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Old 09-03-2008, 06:53 PM
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Secured Student Loan?

We have finalized the remaining dollars in student loans that my son needs for this year's college tuition with his bank; however, we're unable to locate a co-signer, which the bank requires. My son owns a piece of property that is currently for sale. Can we use that as collateral instead of a co-signer? (Oregon) What is the name of your state (only U.S. law)?
  #2  
Old 09-03-2008, 08:28 PM
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I would expect that they bank MAY let you do so......have you asked them?
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Old 09-04-2008, 08:02 AM
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Age of your son?
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Old 09-04-2008, 12:09 PM
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Bank Says No

My son's bank, where he is getting his Stafford loans, began the other loan process. When we found we couldn't find any co-signers for the $10,000 he needs this year, I went in and spoke with the banker. She says because he is 18, has no credit, and isn't working (except on Work Study), he doesn't qualify for the loan on the property. I'm just wondering if there is any bank or mortgage company that would say something different. I'm willing to try but just need your help to know where to go.
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