Applying For Student Loans Without The Need For A Cosigner

by: webmark
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With education costs continuing to increase from one year to the next it is getting increasingly difficult to find the money necessary for college and a lot of students spend more time worrying about raising the money needed than they do working at their studies. If this was not bad enough far too many students find that once they have left college they are saddled with so much loan debt that it quite simply drags them down and will take many years to repay. Now, if this paints a grim picture then for far too many students the problem of financing their education is magnified by a requirement to raise the necessary funds without the availability of a cosigner to their loan applications.

Today college funding is not simply a matter of looking to a single source of finance for the majority of students but is a matter of putting together a portfolio of funds from various different sources.

The first port of call for every student should be to look for grants and scholarships. A lot of students simply overlook this source of effectively free money completely and yet it is surprising just how many grants and scholarships are on offer these days. In most cases of course the amounts of money available are reasonably small but nonetheless can be extremely useful as one part of your total funding plan.

The next source of funding should be federal loan funding through schemes like Perkins and Stafford loans which can be obtained as both unsubsidized and subsidized loans. Perkins loans especially useful because of their relatively low interest rate but are also the most difficult loans to get and need students to show financial hardship.

Regrettably at this point although you will have begun to build your portfolio it is unlikely that this will give you sufficient money and you will now have to begin casting your net wider and here you will have two paths to follow.

If you can get the help and support of a parent or guardian then they may apply for a federal student PLUS loan to make up the difference between the funding you have been able to get yourself and the actual cost of attending college. Student PLUS loans are subject to the parent or guardian having a reasonable credit history but the requirements are generally less strict than those which would be applied by a private lender.

If you do not have a parent or guardian you can turn to or simply decide to go it alone then you will have to find a private loan and exactly how simple this will be will depend to a large degree on your own credit history. In almost all cases lenders will be quite happy to offer you a loan if you have a good credit history and will ask for a cosigner if you do not have a credit history against which they can make their lending decision or have a bad credit history. In spite of this, with more and more people with a poor credit history nowadays there is also a rising number of lenders who are prepared to offer loans without the requirement for a cosigner and so it is simply a case of shopping around.

A bad credit loan without a need for a cosigner will naturally be more expensive than a normal good credit loan although if you take your time and shop around carefully you will obtain a loan at a fair rather than extortionate rate of interest.

About the Author

TheStudentLoansCenter.com provides information on all aspects of college financing including student loans with bad credit

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