Loan Denied

Little Kat applied for a student loan for next semester's college classes. I acted as a co-signer for the loan. We used the same bank we did for last semester. I got a letter in the mail from the bank. They denied the application.

I called them up. It took forever to speak to a representative. They gave me 4 reasons why I did not qualify as a co-signer. This is odd. I make really good money at my job. I have some loans. But they should be "good" loans, such as a home mortgage, car loan, school loan for Little Kat, etc.

Little Kat had to call the bank to find out the reasons related to him as to why they rejected the application. He also had to wait on hold for a long time. The end result was that he reapplied for a loan with a lesser amount. Let's see what happens.

This is tricky as Little Kat only qualifies for 2 programs of loans at his school. The alternative does not let you defer repayment until you graduate. We hope not to have to take that style loan. If so, Little Kat needs to immediately start repaying the loan.