Eric's Credit Community

Purpose of loan: I will use this loan to pay the $15200 in school tuition and expenses for my daughter's high school.   The loan is needed because our financial aid from the high school was significantly reduced this year.  We do not want to remove our daughter from this school because she is very happy and has GPA greater than 4.0; she has several honors courses. 

My financial situation: Our family?s finances have been stressed trying to give our kids excellent private education with income not always increasing as fast as our expenses.  We are working hard to get our last child through school.   In the past we had some accounts in delinquent status do to loss of clients from my wife's day care business during a time of economic downturn.  These accounts have all been paid in full or brought current.  Despite our tight finances we have always met our obligations.  The recent inquiries on my credit reports are from my search for this loan for my daughter?s education.  The companies that loan specifically for high school tuition want a better credit score than mine.  I have been employed as a Quality Assurance Manager for a software company for 19 years and my wife has been a Realtor for 3 years, since closing her home childcare business.

Monthly net income: $8130
I am applying for this loan on my own; but have listed my wife?s income because it is an important part of our family budget.  One of my adult son?s who lives at home and has a stable job also contributes.
My income: $4090 (Salary) $340 (Bonus)
Wife's income; $3500
Contribution from son: $200

Monthly expenses before loan: $8344  Monthly expenses after loan: $7584
Housing: $3734
Insurance: $100
Car expenses: $800
Utilities: $208
Phone, cable, internet: $242
Food, entertainment: $500
Clothing, household expenses: $100  
Credit cards and other loans: $1300  
Other expenses (includes school): $1360