How Do You Get a Student Loan With No Cosigner? Answers Here!
If you have found yourself asking, “How do you get a student loan with no cosigner?” then you have come to the right place. Many students out there in your position have given up on finding the funding they need for school because they feel that with a bad credit score and no willing co-signer, there is no way for them to get the loan they need.
That is a mistake we do not want you to make! How do you get a student loan with no cosigner? We will tell you in a step by step process. As you read through this we want you to know that while not every option will work for each student, we think each step is worth a try. If you need to know how do you get a student loan with no cosigner, then try following these steps.
Step 1: Fill Out Your FAFSA
This is the first step anyone looking for financial aid should take. The FAFSA- the Free Application for Financial Student Aid- is just what it suggests. It is a FREE application to get federal aid to get you through school.
The FAFSA gets you in the running for federal grants, scholarships, and low cost loans that can help you be successful in your education. There are some requirements that need to be fulfilled to qualify for most of what the FAFSA offers. Some of these requirements are:
- Very low income— usually less than $15,000.
- Very low income of parents— even if your wealthy parents are not helping you with school, their high income can disqualify you. To avoid this, ask them to stop claiming you on their taxes.
- Minimal Assets— If you own property, then you won’t qualify for FAFSA benefits.
- Minimal Savings— High balances in a bank account can disqualify you.
- Current student— FAFSA won’t give you money if you aren’t accepted to and enrolled in classes at an accredited University.
If you fit these qualifications, then fill one out! Even if you think you might not pass, it is worth giving it a try. You might just be surprised at what you can get- and every little bit helps- especially when you want to know how do you get a student loan with no cosigner right? The FAFSA does not require a co-signer.
Step 2: Apply for Federal Loans
There are some federal loan programs out there made especially for students who need to know how do you get a student loan with no cosigner. These programs are nice because they do not require a cosigner, they do not require a credit check, and they do not require you to pay down the dept accrued until you are no longer in school.
Some of them will even allow you to defer payment after graduation when you run into hard times like unemployment. These are great loans to apply for! Here are some of the federal student loan programs you can look into:
- Subsidized Stafford Loan: These loans are federally subsidized so the amount of interest you pay is minimal. You can annually reapply for these loans.
- Unsubsidized Stafford Loans: These are just like the subsidized loans in every way except that you will pay more for interest over the life of the loan due to the lack of government subsidizing. You can get both kinds of loans each year.
- Perkins Loans: These are similar in nature to the Stafford Loans, but are harder to qualify for, and have a cap on the amount you can borrow.
- PLUS Loans: These are a different kind of program- and are probably not what you are looking for as they will involve a third party which is usually what you are trying to avoid by looking for how do you get a student loan with no cosigner. These loans go through your parents.
Step 3. Talk to Your Department Head at School
Certain degrees and programs in school will offer scholarships, grants, and loan options only for students studying in that area. If you talk to the person in charge of your chosen department at school, they should be well informed about the different options like that. Also, having been in your shoes, he may have some answers for you on how do you get a student loan with no cosigner.
Step 4. Talk to Your School’s Financial Department
Did you know there are people hired at almost every college to help students who need to know how do you get student loan with no cosigner? They are there, and they know a lot. Find out where their office is, make an appointment, and let them help you get the financial aid you need.
They can help you with most of the other things on this list, as they will be well versed in the FAFSA and government loan options. If you feel embarrassed, then stop! They are hired to help people just like you, and if anyone around can tell you how do you get a student loan with no co-signer, then they are the ones.
Step 5. Repair Your Credit Rating
How do you get a student loan with no cosigner? Well, if none of the other options are fruitful for you, then you are going to have to head to the bank- and they aren’t going to let you take out a student loan with no cosigner unless you have a decent credit rating.
You will have to do some damage control on your credit score if you really hope to get a student loan with no cosigner from a private source like a bank. There are people at the bank who can give you tips on how to improve your credit score, so that might be something you want to look into.