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I am looking to get a Grad Plus loan to cover some expenses my scholarship and Stafford Loans won't cover. The problem is my parents aren't willing to cosign (they don't think I need as much money as I want and believe they are covering enough that I don't need to take out unnecessary loans). I managed to get my grandma to agree to cosign for me, but she has no credit history (born in the late 20's never worked or anything). Is there any chance I will be able to use her as a cosigner for this loan? I read somewhere that no credit is better than bad credit. It's not like I'll die without the money, but it would be nice to have some spare cash without having to hit up the parents.

Do you have bad credit? If not, you shouldn't need a cosignor anyhow.

blowhard wrote:Do you have bad credit? If not, you shouldn't need a cosignor anyhow.

I screwed up a little bit during undergrad and my credit is not as great as it should be. My score is not terrible, but I have a delinquent account and it's preventing me from gaining a Grad Plus loan by myself. I can't really fix this account fast enough before school starts so I need a cosigner.

Do you know if I would be able to use my grandma as a cosigner despite her having no credit history?

valley splitter wrote:

blowhard wrote:Do you have bad credit? If not, you shouldn't need a cosignor anyhow.

I screwed up a little bit during undergrad and my credit is not as great as it should be. My score is not terrible, but I have a delinquent account and it's preventing me from gaining a Grad Plus loan by myself. I can't really fix this account fast enough before school starts so I need a cosigner.

Do you know if I would be able to use my grandma as a cosigner despite her having no credit history?

I really have no idea. If you've already been turned down at this point, I'd ask your financial aid office.

Does your grandmother have any realistic ability to pay these loans? She still has to be approved, you know. No credit might be better than bad credit, but people normally want more out of a cosigner. Either lots of assets or excellent credit history/income combination.

No credit is better than bad credit (i.e. ME). That's as much as I can say.