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3 Bumps

Stupid loan question

Can you get a loan from your bank if you aren't working, but you're taking out the loan to go to vocational school (cosmetology, welding, mechanics, etc.)? I'm guessing no, but DH and I were talking about it earlier and neither of us were sure (we've never dealt with loans or anything like that).

 
Anonymous

Asked by Anonymous at 2:19 AM on Apr. 23, 2011 in Money & Work

This question is closed.
Answers (9)
  • No you need to have a job to get any kind of personal loan. You should be able to get a student loan without working. Student loans are set up so that you don't make payments on them until after you graduate.

    Anonymous

    Answer by Anonymous at 2:58 AM on Apr. 23, 2011

  • I would think not. I am a secretary in a bankruptcy law office. One piece of advice. DO NOT GET A CASH LOAN/PAYDAY LOAN and NEVER do those online. They charge literally 500% interest and the online ones sell your info. including your soc security info.
    JenniD1

    Answer by JenniD1 at 8:36 AM on Apr. 23, 2011

  • yes you can! i have a student loan right now :)
    personal loans are different and have waaaay higher interest so you dont want that anyway
    fill out your FAFSA at www.fafsa.ed.gov. you will need all your tax info. GL!
    Liz4Life

    Answer by Liz4Life at 12:54 PM on Apr. 24, 2011

  • I would imagine not, but I'm not positive. Do you have collateral to use instead? If you have enough collateral to cover the loan, and you have an alternate source of income, that is enough to make the payments, then you could possibly get one.
    sandra1023

    Answer by sandra1023 at 2:34 AM on Apr. 23, 2011

  • Maybe you should contact the school and find out what the options are for financial aid. Maybe you can get a loan from the government easier than the bank, for example.
    RobotLady

    Answer by RobotLady at 2:46 AM on Apr. 23, 2011

  • you can get student loans from the school
    flipper4u21

    Answer by flipper4u21 at 8:10 AM on Apr. 23, 2011

  • Talk to the school; they might be able to offer you a financial aid package, or better yet-- a scholarship!
    tspillane

    Answer by tspillane at 3:11 PM on Apr. 23, 2011

  • It's just the town vocational school, so no government aid or scholarships are available. There's the possibility of a payment plan, if you harass them over it long enough.
    Anonymous

    Comment by Anonymous (original poster) at 3:26 PM on Apr. 23, 2011

  • also if/since your 24 or married you can qualify for grants. My BF got 3,000 for free. it's worth looking into and if you need help, im here!
    Liz4Life

    Answer by Liz4Life at 12:57 PM on Apr. 24, 2011

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