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Updated about 7 years ago on . Most recent reply

Account Closed
  • Charlotte, NC
0
Votes |
11
Posts

Weird topic- Anything like an "angel investor" for student loans

Account Closed
  • Charlotte, NC
Posted

This is a little off topic- but I have a question for anyone that may know. Is there anything like an angel investor for student loans or a way to locate cosigners that are out of the family? I have 140k in student loan debt and am working a sales job because I don't want to join the rat race in engineering (which I got my degree in). I am working sales since it is vital for my future real estate career and life goals. I have to refinance my student loans but I can't get approved without a cosigner and my parents absolutely WILL NOT help me with them. It is 100% out of the question. The thing that the student loan refinance companies don't take into consideration is anything more than salary. I have 3 drop shipping businesses that I've started in the last 4 months and have some very promising investments in crypto currencies that I believe will take off in Q3 of 2018. I have no doubt I will be a millionaire by the end of 2018 but that's not something that the loan companies account for and all they see is my small salary. Is there any other more personal option that could be used to get approved for refinancing? Someone that would account for these personal assets, or a cosigner that I could "rent" and pay like $50 a month to that would cosign my loans. I have to think something like that exists. I just can't find any information online for anything like it. 

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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
14,128
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied

I have heard of investors who help pay for a students education and then take a cut of their salary after they get a job.  Investors are paying college students' tuition — but they want a share of future income in return.  I doubt you would qualify, though, since you have a degree you're not using.  And the ones I read about do this before the school time, not after.

But I don't get what's going on now.  You're already out of school, it sounds like.  So you're already making payments on these loans or will be soon.  Can you defer payments or negotiate reduced payments?  Why do you need to refi these loans at all?  When someone co-signs a loan they're are taking on 100% responsibility for the loan.  Your "business plan" (drop shipping and crypto currencies) doesn't sound very convincing to me.

Sorry, but you've made a seriously bad financial decision to spend $140K on a degree you don't really want.  Hopefully your new financial plan will bail you out.

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