I have a good friend who needs help with a student loan.
I dont understand how the american 'credit score' or 'undergraduate/overgraduate' thing works at all.
I would really like to help her and I need your advice.
here is part of her info.............
I can't get a gov't loan this year because I am repeating a class, and so I can only re apply for govt loans until next year. I am currently a graduate medical student in the University of Debrecen, in Hungary. I am an American citizen, however. Last year, I received Federal govt Stafford Loans to pay for my tuition, but since I am repeating a class, the financial aid department says I am not eligible for one this year. I have to pay my tuition by the end of October, or I can not take classes. Since I am only taking the one, it costs 2500 dollars. I could apply for a private loan, but I do not have anyone that could co-sign for me. I have a credit score of 632, which I hope isn't bad for someone of the age of 23. I have quite a bit of student loans from the last three years of grad school and 3 years of undergrad. I have one credit card that I use regularly, with a credit limit of $10,000 and a balance currently of $2,990.
As for scholarships, the only thing that my university offers to foreign students is a tuition reduction if they do well in the school year. I am well on track for receiving it for next year. If I get 4 and 5s in all classes, then I will get 20% off tuition for next year.
I know I will not repeat any more classes next year, so I will be able to apply for Stafford again. But if I don't have the money for this year, I will never be able to move on. I have been supporting myself through tutoring and teaching English and other medical subjects as well as free lance writing. I pay most of my rent and expenses that way. I can not get a job here, as I do not speak the language and most English speaking position are in the daytime (during school hours) or in Budapest, three hours away.
I also started a blog and website for Americans living Abroad in Europe, helping them keep in touch with home. I am in a blogging coaching program and I take it very seriously. I have a business plan set in place for me to monetize the site. I should be self sufficient by Jan 09, through ebooks, and affiliate programs and advertising. I know I can and will make it.
I tried a Bank of America line of credit, but was not approved. I didn't want to just apply for any private loan, as not sure if I would be approved without a co-signer. And every credit inquiry will affect my credit score. I didn't want to take a cash advance from my credit card, as the interest rate is very high. But I will do so, if you deem it necessary. Most of the grants available are for undergraduate students, of which I am not.
I need about $5-6000 for me to pay tution and support myself until the end of the semester in Jan 09. Being that I am technically unemployed and a full time student, can I get a line of credit, a private student loan, or even a small business loan to take my business to next level faster? There has to be some kind of loan or grant for graduate students that can not work and have no family support I have filled out a FAFSA and have an Expected Family Contribution of $0. Please give me some guidance. I have no idea where else to turn.
Thank you so much Kym,
can anyone make some suggestions?
as an aussie - my financial knowledge wont help her.
I have even consulted my financial advisor but he cant help either.
She is very determined and a great girl - so any help would be much appreciated - feel free to PM me if you cant talk here.
Thanks so much - Kym