Can you get a student loan without cosigner? The answer is yes. There are a variety of both federal student loan aid programs, gift aid programs, and private student loans without cosigner that you can apply for.
Now the first type of no cosigner student loan you want to look at are federal student loans. Federal loans for students are classified as a student loan without cosigner. That is, credit history is not a perquisite for getting the loan. In fact, you can have terrible credit and still get a federal loan.
There are essentially three types of federal student loan programs out there:
The most popular student loans are always the subsidized Stafford student loans. Since these are subsidized, the government takes care of the interest while you go to school. This means you are essentially getting a lower interest rate as a whole. Subsidized Stafford loans are only given to financially needy (low income) students. The government will look at your parent’s income and determine the status of your loan depending on what your parents make income-wise.
The unsubsidized Stafford loan is another program you may want to consider. All students can qualify for this loan. In general, you will only get this loan if your parents make too much money. Even though the government does not pay the interest, the loan interest rate terms are still very low.
The Perkins Loan is also another student loan without cosigner. Like the Stafford loan, the interest rate is low. The Perkin’s Loan actually gives a better interest rate than the other federal loans and the repayment time is longer.
All three of these federal loans are student loans that don’t require a cosigner. Now, you may find that sometimes a federal loan will not cover the full cost of your education, or you simply don’t qualify for the loan. There are non-traditional student loans that you can apply for to help make up the difference.
These non-traditional loans are essentially bad credit student loans. A bad credit student loan without cosigner is given to student who, as the term implies, lack the credit history to get a regular private student loan. Private student loans are loans with a cosigner – if a student has no credit history.
If you want to look at bad credit private student loans that don’t require a credit check and cosigner, you are going to have to look around online and check out various offers you see while searching. These loans do come with very high interest – so be warned. However, the trade off (if it means going to school or not going to school) may be worth it for you.
There are also various grants for low income students out there that you may be able to find. Both the government and colleges may have these low income financial assistance grants for students. It’s best to check with your financial aid office for more information.
Getting a student loan without cosigner is possible – through either federal student loans or private no cosigner student loans. However, before committing to any type of loan, make sure you do plenty of research on the internet first.
