Chances are, if you said yes to these questions, then you have been feeling a bit helpless lately. We get it! Being a college student is hard enough with all the homework, anxiety, and pressure of the future without throwing on the burden of having to support yourself with little to no income and school expenses up the you know what! If you are looking for college loans with no co-signers, you may think that it is a lost cause in this economy where nobody wants to give anyone money anymore. Have no fear. There is hope.
Here are some good tips on how you can find college loans for students with no co-signers- because who wants to drag a third party into a debt mess if they don’t have to?
- Subsidized Stafford Loans: This takes out first slot on the list of college loans for students with no co-signers because they are easy to qualify for, do not require a credit check, do not require a co-signer, and have very low interest rates. They are federally funded, and the subsidized version of these college loans for students with no co-signers are great because the government subsidizes the interest on them making them almost a no-interest option for college loans for students with no co-signers.
- Unsubsidized Stafford Loans: These are just like the previous college loans for students with no co-signers, only the interest is not subsidized which means that you will pay back more than the borrowed amount over the life span of the loan. Just like the previous loans, these require no credit check, do not need a co-signer, and can be paid back AFTER graduation. This means that before you have to start paying it back until you will have time to find a good job with a good income.
- Perkins Loans: These college loans for students with no co-signers is another government program meant to help students get through college. They have no credit checks, and do not need a co-signer. They have low interest rates. The draw back with these college loans for students with no co-signers is that they are limited in the amount they can provide. There is a cap to the borrowing amount, and this will most likely not cover all of your school costs. This means you will need some other source of income besides the Perkins loan.
- Personal Loans: We know you probably don’t want to go there since you don’t even want to ask someone to co-sign on a loan. However, if you can’t find a good college loan for students with no co-signer, then you may have to resort to asking family members or friends to lend you money. You will be most successful in this effort if you have a plan written and typed out of how much money you need, what you need it for, when you plan to pay it back, and how you plan to make the money to pay it back. If you can show your family that you are ready to be responsible.
- Bank Loans: This is going to be a harder source to find college loans for students with no co-signers, but they are available if you ask the right questions. The pay offs will be that the interest rates will be higher. Some of these bank loans will even require monthly payments before graduation. The nice thing about these kinds of college loans for students with no co-signers is that you can get a higher balance on your loan. Having the full amount you need can take away a lot of the stress involved in looking for a bad credit student loan. You will have to be disciplined in how you use it- but it can make a big difference.
- PLUS Loans: This is another loan option that most students don’t want to use, especially if they have been looking for college loans for students with no co-signers. The reason for this hesitance is that PLUS stands for Parent Loans for Undergraduate Students. This means the loan is given to your parents after they give you the money you need. They do not need to check your credit, but they will check your guardian’s. This can be a good option, especially if they just don’t have the available money for you, but would be willing. It basically amounts to them taking out money in your name.
- Pell Grants and Scholarships: If there are no college loans for students with no co-signers to be found, then you might want to look into what Pell Grants and Scholarships you can qualify for. Sometimes these are good even if you have found college loans for students with no co-signers. It can fill in the gaps, and even be a good way to pay back the loan amount before interest starts accruing. Fill out your FAFSA and talk to your department head at school to see what kind of scholarships are out there for you.
- Medical Field Grants: There are a number of grant programs meant to help students going into medical fields like nursing, surgery and medical assisting. If this is a field you are interested in, then make sure you see what kinds of programs are out there to give money to students like you. Your department head knows a lot about this.
There you have just 8 of the many options for students looking for college loans for students with no co-signers. There is no reason to despair or give up on your educational course. You are not the only student struggling with this, and there are lots of sources of help and support to get you through this time in your life.
When you get that diploma in your hand, and your first professional job, all of this stress of looking for college loans for students with no co-signers will be more than worth it.