OK, I've got a serious question for DUers who know anything about loans

[da_chimperor]

So I'm currently in the 3rd year of getting my college degree, and I just found out that my mother (who is the cosigner of my student loan) has to declare bankruptcy. I'm going to be re-applying for my loan this coming June and by then my mom should be making quite a bit of money. I'm wondering what effect this will have on the bank giving me the loan. I would normally think that it would completely sink my chances of getting my loan, but an interesting thing happened last time around. My sister applied for a small loan of less than $4,000 with my mom as a co-signer and she was rejected. I applied for a loan of more than 4 times as much and I was accepted. So I'm wondering do banks take how far along you are in your degree into consideration? That's what I'm wondering along with how likely it is I'll get my loan for next year. Can anyone help?

[Metatron]

1. Since the student loans for the current school year are based on

last year's taxes, you should be fine. You might want to talk to your financial aid advisor and see what they say about next year. I am assuming you are talking about the federal student loans, and not private bank loans, If not, please disregard!

[da_chimperor]

2. Eh . . . it's a private loan. n/t

[Metatron]

6. What about applying for federal student loans?

There are a lot of options for upperclassmen and grad students. (The loans still come from banks, hence my confusion in earlier post.)

[FloridaPat]

3. The difference between you & your sister could be discrimination.

I've heard it's harder for women to get loans then men. When I applied for a credit card at home Depot, I got $2100. My dad got $9,000. He's retired and on social security and I was making a ton of money at that point.

[skygazer]

4. It's not only how much money you make, though

It's what kind of credit history you have. If you have little or no credit history, it's a lot harder. Or if you've ever been late or defaulted. It might just have been that he had a longer credit history. Not that I mean to assume either of your circumstances - just pointing out other factors.

[da_chimperor]

5. Hm, well I do have a good credit history so maybe that's what's working in

my favor. Something else to consider. Thanks.

[FloridaPat]

7. Had great credit and great credit history.