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April 26, 2009

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Jen W-C

Hi - My daughter just got denied a private loan. She attended Oberlin College and graduated two years ago. Her arts degree will not help her in this economy so she's working (just got her job a month ago, but for part-time is getting lots of hours and reasonable pay). She's also taking a summer course and wants to attend Univ. of CO at Denver. She's been accepted to begin a second bachelor, this time in science. But the 'financial aid' she's eligible, we're told is limited to loans because its a second bachelor. The loans approved by the school do NOT cover the tuition and expenses. So she applied for a private loan with Chase. They checked co-signer credit (this much we know) and rejected the application within days. My credit as co-signer can't possibly report properly because I no longer live in the U.S. and to get a credit report, you need to use a U.S. address, so I gave one I use to get mail - it's a family member. I also had to answer how long I lived at this address - can't give a 'correct' answer to that either. Meanwhile, assets where I live are not included. She can't use my husband as a co-signer because he's a National of the EU and has no social security no. that would be recognized.
The notice of rejection did not state what the reason was.
My daughter had a 3.7 GPA from college and similar high honors from high school. She just wants to complete a meaningful education - is there anything more she or we can do (forget refinancing our properties - houses are selling slower than molasses here and house prices are reduced we borrowed against equity some time ago but the house prices have likely reduced our equity making more loans unlikely).
Will it hurt my daughter's credit to apply for a private loan with another bank?
Has there been ANY loosening of the bank moneys in recent months given the tax dollars given to them through both administrations?
If so, any particular banks showing an increased willingness to lend?
Any advice?!?!?!?!
THANKS FOR YOUR SITE BTW!!

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