How To Secure Student Loans Without A Cosigner
Many students are required to foot the bill for their own tuition
, rent and academic reading materials while at college. However, if you have a bad credit history or even no credit history at all, it can prove difficult to secure a loan without somebody to act as a cosigner.
For Students:
There are a few options for those who are seeking student loans without a cosigner. These loans primarily come from two different sources: the government and independent lenders. The government gives out loans to students who have academic promise, but come from low-income families. Independent lenders, such as banks, give out loans to people with a good credit history.
Since most students have not established a credit history, they are required to have cosigners on their loans. If you have nobody who can help you as a cosigner, you probably will not qualify for most private loans. In this scenario, your best bet is to stick with government-funded loans.
A few examples of these include the Stafford loan, Parent Loan for Undergraduate Students (PLUS), and the Perkins Student Loan. To apply for these, you might be required to have a checking account and permanent residency. Do you make good grades? Did you do well on your SATs and ACTs? If so, you may qualify for a grant.
For Adults:
You might have to take a different approach to financial aid if you are an adult who wishes to further your education. Even if you do not have a cosigner, you can still apply for bank loans. The good thing about borrowing from private financial institutions is that the average lending amount is higher than that of a government loan!
Unfortunately, no private lender will loan you any money without cosigners if you have poor credit or no credit at all. Due to market conditions, banks are not taking any risks. You might be able to get your employer to pay the expenses if you can demonstrate to your company that your education will be an asset.
Conclusion:
Student loans are available for individuals who do not have cosigners. Some students will have an easier time obtaining the funding they need than others. Adults with good credit should be able to acquire loans from banks without a cosigner. Adults with poor credit have fewer choices, but getting the money they need is not impossible. Whatever you decide to do, take the time to do appropriate research before signing any agreements.
by: Alex Gray
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