Student Loan Without Cosigner

One of the major considerations for most college bound students is how they are going to pay for the next few years of schooling. Chances are most of you will have to obtain some form of student financial assistance – nowadays this has become the norm.

Options abound when it comes to choices in either federal or private loans, but the real kicker seems to be that for most loans having a good credit rating is of paramount importance. The catch 22 here is that most students are just too young to have established a credit rating of any kind; however, thankfully it is not always necessary to have a good credit rating in order to procure a student loan.

The reality is that without a good credit history or a co-signer your options for obtaining financing can be quite limited. Fortunately, there are ways around this conundrum. Listed below are the steps to follow in order to meet the qualifications to obtain the credit you need.

• Do the research – Investigate Federal student loans – Presently, both the Perkins and Stafford student loans requires that you do not have to pass a credit check.
• Complete the FAFSA (Free Application for Federal Student Aid). This is essentially the gateway to securing federal assistance. Not only will the FAFSA steer you in the right direction for obtaining a student loan, they will also provide you with all the information necessary to apply for grants you may be eligible for. FAFSA requirements state that your parents' and, if you worked, your income tax returns are necessary for eligibility.
• First apply for a Stafford loan. This type of federal loan can be subsidized or unsubsidized depending on who pays the interest while you stay in school. Subsidized Stafford loans are available for students in need so students who come from low income situations with no credit history or no cosigner have a very good chance of being successful in obtaining this type of loan. The problem is that the amounts awarded in a Stafford loan are generally quite a bit lower than other loans; however, it is still a very good starting point for most students.
• Next, apply for a Perkins loan. This type of loan is usually reserved for students who show the most financial need and it has an attractive, low interest rate (5%) as well as more flexible repayment terms.
• Non traditional students also have several other options available such as grants and scholarships in addition to Stafford and Perkins loans.

In most cases you can obtain student loans without a cosigner. Federal student aid is available for most people who want to obtain a college education without a cosigner. The most important thing to remember is that funds are available, but the onus is on you to make sure you get the best deal possible. Remember, student loans, like any other loan have to be repaid at some point, so you have to carefully research all your options in order to ensure you get the best deal possible over the long term.