Private College Student Loan

Private student loans...bad credit?

I applied for a chase select loan today and my application was denied...I got a loan from them my last two years of college but since then my financial situation has changed. I have a credit card that I'm a few payments behind on...I know...bad, but I'm starting a payment program on the card this month. But my cosigner has excellent credit.I don't know if the credit card is the reason why I was denied, they wouldn't tell me over the phone, I'm supposed to get a letter in about a week. I'm already getting Stafford loans and NYS TAP grant. Without the loan, there's no way I can pay for my education. So my question is do you guys know of any banks who are more lenient about the student's credit. Would it help to discuss my situation with the bank? Also NYS has another student loan called NYSHELP, does anyone have experience with that loan, do they expect your family's income level to be pretty low?

Public Comments

1. Private loans are based on credit. So, even if you have a great co signer, if you have a bad credit, defaulted on a credit card, or don't meet the basic employment qualifications, then you may be denied. It sounds like due to that credit card, your credit history took a hit and that bank no longer feels that you are a safe bet to provide a loan to.
2. Your cosigners debt-to-income ratio prob got too high. Time to find a cheaper school.