Can You Apply for Student Loans Without a Cosigner?

Last updated on: August 17, 2012 at 8:35 am by Tim

Can You Apply for Student Loans Without a Cosigner? 2012-08-17T08:35:39-05:00 Tim

LOGO Patheos Explore the world's faith through different perspectives on religion and spirituality! Patheos has the views of the prevalent religions and spiritualities of the world.

Finding a private student loan provider who will give a loan to a student without a cosigner is very difficult. Private student loans require strong credit history, and for students who do not have a longstanding job or steady income, their lack credit history usually won’t cut it.

Most students who use a private lender for student loans will have a cosigner. Online resources that promise a student loan without a cosigner are most likely fraudulent and should be avoided.

The bottom line is that when you need a private student loan, your credit will determine everything, including your rate, which can be as high as 15% or more on private loans! You’ll do yourself a big favor if you consider financial aid and government loans first and then private loans with a cosigner second.

Who Can Get Federal Student Aid Without a Cosigner?

Before you go signing up for the first private student loan you find online, you should know what it takes to get a student loan without a cosigner.

You often have to meet certain qualifications, including proof of credit history which can be challenging for students who don’t have an income or steady job. The most general requirements include:

U.S. Citizenship (or permanent residency)
Valid Social Security number
Age 18 or older
High school graduate or GED
You must apply to an eligible degree/certification program
Good credit history (for private loans)

Believe it or not, your personal credit history will play a major role in getting private student loans without a cosigner. In fact, most students who do not have any credit will not be approved unless someone cosigns their student loan.

The best solution is to first apply for financial aid and government student loans because these do not require a person to have a credit history. The down side is that you are limited in how much you can borrow with government student loans. If your school is too expensive to be covered entirely by government loans and you cannot qualify for a good private loan, you should probably consider a cheaper school – like a community college or state university.

How to Apply for Financial Aid Without a Cosigner

Fill out your FAFSA:

1. Get your PIN: Go to www.pin.ed.gov and get your pin number. Keep your pin secret and in a safe place.

2. Go through the FAFSA worksheet Go to www.fafsa.ed.gov and start your FAFSA.

3. Use your PIN to complete FAFSA

4. Contact your school for other financial aid details.

Applying for a Private Student Loan With No Cosigner

If financial aid and government loans aren’t enough to cover your school bills, you may need to apply for private student loans. Yes, it is possible to get a private student loan without a cosigner, but it’s very unlikely for a young student to get approved. Plus, your rate could be very high depending on your credit history. For students just starting out in college, their credit history may be very short or even nonexistent, so expect very high interest rates.

Finding a private student lender may prove to be difficult if you don’t have a credit history or steady job. Also, should check with your school first to make sure your school certifies your private lender. It’s a good idea to get a list of recommended private lenders from your financial aid office.

Have you used a private lender for student loans? What do you recommend for students who need to borrow for college?

Debt

General Personal Finance

Previous Post

August 15, 2012

What Is Dividend Investing?

Next Post

August 20, 2012 How Much Does an Average Funeral Cost?

Browse Our Archives

Select a Category ALL Bible and Money Biblical Perspective Book Reviews Budgeting Business Corner Churches and Pastors Debt Encouraging Scriptures Entrepreneurship Faith and Economics Family and Money General Personal Finance Giving Inspirational Quotes Investing Making Money Other Personal Finance Retirement Reviews Round Up Saving Self-Improvement Taxes Uncategorized

Select a Month January 2019 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 November 2016 October 2016 May 2016 March 2016 February 2016 January 2016 January 2015 November 2014 October 2014 August 2014 April 2014 March 2014 January 2014 December 2013 November 2013 October 2013 August 2013 July 2013 June 2013 May 2013 April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010

TAKE THE

Religious Wisdom Quiz

Who took Jesus’ body and placed it in a tomb?

Select your answer to see how you score.

John Peter Nicodemus Joseph of Arimathea