Chances are if you are thinking about going to college, no matter how old you are, you are going to need some sort of financial assistance such as a student loan. College tuition is far from cheap and with inflation, it is increased every year. Even if you choose to go to a state school, you could still be paying $6,000 for one year of schooling. If you choose a private college you could be well over $27,000 for one year of school.
One of the biggest problems that most people find is that when they apply for a student loan they need a co-signer. There are some parents who are not willing to cosign for their child's student loans and then there are other people who may be older and going back to college and their parents have nothing to do with their finances. Fortunately, there is hope for people looking for student loans and don't have a cosigner.
Before you apply for any student loans, be sure that you first look for any scholarships that are available to you. These can be private scholarships or ones that are available through your college. This is a great way to potentially knock off some of the money that you will have to borrow for college.
Your first step for any student loan is to fill out the Free Application for Federal Student Aid (FAFSA). If you are looking for any type of federal assistance then you are going to need to fill out this form. The FAFSA can take some time to fill out and you will need any income that you made or your parents made if you live with them. For federal assistance, you will not need a cosigner if you meet the income qualifications.
One of the federal loans that is based off the FAFSA and usually does not require a co-signer is the Stafford loan. The thing about this student loan is that you have to meet strict income guidelines as this loan is only for very low income students. Although, you will not be able to pay all of your tuition with the Stafford loan, you can at least get a good start with the loan amount.
| |
StarReviews Top 3
Student Loan Websites |
|
 |
|
|
|
|
|
|
 |
Another loan that is based off financials is the Perkins loan. It has a longer payback period than the Stafford loan, but is only for students with the greatest financial needs. It never hurts to apply for these loans as you can designate that you want to apply for them when filling out your FAFSA form.
If you are unable to get any federal loans because you do not meet the financial guidelines, then your next option is to shop around for private student loans. There are websites that will help you find the lowest interest rates and the best loan for you. If you don't have a co-signer, you may find that your interest rate may be higher if you can't establish a good credit history. If you already have some credit in your name such as a car or a credit card, then you may not have to worry at all about a co-signer or having a higher interest rate.
Although there may be some banks and credit unions that you come across that may deny you for a student loan due to no cosigner, don't give up. Keep trying to find an institution that will provide you with the money at the lowest interest that you can get. You can also work with your college's finance department to see if that know of any banks or credit unions that seem to approve students without a co-signer. Keep doing your research and don't let your college dream die just because a few places turn you down for a student loan.
Tags:
loans,
money,
education