Student Loans without Cosigner

There are times when you want to get student loans without cosigner. These days, most students have to take out student loans to pay for college. However, if credit is bad, you may find yourself in a situation where you need a cosigner for your loan. But what do you do if you don’t have a cosigner?

Fortunately, there are student loans without cosigner. If you have bad credit and want to get a student loan – you are going to have to look at getting a federal student loan. There is a federal student loan that does not require a cosigner: Stafford student loan.

The Stafford loan is given out bases on a student’s financial need. It doesn’t not require good credit and no cosigners are required to sign with the student – even if the student has very bad credit. Stafford loans are calculated based on the student’s financial needs and the expected parental contributions. The federal government fully expects parts to contribute a significant amount to their children’s education. As such, parents are required to submit financial documents along with students. The government will look at the parent’s income and at the student’s tuition and living expenses and give a loan amount based off that.

Now, the down side to the Stafford federal loan is that it often will not pay for everything. The student will need money from their parents and/or a job to make up the rest of the money.

In the case that the Stafford loan does not cover enough to pay for school (very likely), students will not too look at getting private student loans for people with bad credit. These are loans that are taken out from a private institutions. Now, the problem with private lenders is that they do comprehensive credit checks and most of the require a cosigner if a student‘s credit is bad.

So you can get a private student loan with cosigner if you have good credit. If you don’t have good credit, then you will need to start looking online for bad credit student loan lenders. These are lenders that will give student loans out to students with poor credit. However, these bad credit lenders will charge a much higher interest rate.

One thing you can do is take out a bad credit personal loan and focus on improving your credit for a year or two, then seek some sort of student loan reconsolidation to lower the interest rate. This is possible if you can improve your credit.