How To Get Student Loans Without A Cosigner

in Loans

Many people don’t realize that it is possible to get student loans without a cosigner and with no credit.  There is actually a huge amount of financial aid that is available for college students every year without a cosigner and no credit required.

Basically, there is a process you should follow when applying for financial aid for college:

1.  Scholarships or GI Bill benefits

Before trying to secure a student loan, be sure to first get any financial aid which does not need to be paid back (i.e., the money is not a loan).  If you are ex US military, for example, you may qualify for funding under the GI Bill.

There may also be a wide variety of scholarships that you could qualify for.  Each scholarship has different criteria, but the web is an excellent place to research all of your scholarship options.

2.  FAFSA (Free Application For Federal Student Aid) Form

The FAFSA form is the application for all types of US federal student aid, including Pell Grants and federal student loans.  Some states also use the FAFSA form to determine your eligibility for state financial aid as well.  Here is the website for FAFSA:

http://www.fafsa.ed.gov/

Be sure to complete the FAFSA form in a timely manner if you want fast student loans without a cosigner.

3.  Grants such as the Pell Grant

Grants are not loans and do not have to be paid back, so you want to qualify for any grants that you can before taking out student loans.

Pell grants are one of the most common type of grant.  Pell grants are US federal grants provided to low-income college students (mostly undergraduate).  The FAFSA form is the application used to determine your eligibility for Pell grants.

4.  Government student loans

Government student loans are normally far easier to qualify for than private loans.  Generally they are need based rather than credit based, which makes them ideal when you need student loans without a cosigner.

In the US, a variety of loans such as Stafford loans, Perkins loans, and PLUS Loans are available through the US Department of Education.  As with the Pell Grant, the FAFSA form is the application form for all of these federal student loans and your eligibility is mostly dependent on your financial need, making them ideal when you need student loans without a cosigner and no credit.

These are loans, and must be paid back.  With most federal student loans, payments on the loan are deferred until after graduation.

5.  Private student loans

In general, private student loans are based on credit.  It generally is more difficult to get private student loans without a cosigner and no credit.  In addition, the interest rate on private student loans is normally higher.  All of this means that private lenders should be your last option when you have exhausted all other financial aid resources.

As you can see, it is possible to get student loans without a cosigner if you follow a relatively simple process.  In fact, it is quite likely that you will be able to obtain the financial aid you need for college.  Be sure to follow the process above when seeking aid such as student loans without a cosigner.

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