Future Student Loan Refund as collateral?
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Posted by Grace
(172.142.198.48) on June 25, 2003 at 08:33:15:
Do you know of any banks that would do that? I wrote this to one bank: --------- I am a masters degree student on summer break. I have financial aid (in fall/spring) as I did last school year, and I was wondering if your bank would ever do personal loans with the future federal loan refund as collateral. I am getting a refund in excess of $7,000 for both fall and for spring. Yet now, in the summer, to pay my rent for my school residence is difficult without that aid. I am working a temporary job for the rest of the summer. My rent is $500+ and that is in a different state. I went back home for the summer but still need to pay the school residence rent, phone, etc.
I just wanted to see if there would be any options for me. I didn't think so but just wanted to make sure. I know I cannot get a loan on my own or with a co-borrower so I wondered about the refund as collateral. It's $8,000 stafford for fall and $8,000 stafford for spring - plus I'm a graduate assistant so I get a tuition waiver of $4000+ each semester. (Thus the refund will be over $7000 after general fees are taken out) I did sign an acceptance of aid form recently and sent it back to the financial aid office. The loan amount I had in mind was $1500 (rent for July, August, September) ---------------- I know it's a fat chance but I wanted to make sure. Anyone know of any banks that would do so? I am working full time but to work 60-80 hours is not something I can do anymore. I just get burned out much faster now. Grace, desktop757@yahoo.com
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