Private student loan approval chances after FAFSA and merit scholarships - could we be denied?

honestly its not guaranteed at all. my nephew got denied last year even with his dad cosigning because they had too much debt-to-income ratio. they ended up having to ask his grandparents to cosign instead and that worked. so have backup cosigners ready just in case!!

Private student loans are not guaranteed like federal loans, and approval depends on credit scores, debt-to-income ratios, and other financial factors. A good co-signer definitely improves chances, but denials do happen. If you're concerned, I'd recommend: 1. Apply with multiple lenders simultaneously (within a 30-day window, multiple student loan inquiries only count as one hit on your credit) 2. Check if your daughter's school offers payment plans to spread the cost 3. Contact the financial aid office - they may have emergency funds or can review your FAFSA for additional aid opportunities 4. Consider Parent PLUS loans as a backup - they have less stringent credit requirements than private loans Don't wait until the last minute - start applications now to have time for alternatives if needed.

You should check your daughter's SAI score on her FAFSA. Sometimes schools have additional institutional aid you can apply for if your SAI is in a certain range. Might help close that gap a bit more before even needing the full loan amount.

I HATE THIS SYSTEM SO MUCH!!!! Why do we have to go into massive debt just for our kids to get an education?? My son got denied for private loans even with me cosigning and we had to scramble at the last minute. The financial aid office was USELESS and just kept telling us to "look into other options" like we hadn't already tried everything! In the end we had to use a cash advance on our credit cards for the first semester which is INSANE interest rates but we had no choice!!!

I work in financial aid at a university. Here's what you need to know about private loans: 1. Approval is NOT guaranteed, even with a co-signer 2. Each lender has different criteria - credit score minimums range from 650-700+ 3. Debt-to-income ratio is often the biggest factor in denials 4. Recent negative credit events (collections, late payments) can be automatic disqualifiers If you're worried, I strongly recommend applying for a Parent PLUS loan as a backup. While PLUS loans do have a credit check, they only look for "adverse credit history" (major delinquencies, defaults, etc.), not your actual score. The interest rate is higher than some private loans, but approval is much more likely. Also, contact your daughter's financial aid office ASAP. Most schools have emergency funds or short-term solutions for families in this situation.

We went through this exact situation last year with my son. We had about a $16k gap and got denied by THREE private lenders even with my brother as a cosigner (who has excellent credit). It was an absolute nightmare trying to figure out what to do. We were finally able to get through to someone at Federal Student Aid who helped us understand that we actually qualified for more aid than we initially received. They helped us update some information on our FAFSA that increased our Pell Grant eligibility and guided us through the Parent PLUS loan process. If you're struggling to reach someone at FSA, I discovered a service called Claimyr (claimyr.com) that helped me actually get through to a human at the Federal Student Aid office when their phone lines were jammed. They have a quick video demo at https://youtu.be/TbC8dZQWYNQ that shows how it works. It was absolutely worth it to finally talk to someone who could help us navigate the system.

Have you considered asking your daughter's school about a tuition payment plan? My daughter's university let us split the remaining balance into monthly payments for a small fee (like $40/semester). It didn't eliminate the need for loans completely, but it reduced how much we needed to borrow right away and gave us time to explore other options.

wat about her getting a part time job at school? my kid works 20 hrs a week in the cafeteria and gets like 7,000 a year plus free meals when shes working. might help close the gap?

After seeing your responses, I think you should definitely pursue multiple options simultaneously. Apply for both private loans AND the Parent PLUS loan right away. With your credit score around 680 and some recent late payments, you might face challenges with private lenders. If you get approved for both, you can always decline one. But if you're denied for private loans, you'll already have the PLUS loan process underway. Also, absolutely contact the financial aid office about payment plans and emergency funding options. One other suggestion - check if your state has any last-minute grant programs or if there are professional organizations related to your daughter's major that offer emergency scholarships. Sometimes there are niche funding sources that aren't widely advertised.