Saturday, January 12, 2008

Do You Have A Rich Uncle?


Paying for college is hard. A weak credit score and no cosigner can make it even harder when you need a private loan. Not all of us have rich relatives to help fork over some hard-earned cash. Don’t you wish you had a rich uncle?

Well now you do! At MyRichUncle.com, students who need additional private loans can now get one without a cosigner, and a weak credit score. So far, they are the only lending company that doesn’t base its decision entirely on your credit report and score. They also look at your grades. So if you’ve got a decent grade point average but lack credit, you still have a good chance of getting a private loan even without a creditworthy cosigner.

That was my situation. I needed about $2500 more for the tuition, plus the cost of books. I applied for private loans (without a cosigner – I don’t have a creditworthy cosigner to let me borrow their credit) at 5 different lending companies. I got denied 4 times because I don’t have enough credit. I’m a student; the only things on my credit report are two credits with low limits (but high balances), a Target charge card (my oldest account at 2 years old), a private non-educational loan (that was taken out in October), and two Stafford loans that were in repayment period. I had never missed a payment, never maxed out a card, and always paid at least the minimum amount. What credit I do have is good; it’s just not old enough and I don’t have a lot of it.

MyRichUncle.com helped me out a lot! I got approved for $3000, and I’m even paying the interest on it while I’m in school. My old Stafford loans are deferred again and my new Stafford loan is interest only by choice. I’m a student who took a year off and “forfeited” $11,500 worth of scholarships (still fighting it though!), but my grades are excellent, and I’m slowly building credit. If you’re in a similar situation, or just need a private loan, you have a rich uncle to back you up at MyRichUncle.com.

Note: This is NOT a paid review. I have NOT received any compensation for this highly positive review of this lending company. This is 100% editorial; I actually just got approved for my loan today from MyRichUncle.com and I nearly cried because I didn’t have to worry about how I was going to pay for college or my books on $8/hr and work study.

2 comments:

Frugal Dad said...

Interesting concept. Ideally, I would like to see people work their way through school, or get on with a company that offers a tuition reimbursement plan. I worked my way through school using a combination of the two, but accumulated some student loans my first two years.

Meg said...

Me too. I think its easy to get at least a part-time job on a full-time course load, if you're an above average student (meaning you don't have to spend every waking hour you're NOT in class to study). I'm carrying a full-time course load (16 hours a week of class), but I rarely study; I pick up concepts and material in class so I don't have to re-learn it each night. So I also work full-time in the evening, but it's still not enough to pay everything.

I'm not sure if my company participates in tuition reimbursement, I haven't seen anything regarding that, but I'll be sure to ask.