Getting Student Loans Without A Cosigner
If you want to go to college but you don’t think you have enough of a credit history to get loan, one of the things you can do is get a student loan. However, what do you do if you bad credit, or no credit, and you don’t have someone to cosign the loan with you?
Many loan programs are available out there, either from the federal government or privately. However, many of these organizations require that you have good credit. If you’re young, you probably don’t have much of a credit history built up, which can get in the way of getting a student loan.
That’s not always true, though. Even if you don’t have a cosigner and you don’t have much of a credit history, it’s very likely that you can still get a student loan. Your options will probably be somewhat limited, but it’s still entirely possible. You may be wondering how?
Research
First, make sure you do your research. As your parents would say, “Do your homework”. Both the Perkins and Stafford loans are available without a credit history check, and are ultimatley what most experts would consider as no cosigner student loans. This is likely an option for you if you are traditional student; both of these are federal loans.
Complete the Free Application for Federal Student Aid (the FAFSA)
The Free Application for Federal Student Aid is something you’ll need to do to make sure you can receive federal student assistance. You can receive loans with FAFSA, and you can also receive grant money, in some cases, as applicable. Your state may use FAFSA, when appropriate, to determine whether or not you’re eligible for state assistance. For this, you will need your parents’ income tax returns. And if you worked, you’ll need your income tax returns as well.
Apply for the Stafford loan
You can get a Stafford loan that is either unsubsidized or subsidized, depending on who’s paying the interest while you’re in school. If you get a Stafford loan that is subsidized, you have been determined as a student with a “high financial need”. This may be a good option for you if you don’t have a cosigner, low income, and no credit. There’s not much money available with a Stafford loan, but it will get you some financial help.
Apply for the Perkins loan
This is another federally funded student loan, and it’s available to students who have the greatest financial need. There is a 5% interest rate, and you have longer to pay back the Perkins loan than you do the Stafford loan.
What if you’re a nontraditional student?
Nontraditional students have more options available to them than do traditional students. You may still qualify for Perkins or Stafford loans, but if you’re returning to college to pursue your degree, there are generally going to be many grants and scholarships available to you.
Student loans through private lenders
Banks and credit unions are often good sources for student loans, but they often do require that you have a cosigner. This may not apply to you if you have good credit or if you agree to pay a higher interest rate for your loan.
In short, there are options out there if you need student loans without cosigner for your student loans. Although they’re more difficult to obtain, they do exist, and you shouldn’t let the fact that you don’t have a cosigner discourage you from pursuing your education.
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