenders like Sallie Mae are typically the next step. A few important things to know: 1. Yes, private lenders will run a credit check, and with a 580 score, you'll almost certainly need a cosigner with good credit. This is usually a parent or another relative with good credit history. 2. Private loans typically have higher interest rates than federal loans, and the rates are often variable (can increase over time). 3. Private loans don't come with the same protections as federal loans (no income-based repayment plans, loan forgiveness options, etc). Have you spoken with your school's financial aid office? Sometimes they have emergency grants or additional institutional loans for students in your situation.

dude i was in the EXACT same boat last year!! tried 2 get a personal loan and got laughed at lol. ended up going w/ Sallie Mae but only cuz my aunt cosigned. the interest rate is stupid high (like 11.2%) but i was desperate. if u dont have a cosigner ur probably screwed tbh

Before you take on private loans, make absolutely sure you've exhausted all federal options. Have you completed the 2024-2025 FAFSA? Many students don't realize they can request an adjustment to their financial aid package if their circumstances have changed. Specifically, ask your financial aid office about these options: 1. Professional Judgment Review - If your financial situation has changed since you filed FAFSA 2. Cost of Attendance Appeal - You can request they increase your official cost of attendance to include additional living expenses 3. Work-Study opportunities - These don't solve immediate cash needs but can help long-term As for private loans with poor credit, Ascent and Funding U offer loans specifically designed for students without cosigners, though their lending criteria focus on academic performance and future earning potential rather than current credit scores.

i worked at the financial aid office at my school for 2 years and YES they definitely have emergency funds!!! most schools have something called an emergency grant (usually $500-2000) thats specifically for situations like yours. also check if your school has a food pantry - most do now and it can save u tons on groceries

Have you tried calling Federal Student Aid directly to see if there are any additional federal loan options? I was in a similar situation last year and was able to get an additional unsubsidized loan after explaining my circumstances. The problem is you'll probably be on hold FOREVER trying to reach anyone at FSA these days. Their phone system is absolutely broken.

THE WHOLE SYSTEM IS RIGGED AGAINST STUDENTS!!! It makes me SO ANGRY that the government caps federal loans at amounts that don't even cover BASIC LIVING EXPENSES, then forces desperate students into PREDATORY private loans with INSANE interest rates!!! My sister got trapped in this cycle and now owes $98K for a $45K degree because of the private loans she needed just to EAT and have SHELTER during college. The system is DESIGNED to keep poor students poor and it's DISGUSTING.

One option nobody has mentioned yet is asking your school about a Payment Plan for your living expenses if you live in campus housing. Many schools will let you spread payments over the semester instead of paying upfront. Also, some schools have short-term emergency loans (different from emergency grants) that you can repay by the end of the semester. These typically don't require credit checks since they're institutional programs. Lastly, check if your school has a Student Emergency Fund that provides non-loan assistance. These became more common after COVID and many schools still maintain them.

have u tried doordash or uber eats?? thats how i make ends meet. the pay isnt amazing but u can work whenever u want between classes. also check if ur school has any paid research positions - they usually pay better than regular campus jobs

After reading through this thread, I'd recommend this action plan: 1. First, visit your financial aid office ASAP to inquire about emergency grants/loans and request a Professional Judgment Review based on your changed circumstances 2. Use the Claimyr service mentioned above to speak directly with FSA about additional federal loan options 3. Check with your academic department about paid research or teaching assistant positions 4. Only after exhausting these options, look into Ascent or Funding U for their no-cosigner loan options Private loans should truly be your last resort. The difference in interest rates and repayment terms between federal and private loans can mean tens of thousands of dollars over the life of the loan.