Student Loans With No Cosigner

There are few student loan options that do not require a cosigner. Due to the fact that many student loan applicants have not had the opportunity to build their credit history, many lenders recommend that loan applicants apply with a cosigner. There are generally two types of student loans available, federal loans and private student loans.

Federal Student Loans without a Cosigner

Federal loans are the best option for students looking for student loan options that do not require a cosigner. The list of federal student loan options consists of:

  • The Stafford loan
  • The Perkins loan
  • The Grad Plus loan (PLUS loans do require a credit check, but requirements are less strict than those of private loans)

How to Apply for Federal Student Loans

  • File a FAFSA form first. This is typically done months before you want to start school. For example, if you wish to start school in the Fall you should file a FAFSA the previous winter/spring.
  • You must file a new FAFSA for every year that you are applying for aid.
  • To learn more about applying for federal and private student loans, visit: Student Loan Network

For some students federal student loans do not cover the total cost of attendance, because of this many students apply for private student loans to cover the remaining cost of attendance.

Private Student Loans with no Cosigner

Private student loans typically require that you have a cosigner in order to apply. Getting a private student loan without a cosigner became even more difficult after the credit crisis of 2008. Students often do not have a credit history that can demonstrate to a lender that they have a history of paying back their debts. This is the reason that many private student loan lenders require a cosigner before they allow a student to borrow money in order to pay for school.

A few things to consider before applying for a private student loan:

  • The more knowledge you have about your credit score and credit history the easier the process will go for you.
  • A student with a great credit score and who is working may qualify for a private student loan without a cosigner.
  • There is no cost to apply for a private student loan and you can often add a cosigner at a later date if necessary.

Each private student loan lender has their own list of criteria they use to determine whether or not they will lend money to a student. The list of criteria is different from one lender to the next. Don't get discouraged if one lender turns you down for a loan, another lender may not. There are plenty of options out there so before you select a lender know all of your options and the differences between each.

How to Apply for Private Student Loans

  • You can apply for a private student loan at any time. The first step is to decide how much you need to borrow. You should calculate what your monthly payments will be when you are done with your education. Add this amount to your estimated Federal student loan monthly payment, and make sure that you will be able to pay this total amount.
  • Some private loans must be certified by your school. Check with your school to see what their policy is for school-certified private loans.