Graduate Student Loans Without Cosigner

Q: I am considering grad school, however my credit is not so fantastic and I am concerned that I will not receive enough in federal student aid (because I didn’t as an undergrad). I was able to have my mom cosign for my private loans as an undergrad, but she cannot cosign anymore for me. Are there graduate student loans without cosigner available?

A: As a graduate student, in addition to federal financial aid received through FAFSA (Free Application for Federal Student Aid), you are also eligible to apply for a Direct PLUS loan. A Direct PLUS loan will provide you with a 7.9% (as of August 2010) fixed interest rate loan to help cover the costs of your graduate studies and expenses, however to qualify for the loan you will have to pass a credit check.

Private student loans are available to graduate students, but private student loans are also based upon credit history. Unfortunately, there are no special “graduate student loans without a cosigner” available. If you need additional funds for graduate school beyond what you receive from FAFSA, and have already exhausted all of your “free money” options (such as scholarships and private grants), you should consider obtaining a creditworthy cosigner to help secure the loan you need. For more on this topic please see: No Credit Check Student Loans and Student Loans for People with Bad Credit.