What Every Student Should Know About Obtaining a Loan Without a Co-Signer

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What Every Student Should Know About Obtaining a Loan Without a Co-Signer

Sunday, June 7th, 2009 Subscribe To Our Feed

Before you try to obtain a student loan, it is important that you get some Student Loan Advice. In most cases it is difficult to get a loan without a cosigner. However for students it is much easier. Students that fall under certain income guidelines have the opportunity to get a federal student loan with no cosigner. There are 2 different types of federal student loans that do not require a credit check or a cosigner.

Some students may try to obtain a Stafford loan. This type of loan is subsidized. The word subsidized means that the student will not have to begin repaying the loan as long as they remain in school at least part time. There are not any prepay penalties on Stafford loans. Stafford loans do not require a credit check or a cosigner. They do require that the student has no federal student loans that are in default.

Perkins loans are available through the school in which you wish to attend. Perkins loans are reserved for the students with the greatest need. There are no fees associated with a Perkins loan. This type is a subsidized loan just like the Stafford loan.

If your credit history is good you may be able to obtain a loan through a bank with no cosigner. Banks simply will not lend to students with bad credit or no credit without a cosigner. If you don’t have any credit you could try to build some before going to the bank to try to obtain a student loan. You should keep in mind that often times a bank will lend someone the money to go to school even if their cosigner’s credit is not perfect.

Student should check with the financial aid office at their school. They will be able to help them obtain financing for their education. The financial aid office may even be able to point the student in the direction of grants and scholarships that they were not previously aware of.

As you can see, there are many options for those who want to obtain a student loan but don’t have a co-signer. Just think about these options and choose the best one for you and you will have a bright financial future.

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