Denial of Student Loan

I applied with a co-signer, my father who has A-1 credit and was
denied because of my credit?! Well DUH!! Thats the point of a
co-signer. I went to Sallie Mae (who I tried to avoid) and they
instantly approved it.

Thanks to all your replies. I am so close of completing my MBA, it
really sucks! I do currently hold a good job that pays well, maybe I
should write a good letter to Citibank and even attach my paystubs and
tax return.

Like a lot of posters here, I'm sympathetic to your situation, but if
you really want a chance with Citibank, you're probably going to have
to work at it.

First of all, make an appointment with a loan officer. Then, take in
all your pertinent records. It is essential that you have the credit
card company release stating that the company has "forgiven" you the
late payments.

Just saying that they are "considering removing them," isn't enough.
You'll need the documentation to prove this has happened.

Then, remember that the loan officer has to justify to the bank that
making a loan to you isn't risky. Make sure that you are a solid,
deserving candidate. If you have other blemishes on your credit
history, get them cleaned up.

Also take in your grades, showing that you are an excellent student
and worth Citi's support. If you are just a term or two away from
completing your MBA, make sure to point this out to the Citi
representative.

Think of this as a class assignment – you’re going to have to "sell"
yourself and your loan worthiness to Citibank. You need to be
professional and well-prepared. Be the best possible loan candidate
you can be and show Citibank that it is good business to work with
you.

As MA says, below, talk to your financial aid office. They want you
to stay at the school and may have some creative ways to do it.

I'd suggest that you also take a few minutes and think about the
following: how do I know that I will definitely be able to repay my
loan, on time, after I graduation?

The answer to this question will allow you to be more persuasive. For
example, if you've been an intern at a company that has extended you a
post-graduation offer, that might help. Even better, if you currently
have a steady job that pays enough for you to repay your loan.

You see, the problem is that Citibank wants to know that they will get
their money back. As you know, they've been burnt. And student
loans, these days, aren't exactly good bets for companies. Why?
Because too many people graduate without employment and have no means
to repay the loan.

So, you'll have an advantage on all those other people if you can show
that you already have a way to repay them.

If you don't currently have a job, try to get one. Even if means
going to school part-time.

A bird in the hand, as they say.

I feel for your situation. Like you, my younger sister did everything
right with her first year in college. She got a credit card like they
told her and used it responsibly, she is still in school, but this
year, they turned her down unless she had a co-signer, which she
didn't want to do.

Basically, they refused her because she is young, hasn't got a steady
job and limited credit. She is basically trapped by the very things
she is trying to get away from. She doesn't want to burden any family
members (although she finally gave in and accepted our help) and is
trying to stand on her own feet, but the banks won't take a risk on
someone anymore, even if they are in college, trying to situate
themselves for a better future.

Go back to your school's financial aid department. It's their job to
help you find a way to stay in school. They need to keep as many
students enrolled as possible. There are all kinds of grants and
scholarships and other loan programs that you might not be able to
find on your own.

Whatever you do, don't quit now. Take it from someone who's been
there, you'll regret it later!

Have you tried Discover student loans? I hear their guidelines are a
little less strict than Citibank. Good luck to you. They sure don't
make it easy for anyone to get an education anymore.