Finding Student Loans With No Cosigner
As education costs continue to increase from one year to the next it is getting increasingly difficult to source the funds necessary for college and more and more students spend more time worrying about raising the money needed than they do concentrating on their studies. If this were not bad enough in itself far too many students discover that once they have graduated they are left with so much debt that it quite simply drags them down and will take many years to pay off. Now, if this paints a grim picture then for far too many students the problem of financing a college education is increased by a need to raise the money needed without having a cosigner for their loan applications.
Today college funding is not merely a matter of looking to a single source of finance for most students but is a matter of building a portfolio of funds from a range of different sources.
The first action for all students should be to look for college grants and scholarhips. Most students simply ignore this source of essentially free money altogether and yet you would be surprised at just how many grants and scholarships are on offer today. In a lot of cases of course the sums of money available are relatively small but nonetheless can be extremely helpful as a part of your overall funding plan.
The next source of funding ought to be federal loan funding through schemes such as Perkins loans and Stafford loans which are offered as both subsidized and unsubsidized loans. Perkins loans are especially attractive because of their relatively low rate of interest but are also the most difficult loans to obtain and require a student to show financial hardship.
Regrettably at this point in spite of the fact that you will have begun to create your portfolio it is unlikely that it will give you enough funds and you will now have to begin casting your net wider and here you will have two routes to follow.
If you can get the help and support of either a parent or guardian then they may apply for a federal student PLUS loan to make up the difference between the money you have been able to source yourself and the total cost of attending college. Student PLUS loans are subject to your parent or guardian having a reasonable credit rating but the requirements are not as stringent as those which would be applied by private lenders.
If you do not have a guardian or parent to whom you can turn or decide to go it alone then you will need to find a loan from a private lender and exactly how simple that will be will depend very much on your personal credit history. In most 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 have no credit history against which they can make their lending decision or have a poor credit rating. In spite of this, with a growing number of people with a poor or bad credit rating nowadays there is also a growing number of lenders who will offer loans without the requirement for a cosigner so it is simply a question of shopping around.
Student loans with bad credit with no requirement for a cosigner will of course be more expensive than a normal good credit loan although as long as you take your time and shop around carefully you will find a loan at a reasonable rather than exorbitant interest rate.
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