Student Loans Without Cosigner
Do you find it difficult to pay for your education? Today, both colleges and high schools become more expensive than ever before. And few people are able to pay for their attendances entirely out of pocket. To cover your education expenses and fulfill your dreams of higher education, you may have no choice but to take student loans.
Unfortunately, a majority of college student loans have credit history requirements which most students can not meet without the assistance of a cosigner.
About No Cosigner Student Loans
Student loans without cosigner, though very few, are still available for students having limited funds. But note that if you have bad credit or no credit at all, you might not be able to get a student loan with no cosigner. Normally, no cosigner student loans provided by private lenders are only available to students who have an established and strong credit history. The good news is that the federal government offers several non-credit related loans for students.
No Cosigner Student Loans Available for You
College loans supported by the federal government are ideal choices for students who haven’t established any credit or can not find someone to cosign a loan for them. Both the Federal Family Education Loan Program (FFELP) and the Federal Direct Student Loan Program (FDSLP) are no cosigner student loans perfect for those in need of financial assistance.
- The FFELP has subsidized as well as unsubsidized student loans available. With a subsidized FFELP loan, you will not need to pay for the interest charge before graduation, as the government will take responsible for it. However, you should think carefully before taking an unsubsidized loan, since it comes with high academic standards, and at the same time it requires you to work to pay the interest while you are still in school.
- Consider applying for the Federal Direct Student Loan Program (FDSLP), if you prefer not to obtain a student loan with a cosigner. Also referred to as the William D. Ford Federal Direct Loan Program, FDSLP provides college students with loans featuring very low interest. It’s funded by the U.S. Department of Education.
- The Parent Loan for Undergraduate Students (PLUS) loans might also be a preferred option for undergraduate students from low-income families. It is a supplementary loan that pays only for the balance the student’s parents or guardians cannot meet. Besides, to obtain this type of loans, the borrower must be the student’s biological or adoptive parent.
How to Get Student Loans without a Cosigner
Once you are equipped with the basic knowledge about no cosigner student loans, the rest procedures regarding applying for one won’t be difficult. Complete a free application for federal student aid (FAFSA) form carefully and then submit it to the US Department of Education (DoED). If you haven’t yet decided which type of student loans you want, the DoED will choose one for you according to your financial needs.
Those having the greatest financial need can try applying for Perkins Loans to increase their chances of getting approved. Students who prefer lower interest rate are recommended to get a Stafford loan.
How to Get Student Loans without a Cosigner?
For a number of students, loans are kind of necessary to help pay for their college tuition, textbook and living expenses, since in some cases scholarship and grants are not enough. However, most loans provided by banks or financial institutions usually require a good credit history. Being a student, you might have never used a credit card before, and as a result, have no credit history.