Author Topic: How to get a loan with no credit? College student  (Read 836 times)


  • 5 O'Clock Shadow
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How to get a loan with no credit? College student
« on: January 14, 2019, 11:54:36 AM »
Hello all,

I'm new here and this is my first post. Here is my financial dilemma, I am a college student who is studying music and education. However, at our university, education requires a year of grad school. My parents had been paying for my college using my dad's military benefits, by him going to school and receiving money for it, then using the left over for my college bills. But now he has stopped, and so paying for college has become extremely hard. Because I am going into education, I know that I can pay off all loans and reduce the interest because of the benefits of being an educator in Virginia, but I absolutely cannot get a loan. Earlier on, my two brothers went to college but never graduated, which destroyed my parent's credit so every loan I've ever applied for has been denied with them being cosigners. I also have no credit myself and do not make enough from my on-campus jobs to get a loan on my own. Due to loans being denied including the parent plus loan, I was able to max out my federal loans but it still does not cover everything. I have about 5,000 dollars to pay off this semester, and then will get my undergrad degree then start grad school Fall 2019.

Other information that might be useful:
I currently work as an RA and will make 4,000 dollars over the course of the semester, however, it is hard to budget this money as I have to pay for other college expenses

I have another on-campus job that pays about 8 bucks an hour and will work 12 hours out of the week

I'm considering getting a cheap credit card and buying inexpensive items to actually have a credit score


  • Stubble
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Re: How to get a loan with no credit? College student
« Reply #1 on: January 14, 2019, 12:19:30 PM »
I mean, getting a credit card is not a bad idea, but please don't intentionally buy stuff to raise your credit. More usage =/= better credit score. As long as you have some minimal amount of spending on there, you're good. And if you can't get a regular credit card, there are secured cards (where you give a small deposit, like $100, that you get back later) and ones designed for students that you could look into.


  • Handlebar Stache
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Re: How to get a loan with no credit? College student
« Reply #2 on: January 14, 2019, 12:19:50 PM »
The first step is to go talk to your college's billing office.  If you explain your situation, especially if you can show them a plan for paying the outstanding $5000, they may be able to extend the payment deadline or put you on a payment plan.  Do not simply fail to pay! That would incur financial penalties and make the college much less likely to help you.

Apply for a credit card now, because oddly enough it's much easier to get one as a student than as a new graduate. But it won't get you a credit score in time to get a loan this semester.

Now, about that plan to repay the $5000. Since you work as an RA, I'm assuming your only expenses during the semester are books and personal items like toothpaste. Keep these costs as low as possible: borrow books, rent, buy used, share wherever possible. Maybe your parents would agree to send you care packages of necessities and treats?  Then you can earmark all your RA money and most of the other job money to the $5000.  You should be able to cover almost the whole amount by the end of the semester.  During the summer, live and home and get a job so you can pay off the rest of the $5000 and save up money for grad school.

You don't say how you plan to pay for grad school. Consider taking a year off to earn money, living at home and keeping your expenses low. This will reduce the additional debt you need to take on and it will make you more attractive as a borrower. During this time you can use your credit card to build a credit history as long as you pay the balance in full each month.

Good luck!


  • Handlebar Stache
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Re: How to get a loan with no credit? College student
« Reply #3 on: January 14, 2019, 12:27:51 PM »
I would consider not borrowing any more money for your education.  Come up with a plan to "pay as you go", even if it means taking one class at a time while working.  Borrowing money for education (especially a master's after having borrowed money for undergrad) is very risky (you might not be able to finish and/or you might not be able to earn enough to make it worthwhile).

Also:  I would not be concerned about your credit score.  Focus on the balance sheet (what you own minus what you owe...).


  • Magnum Stache
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Re: How to get a loan with no credit? College student
« Reply #4 on: January 14, 2019, 12:51:08 PM »
Are you at a state school or a private school in Virginia?

I think you need to talk to the registrars office and if you can't get something worked out, consider a pay as you go option part time.


  • Handlebar Stache
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Re: How to get a loan with no credit? College student
« Reply #5 on: January 14, 2019, 01:03:45 PM »
Does your school have bursaries and grants for low income students? See if there's someone to talk to who can help you defer payments and apply for those programs. If you get a credit card, make sure it has a low limit, use it only for necessities that you would have bought anyway, and pay it off in full every month. See if you can make some money doing research studies on campus, tutoring, or selling old textbooks.