Sunday, March 02, 2008

Frustrated and worried

I got a letter from Sallie Mae this weekend, saying that they turned us down for the next loan claiming "Limited credit experience". WTF!?! What the hell is that? Don't give me that I don't have a long enough credit history - heck I've had loans with them for 18 months, plus the other student loan, my friggin house and car (paid off), and credit cards. I could see them saying that it was too much, over extended or one of the other reasons, but I don't know what this one means.

So I'm worried and concerned. I need to talk to the guy helping us at Teen Help to see what to do next. Do we try to get a co-signer - and who? Does we try with someone else (the first loan isn't with Sallie Mae, so that isn't the only option out there)?

If we can't get the loan at all, then what? Katie is currently paid up to March 22nd, and we have just a tiny bit ($640) over, which would be what - four more days? Diane and I both have our 401-K's, which are a possibility. If we were to close out Diane's then that would be real close to covering the next six months. I feel guilty about asking that while leaving mine alone. However I still have the company match going into mine, and she doesn't. My company changed their 401-k provider and policy to only allow for 1 loan - which I already have. So I'd have to take a withdrawal (and it is allowed for tuition). However I'd have to stop putting in for six months if I did that, and lose the company match I get for that (which would be about $3k), making it an even bigger hit.

So I talk to our guy tomorrow, and then see. I so hate this waiting and not knowing. I really don't want to have to pull her. Even if we waited until she was 18 and then we pulled her at least then it wouldn't feel so bad. Especially since if we had to pull her now she would be back in the house and we wouldn't have a choice.

At 18 we could do an exit plan and life contract of some sort. I really was hoping we could at least get through PC III anymore to get the life contract started, even if we couldn't keep her there until graduation.

I just don't know anymore.

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