Bad Credit--Getting Loans?

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goosey
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Bad Credit--Getting Loans?

Postby goosey » Wed Jan 06, 2010 1:39 pm

what are my options to pay for law school? My credit is pretty bad and I was looking up different financing options, but with a max of 20k from stafford loans, that leaves 30k unpaid for, without the cost of living. How do people with bad credit manage to pay for law school??

clwilson6
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Re: Bad Credit--Getting Loans?

Postby clwilson6 » Wed Jan 06, 2010 1:43 pm

Scholarships help if you don't have a rich uncle or your parents are tired of paying your way. :(

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goosey
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Re: Bad Credit--Getting Loans?

Postby goosey » Wed Jan 06, 2010 1:49 pm

clwilson6 wrote:Scholarships help if you don't have a rich uncle or your parents are tired of paying your way. :(



Im not really counting on scholarships as I have a *very* low gpa. Im basically just going to go to the best school I get into.

Has anyone ever not been able to attend law school because they cant get loans??

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Kiersten1985
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Re: Bad Credit--Getting Loans?

Postby Kiersten1985 » Wed Jan 06, 2010 2:00 pm

If you're already in debt with bad credit, I wouldn't be so eager to jump into a T3 law school. The chances of making a really good salary (enough to pay down loans, live a nice lifestyle AND put away for savings/retirement) are slim. I'm not trying to steer you away from law, but I think you need to take a serious look at your finances and goals and prioritize a little more before making the decision to go to law school, especially if you're not going to get scholarships.

EDIT: I reread the OP and it doesn't say you're actually in debt now. My advice remains the same, though.

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goosey
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Re: Bad Credit--Getting Loans?

Postby goosey » Wed Jan 06, 2010 2:18 pm

Kiersten1985 wrote:If you're already in debt with bad credit, I wouldn't be so eager to jump into a T3 law school. The chances of making a really good salary (enough to pay down loans, live a nice lifestyle AND put away for savings/retirement) are slim. I'm not trying to steer you away from law, but I think you need to take a serious look at your finances and goals and prioritize a little more before making the decision to go to law school, especially if you're not going to get scholarships.

EDIT: I reread the OP and it doesn't say you're actually in debt now. My advice remains the same, though.



Im not going to a t3 law school. I dont know why regardless of what question is asked peoples first answer is always to re-think law school. I am asking about how people with bad credit pay for law school, not whether or not I should attend. :roll:

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KmissP
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Re: Bad Credit--Getting Loans?

Postby KmissP » Wed Jan 06, 2010 2:21 pm

I would seek out any and every little scholarship that you can find. And, I would start thinking about who I was going to ask to co-sign for my PLUS loan.

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goosey
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Re: Bad Credit--Getting Loans?

Postby goosey » Wed Jan 06, 2010 2:23 pm

KmissP wrote:I would seek out any and every little scholarship that you can find. And, I would start thinking about who I was going to ask to co-sign for my PLUS loan.



do grad plus loans cover everything? and also, do they start accruing interest immediately or after graduation?

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UF Gators
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Re: Bad Credit--Getting Loans?

Postby UF Gators » Wed Jan 06, 2010 2:25 pm

KmissP wrote:I would seek out any and every little scholarship that you can find. And, I would start thinking about who I was going to ask to co-sign for my PLUS loan.

Yes, find someone with good credit to cosign your GRAD PLUS loans and you should be fine.

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UF Gators
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Re: Bad Credit--Getting Loans?

Postby UF Gators » Wed Jan 06, 2010 2:26 pm

goosey wrote:
KmissP wrote:I would seek out any and every little scholarship that you can find. And, I would start thinking about who I was going to ask to co-sign for my PLUS loan.



do grad plus loans cover everything? and also, do they start accruing interest immediately or after graduation?

I believe Grad Plus loans cover up to the COA minus other scholarships and grants you get, I dont know about the interest.

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goosey
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Re: Bad Credit--Getting Loans?

Postby goosey » Wed Jan 06, 2010 2:32 pm

ksgator wrote:
goosey wrote:
KmissP wrote:I would seek out any and every little scholarship that you can find. And, I would start thinking about who I was going to ask to co-sign for my PLUS loan.



do grad plus loans cover everything? and also, do they start accruing interest immediately or after graduation?

I believe Grad Plus loans cover up to the COA minus other scholarships and grants you get, I dont know about the interest.



awesome, thanks. Yeah I looked it up and they start accruing interest from the day of disbursement

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KmissP
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Re: Bad Credit--Getting Loans?

Postby KmissP » Wed Jan 06, 2010 2:59 pm

It's no fun taking loans, but that's what you do to cover what Stafford loans and grants and any scholarships won't. Even if you think you won't get a scholarship, do apply for any and every possible help you can get. Even a couple hundred bucks here or there will help.

I've been thinking of starting an Amazon account with books already in the wish list for my relatives to buy in lieu of Christmas or birthday gifts.

rocaveli
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Re: Bad Credit--Getting Loans?

Postby rocaveli » Wed Jan 06, 2010 3:26 pm

Kiersten1985 wrote:If you're already in debt with bad credit, I wouldn't be so eager to jump into a T3 law school. The chances of making a really good salary (enough to pay down loans, live a nice lifestyle AND put away for savings/retirement) are slim. I'm not trying to steer you away from law, but I think you need to take a serious look at your finances and goals and prioritize a little more before making the decision to go to law school, especially if you're not going to get scholarships.

EDIT: I reread the OP and it doesn't say you're actually in debt now. My advice remains the same, though.


