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How do you find a good cosigner in a recession?

So we need a loan to pay for the expenses for my husband to go to his interviews to go to residency. We have no one to help pay for anything, they are all laid off or retired or not doing so well themselves. We have asked all of but not limited to family members on both mine and his families. One finally agreed to cosign. We were conditionally approved then denied two weeks later. I'm a sahm. We have no income. We are on food stamps and wic. I use coupons for everything I can. I'm looking into selling my car- my husband has the family vehicle. Btw. my student loans are going into repayment now too. Also no one lives close enough to babysit so I do not have the option to return to work. I loved my job and had to leave it when the gov thought i needed money for food instead of daycare. Which if i was working i could afford much more than food!


Asked by Anonymous at 1:22 AM on Sep. 24, 2009 in Money & Work

This question is closed.
Answers (7)
  • Yikes! I'm sorry to hear that. I sure hope you find someone that can help you. My thoughts and prayers are with you.

    Answer by mommy2joeynabby at 2:49 AM on Sep. 24, 2009

  • Do you have any family members that can help you?

    Answer by mommy2joeynabby at 2:10 AM on Sep. 24, 2009

  • We asked everyone, we even asked friends outside our family. One agreed to try but was just denied.

    Answer by Anonymous at 2:45 AM on Sep. 24, 2009

  • I would never cosign for anyone, because then that's putting MY credit on the line. I'm not sure how med school works - can your husband put off his residency for a year or so while you work and save money. I'm surprised that there isn't subsidized daycare available which would allow you to work. Have you checked into working for a daycare that would let you bring your child to work with you? Or could you care for another child in your home to bring in some extra money?

    Answer by missanc at 9:23 AM on Sep. 24, 2009

  • We are good for the money. Once my husband is in residency he will be making 50 grand a year and that will increase by a few grand each year. In a few years after that we will jump up to a min of 350,000. Truly a rags to riches story. We were not approved on our own because medical school cost 60 grand a year and we had to pay an extra 40 grand for two years out of state tuition. We lived 10 miles outside the official boarder and you have to live in the state for a full year before they will grant you in state. We did apply for aid for child care. They denied us because my husband is in graduate school. They gave us food stamps instead. I would prefer to use my bachelors degree and work but when we are moving in less than a year for my husbands new residency job, I wont be able to find a solid career job.

    Answer by Anonymous at 2:29 PM on Oct. 7, 2009

  • Besides a childs first years are criticle to their development and the fact that I get so much time with my son is wonderful. By the way, we found a cosigner and the loan went through. Thank those of you who were supportive. It is rough not knowing if you can make it.

    Answer by Anonymous at 2:32 PM on Oct. 7, 2009

  • Ok, this may come off as kind of tough, but one should be cosigning for you. If you need a cosigner then there is a high likelihood that the loan will default and the cosigner would be stuck. You really shouldn't be asking anyone to cosign. It's an indicator that you're not good for the loan. Bad deal. No income, no loan. Focus on finding a source of income.

    Answer by halfpint_ny at 7:58 AM on Sep. 24, 2009