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.
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Go To College For FREE!

Yes, it is possible, and you don’t have to be the smartest or the best student in the world to qualify. Tuition-free, or full-scholarship, colleges are one of the nation’s biggest hidden treasures. Business Week did a full article on the topic back in November 2007. According to Business Week, the way these tuition-free colleges work is through endowments from the community and a mandatory work-study for all students. You work for the college, you get a free education.

Too bad other colleges don’t take advantage of this opportunity, but it is becoming increasingly popular.

Business Week also lists colleges across the country where students can attend for free, paying only room and board and cost of textbooks (click on the pictures provided on the link to see the schools). It is the first step in providing free education in America.

I have noticed a trend in these types of schools, mostly from the ones provided on the list. A majority of them are rurally located, meaning the work study opportunities are typically farm-based. Others are based on aptitude tests for engineering and auditions for music related majors. And then there’s the mother of all free college – the military academies with the agreement that students service in the Armed Forces for at least 5 years upon graduation.

More colleges definitely to look into this. Sure, there is already a work-study program, but it doesn’t pay enough to cover the cost of tuition most of the time, not to mention the competition between students to secure a work-study job. If all colleges in the United States offered a work-study program where if you have an out-of-pocket balance by the time all financial aid clears, working for the college or participating businesses in the area will cover the complete difference. And instead of paying the student, why don’t they send it right to the college? Colleges and universities also need to be able to provide a job for every work-study student. The competition is ridiculous.
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