How To Get A Student Loan Without A Cosigner

The question of how to get a student loan without a co-signer is quite common, considering there are many college students out there who have bad credit, little credit history, or simply no credit history at all. The simplest answer to the question of “how to get a student loan without a cosigner” is federal student loans. Federal student loans for college, such as the Stafford loan are not based on a students credit history/score, nor will the student have to pass any type of credit check to be eligible for these types of student loans. Since most federal student loans are not based upon the borrowers credit, you will never need a cosigner for these types of student loans. To apply for federal student loans, all a student must do is complete a FAFSA, the Free Application for Federal Student Aid. However, where federal student loans become problematic for borrowers with bad credit is when they do not cover the full cost of their education needs.

After Federal Student Loans (as well as scholarships and grants) have been exhausted, the most logical place for students to turn to next is private student loans. However, with private loans the borrower must have a good credit history, since private student loans are based on credit and not on financial need. There are no private student loans on the market that require no credit check. Private lenders, banks, and other lending institutions all use a potential borrowers credit profile as a way to calculate the risks associated with lending money to that particular individual. If a borrower does not have any credit history or has bad credit history, they will likely need a cosigner for their private student loans.

If a cosigner is not an option for you, scholarships, grants, and employment will be likely necessities in helping to fund your college education. Searching for scholarships and grants may be tough work, but it can provide you with the extra money you need to fund your college education. You can learn more about student loans without a cosigner and bad credit student loans under our “Bad Credit Student Loan” section. You can also find 89 different college financial aid tips under our “College Financial Aid Tips” section, with over half of the tips focusing on student loan alternatives and free money for college options.