June 25, 2017



The Latest on Obtaining a Student Loan Without Cosigner Support

student loans without cosigner

Federal Student Loans With No Cosigner

College costs rise every year and middle class income is declining, so students need to know how to get student loans without cosigner assistance. The best option is to apply for a Federal student loan through the Federal Direct Loan Program. This requires that the applicant demonstrate a need for assistance.

A Federal loan offers several advantages over a private loan. Perhaps the most important is that the interest rates are low, so repayment will be much easier. Students are able to get government student loans no cosigner required because they are based not on credit but on financial need.

The first step is to figure out how much money is needed. Use caution when taking out student loans. They will require repayment and cannot be charged off in a bankruptcy. The higher the amount a student borrows, the more difficult it will be to repay. Many students accumulate $100,000 in loan debt while obtaining a bachelor’s degree. This is a bad idea. Even at the 5% rate for a Perkins loan, this amounts to $417 per month just to pay interest, assuming repayment is started right away. Figure out the lowest amount possible to pay for college, and stay within that budget to avoid this.

Apply for Federal student loans without cosigner by filling out a FAFSA (Free Application for Federal Student Aid). This can be done most easily online at www.fafsa.ed.gov. The FAFSA also covers need-based student grants, which do not have to be paid back. In this economy, there’s nothing that makes a student happier than free money.

The FAFSA should be submitted as soon after January 1 as possible in order to obtain the best deal. Don’t wait until the deadline, which varies from state to state. Looking for student loans no cosigner should begin as early as possible.

Private Student Loans Without A Cosigner

Most students just out of high school will have a difficult time obtaining private student loans without the help of a cosigner. The reason for this is that they have insufficient or poor credit. Insufficient credit means that they have not taken out loans and made regular payments on them. This process is how credit is built. Banks hesitate to lend money to people who have not established a good record of repayment.

Other students may have taken a loan and not repaid it, or made late payments. These individuals have developed a bad credit score, which makes them an even higher risk in the eyes of a lender. Repairing a bad credit rating will require diligence and a good strategy.

To obtain a private student loans without cosigner, it is necessary to build or repair credit. The easiest way to establish a credit history is to accept an offer of a credit card either from a bank or from a store. Make some small purchases and pay them off. Do not allow a large balance to build up, but keep making regular payments of more than the required amount. Pay early or on time to keep building a good credit history.

Ensure You Have A Good Credit Rating

If you have bad (or no) credit, please refer to the student loans with bad credit section for more information. It is easy to check the credit rating by going to AnnualCreditReport.com. This is the only authorized site for the free credit report from the Federal Trade Commission. Every consumer has a legal right to obtain this free credit report each year. Many people are fooled into using private companies that charge fees. The FTC report is free and legitimate.

FTC allows a consumer to request reports from all 3 major credit reporting agencies at once, or to request each report individually. Spacing out the reports allows the consumer to check credit rating throughout the year. Request 1 report and take steps to improve the credit rating. Then request the next report, and so on.

Check the credit report to be certain there are no errors. If there is a discrepancy between the consumer’s records and the credit report, call the agency and find out how to get it resolved. This is a necessary step to repair credit.

Improving or building a credit store takes discipline and time. If debts have accumulated, the first step is to pay them down. If a high balance has accumulated on a credit card, this needs to be paid and the card not used again so that the credit remains available. This will improve the credit score.

Taking a new loan for a small amount and paying it off will also help to build a good credit score. Smaller loans are easier to obtain than larger ones. Sometimes a cosigner is needed for the first loan. After good performance on one loan, it may be possible to get the next loan without a cosigner.

There is no easy way to obtain private student loans with no cosigner. Creating a plan for building or repairing the student’s credit and following through may help. Another possibility is to obtain a loan through a credit union if the student is a close relative of a member in good standing. Some credit unions offer loans to family members at a fairly reasonable interest rate.

Whichever method is used to obtain the loan, keep in mind that it must be paid back. Take out the smallest amount possible, and read the fine print to be sure it is a good deal. Obtaining a student loan with a low interest rate will help in the quest for a marketable degree.



Student Loans Without Cosigner Support Video Part 1 Now Live!

Student Loan Without Cosigner VideoThis month we are featuring student loans without cosigner support from Sallie Mae. Sallie Mae is a trusted private student loan company that offers flexible terms, student loans without cosigner help, and bad credit student loans. Please note that the Student Loans Center does not receive compensation from Sallie Mae and therefore this article is unbiased towards their services.

Please take the time to check out the video to learn more about their flexible terms and services. Enjoy!



Student Loans Without Cosigner Video Part 2 Now Live!

Student Loans Without Cosigner VideoThe second installment to helping students obtain a loan without a cosigner is now live! Presented in this video are tips on how to obtain a student loan without a cosigner, plus other important information such as eligibility criteria, and a direct comparison between Government issued student loans vs. Private student loans!

Please take the time to check out the video below. Enjoy!



