How Do You Get a Student Loan with No Cosigner?

Obtaining a student loan without a cosigner is possible for students, but it does require a lot of footwork. A lot of student loans require cosigners because they need extra reassurance that they will get their money back in the event that you do not pay them back for some reason. If you are looking for a student loan with no cosigner then you should first get your financial house in order and prepare to look for lenders on your own.

Talk to a financial aid counselor

The first step you should take is to discuss your needs with your financial aid counselor. Determine exactly how much money you will need to complete your program and discuss all alternative options for scholarships and grants because counselors usually know about a lot of programs. Try to exhaust all other options before you even consider applying for student loans, with or without a cosigner.

Apply for federal student loans

Federal student loans do not require a cosigner, so you can apply for the Perkins or Stafford loans program. They are based on need and they usually provide more reasonable interest rates and repayment terms. They should be the first student loans without a cosigner that you consider.

Apply for private student loans

After you have exhausted your resources with scholarships, grants, and federal student loans, you can look for private student loans. Some private student lenders do require a cosigner, so you should check for that before you apply. The ones that do offer student loans with no cosigner usually have more stringent requirements for students because they must be completely confident in your ability to pay since there is no else to vouch for you or to pay the balance. Shop around for the lowest interest rates and take time to read the terms carefully before you sign anything.

Get your finances in order and start working

Given that a student loan with no cosigner has higher requirements, you should get your finances in order and start working if possible. Generally, they do not give these types of student loans to people that are full time students because they actually want to see if you have any money and know for sure that you have the means to pay them back. You should start working part time if you can during your studies and start saving and building good credit.

A student loan with no cosigner can be liberating because you will not have to go through the trouble of getting a cosigner. The only catch is that you should exhaust all of your options before you get your loans and then get organized with your finances because they want to know that you will pay them back.

 

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