I Need A No Cosigner Student Loan

Q: I need a no cosigner student loan in order to help me pay for college. All of the student loans I have applied for I have been denied because of my credit, and I am unable to find a cosigner.

A: Before looking into a no cosigner student loan, students are encouraged to exhaust all of their free money for college options (i.e. college scholarships and grants, and any other student loan alternatives). Next, students should make certain they have filed a FAFSA, which is the application for federal student loans and other federal financial aid programs for college. Filing a FAFSA is free for all students, and federal student loans are naturally “no cosigner student loans” because they are based on the borrowers financial need and not the borrowers credit history.

If a student has exhausted all of their scholarship and grant opportunities, and has received federal student loans but is still in need of more money for college, then they may consider looking into a private student loan. Private student loans, unlike federal student loans, are heavily based on a borrowers credit. A borrowers credit score/history helps the private lender assess if the borrower is a “good risk” for the loan or not. A no cosigner student loan (private student loan) will be difficult to secure if the borrower does not have good credit or has little credit history. Individuals can shop around for no credit student loans, but be aware that most private student loans will require a creditworthy cosigner for borrowers with poor/little credit. Before agreeing to (or signing for) a private student loan, make certain to fully understand the interest rate, terms, fees, and penalties associated.