Safely Finding Student Loans Without Cosigner Assistance

student loan without cosignerThough it’s a difficult proposition that will take some dedication, finding student loans without cosigner assistance is possible, even in the today’s tough economic times.  The most important thing you can have when you go on the search for no-cosigner student loans is a high credit score.   Even if you don’t have that, it’s still possible to find ‘bad credit’ student loans — though you’ll have to work your butt off if you need bad credit student loans without cosigner help.  Have faith, however, because it can be done: private college financing institutions are willing to negotiate with people in surprising circumstances given the recent recession.

In order to secure yourself a functional set of student loans without cosigner aid, the first thing you’ll have to do is search around a bit and find some private institutions that are willing to give out no-cosigner student loans, and if necessary no-cosigner student loans for bad credit individuals.  Of course, in the Information Age, the best place to look is online — though there is something to look out for in that sphere.  There are a lot of sites that will offer you an instant response on your student loans’ application, but those sites also tend to ignore mitigating circumstances and judge you purely on the numbers.

Ideally, then, you need to find a site devoted to college financing that is willing and able to have someone call you and talk to you about your specific circumstances.  Of course, it’s your responsibility to make sure that you’re working with a legal and reputable site before you turn over any personal information, so it’s probably best to call them first.  Generally the sites that offer ‘risky’ loans like student loans without cosigner presence tend to have real people pretty easily accessible on the other end of the line, so don’t hesitate — just call and verify quickly that the site is legit, and then fill out their forms.

Generally speaking, said forms will require you to provide your name, address, phone number, email address, date of birth, the total amount of student loans you’re seeking, and if you have it, the account number where your college funds need to be deposited.  Obviously, while all of this information is needed to access the financial records the institution will need in order to authorize any student loans without cosigner authorization, it’s also exactly what a identity thief might want to mess with you.  Thus, the precaution of the phone call.

Once you’ve finished the application, you’ll receive word back from the lender (often in the form of a phone call) within a short time.  Keeping in mind that most such loans run to a maximum of about $15,000, you might not be done yet — sometimes it takes several such student loans in order to make up a couple of years’ worth of tuition.  Each loan makes the next one harder to get, but if you’re persistent and you’re willing to take some hits on your interest rate and repayment terms, you’ll eventually find enough student loans without cosigner requirements that you’ll get into school — just keep looking!

Related Articles: Student Loans Without a Cosigner



Student Loans Without Cosigner Support

Student Loans without Cosigner applicationThe 2011 economy shouldn’t discourage you from your quest for a student loan, even if you have poor (or no) credit history.  The possibility of obtaining a private student loan can also be difficult. If however you can find a suitable person to act as a cosigner and to guarantee the repayment of your loan then this can ease your path to a loan considerably.

Why Don’t Most Students Have Good Credit?

Students often have few (if any) credit cards, no car loans and very rarely have a home mortgage loan which means that they simply have no credit history against which a lender can judge the risk in granting them a loan. And, in those cases where students do have a credit history, it is often less than favorable (as like many of us in our youth) because they have made some unwise decisions and overstretched themselves with the result that they have run into problems making their repayments.

In either case the lack of a credit history, problems with late payments and perhaps even defaulting on a loan will often make a student a high financial risk as far as many college loans lenders are concerned.

This means that loan officers, including those making decisions on behalf of the federal government student loans programs, will often approach financial aid applications from students in this situation with caution. In many cases, applications for higher education federal loans and private loans will be denied or, in borderline cases, loans may be approved but a higher interest rate will be charged to offset the risk and to compensate for higher default rates.

Don’t Let Your Poor Credit Rating Stop You From Obtaining a Student Loan

One way to counteract the lack of a credit history or a poor credit rating is for students to have a cosigner for their loan application. In many cases this will be one or both of the student’s parents and loan officers will look then at the parent’s credit history when deciding whether to grant a loan.

At the same time it is the parent’s credit rating which becomes the primary factor in deciding the interest rate to be charged and those with a good track record will typically get the best rates, while those with lower credit scores will usually pay a higher rate. The difference can appear small at first glance but can in fact amount to a substantial sum over the standard repayment period of 10 years.

For example, one popular cosigner program offers private student loans at 4% for borrowers with a good credit history rising to 6% for those with a poorer but nevertheless acceptable record. This 2% difference may not seem like much but can amount to more than $5,000 over the life of a normal loan.

Other Student Loans You Should Consider

It is not at all uncommon these days for students to require as much as $100,000 to finance an undergraduate education and, even if interest is paid from the outset and is not accumulated, interest at the Stafford loan rate of 6.8% is almost $567 per month or $6,600 per year. Lowering that interest rate to 5%, which is the current rate for a need-based Perkins loan, reduces these numbers to $417 and $4,820 respectively.

It should also be noted that these figures assume that repayment begins immediately. However, it is far more common for students to defer repayment until six months after leaving college which will increase these figures considerably.

Students with a cosigner with a good credit record can not only increase their chances of getting a loan in the first place, but can also reduce their total loan repayment very considerably.

Note: School loans that don’t require a cosigner for students with a poor credit history are not easy to find and you should be very cautious about any lender offering guaranteed student loans without cosigner support.

Related Article: Safely Finding Student Loans Without Cosigner Assistance