Can you get student loans no cosigner? The answer is yes. This is a question that’s being asked more and more these days. With a terrible economy in full swing, huge government cutbacks to educational funding, the rising costs of college, students are now finding out they are solely responsible for paying for college themselves, without any sort of aid from their parents. Since most students have bad credit or no credit at all, this leaves them with only a couple options: get no cosigner student loans.
Students looking for student loans with no cosigner have two basic options: get private student loans no cosigner or government student loans no cosigner. Government loans for students do not require credit checks. Hence, no sort of cosigner is required.
Government Student Loans
There are two government federal student loans given out: the Stafford federal loan for students and the Perkins federal loan for students. Both are no cosigner student loans.
If you need to get a student loan, it’s usually best to seek out a federal loan because you are given some of the best loan terms out there. The reason for this is that the government has no vested interest in making money from your loan, unlike say a private student loan.
The Stafford student loan actually comes in two types: unsubsidized Stafford loan and subsidized Stafford loan. The subsidized version is better because the government will pay down the interest. However, you will need to be able to actually prove you are financially needy. Typically, both parents and students will submit the necessary details together in the same application package. The government looks at your parent’s financial resources and then gives out a loan figure with the expectation that the parents/student make up the rest.
The Perkins student loans is another student loan given out to students who apply for student loans. The Perkins loan, like the Stafford loan, is a no cosigner student loan. You can receive anywhere from $200 – $2000 a year from the Perkins loan.
Private Student loans
There are various private student loans out there you can apply for: chase student loans, signature student loans, etc. However, most of the “main” private student loans all require a cosigner. If you are looking for a student loan with bad credit and without cosigner, you are going to have to look at a bad credit student loan lender. Bad credit lenders can offer you a variety of loans for bad credit. These lender are willing to overlook bad credit and usually don’t require a cosigner.
Keep in mind that poor credit student loan lender are going to charge you very high interest for the loan – so make sure you do plenty of research into the company and a thorough comparison of all the bad credit no cosigner student loan lender offer. If you want to get student loans without cosigner, you are going to have to spend a good deal of time trying to find these. The key to getting a student loan is to be proactive in your search – remember, student loans won’t come to you, you have to seek them out!