I know this isn't what you want to hear but it's the truth. If I dont get into T20 I'm not going to law school.

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goosey
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Re: Bad Credit--Getting Loans?

Postby goosey » Wed Jan 06, 2010 3:28 pm

rocaveli wrote:
Kiersten1985 wrote:If you're already in debt with bad credit, I wouldn't be so eager to jump into a T3 law school. The chances of making a really good salary (enough to pay down loans, live a nice lifestyle AND put away for savings/retirement) are slim. I'm not trying to steer you away from law, but I think you need to take a serious look at your finances and goals and prioritize a little more before making the decision to go to law school, especially if you're not going to get scholarships.

EDIT: I reread the OP and it doesn't say you're actually in debt now. My advice remains the same, though.


I know this isn't what you want to hear but it's the truth. If I dont get into T20 I'm not going to law school.



Hmm...thats a little ridiculous if your dream is to go to law school. I mean, if you dont know what else to do and decided to just apply, then fine. But to not go to law school if you get into fordham, notre dame, boston u, boston c, etc is a little funny to me. People are getting jobs from those schools. t3 I can understand, but come on now...for real? t20 or bust? thats interesting.

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NancyBotwin
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Re: Bad Credit--Getting Loans?

Postby NancyBotwin » Wed Jan 06, 2010 4:19 pm

ksgator wrote:
KmissP wrote:I would seek out any and every little scholarship that you can find. And, I would start thinking about who I was going to ask to co-sign for my PLUS loan.

Yes, find someone with good credit to cosign your GRAD PLUS loans and you should be fine.


This is probably TCR, but it also depends on HOW bad your credit is. My credit is not good by any means, but I had no trouble getting a Grad PLUS for grad school on my own. They're not super strict, but do require that you're not delinquent on any other federal loans and I think haven't filed for bankruptcy (maybe a few other requirements) - it's not that hard to get approved. But, in the event you get denied on your own, then yes, a cosigner is TCR.

hank44
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Re: Bad Credit--Getting Loans?

Postby hank44 » Wed Jan 06, 2010 4:25 pm

Why not just go to the best state school by you? Find a balance between the cheapest school and the best one you get into...and even though you didn't ask about tier 3 schools, etc. I guess it might be implied since you said you had a "very" low gpa...

clwilson6
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Re: Bad Credit--Getting Loans?

Postby clwilson6 » Wed Jan 06, 2010 4:30 pm

Seriously though, there are plenty of options. Many schools have need based scholarships that aren't attached to your prior academic performance. Other schools may throw money at you based on other factors, such as LSAT, gender and ethnicity to name a few. If you've already applied to schools or have a specific school in mind, it won't hurt to contact their finance office to see what kind of loans are offered through the schools and how you would go about applying. On an aside, if and when you do get into law school, you probably want to work hard to improve your credit as you credit report is something that the bar takes into consideration when they do their review.

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kalvano
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Re: Bad Credit--Getting Loans?

Postby kalvano » Wed Jan 06, 2010 4:42 pm

rocaveli wrote:I know this isn't what you want to hear but it's the truth. If I dont get into T20 I'm not going to law school.



That's ridiculous.

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TonyDigital
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Re: Bad Credit--Getting Loans?

Postby TonyDigital » Wed Jan 06, 2010 4:48 pm

goosey wrote:Im not really counting on scholarships as I have a *very* low gpa. Im basically just going to go to the best school I get into.
Has anyone ever not been able to attend law school because they cant get loans??


Wassup Goosey...maybe you should change your thinking a little into "going to go to the best school you can reasonably afford"?

I'm not trying to shoot down your dreams or anything at all, I know how massive debt can affect a person's life...it sucks. Good luck on whatever you choose though.

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goosey
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Re: Bad Credit--Getting Loans?

Postby goosey » Thu Jan 07, 2010 1:30 pm

TonyDigital wrote:
goosey wrote:Im not really counting on scholarships as I have a *very* low gpa. Im basically just going to go to the best school I get into.
Has anyone ever not been able to attend law school because they cant get loans??


Wassup Goosey...maybe you should change your thinking a little into "going to go to the best school you can reasonably afford"?

I'm not trying to shoot down your dreams or anything at all, I know how massive debt can affect a person's life...it sucks. Good luck on whatever you choose though.



yeah the problem is I cant reasonably afford *any* school, unless I go to hofstra with money, maybe st johns with money. My gpa wont get me money anywhere..my lsat is ok enough for me to apply to decent schools (and am retaking in feb) but that may be too late for merit money, even if I do score exceptionally better.

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FromRussiaWithLove
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Re: Bad Credit--Getting Loans?

Postby FromRussiaWithLove » Thu Jan 07, 2010 1:42 pm

Goosey...need based grants help. Unless you made a ton of money last year (or your parents have a sizeable sum in assets and income) you will be able to qualify for these. The amount given ranges, but schools usually have a fairly low cap for these kinds of grants.

As you already know, stafford takes care of 20,500.

As far as Grad PLUS goes, not being delinquent on anything helps. Someone told me that if you have paid all of your credit bills in the three or four months preceding application for a PLUS loan, it makes things easier. Obviously, a halfway decent co signer will seal the deal.

PLUS will cover up to your school's official cost of attendance less any grants, scholarships, and stafford loans you receive. The school's financial aid office will have the exact figure for the cost of attendance. This figure always includes tuition, room and board, books, transportation, food, and sometimes you can petition for it to include the cost of a new laptop. Moving expenses and other things not related to the previously stated are not covered.

If you need more money, then you have to go with a private loan. Those are purely credit based.

Hope this helps.




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