Q: Are there actually any loans that a student with a low credit score can take out on their own? I am trying to pay for school but do not have a credit worthy cosigner nor am I eligible for that much government funding. Any help at this point would be appreciated.
A: If you have exhausted all of your federal financial aid options (including federal student loans) and free money options (scholarships and grants), you can then look into private student loans as a way to cover your educational costs. Keep in mind that most financial experts will recommend that you should only should take out private student loans once you have exhausted all other financial aid options.
It can sometimes be beneficial to speak with the financial aid office at your school and explain to them your situation. They may have the ability to make you eligible for increased unsubsidized Stafford loan limits, or may have certain work study programs available to help provide you with some additional funds. As for securing private student loans without a cosigner, this will be difficult if you have poor or little credit history. Unlike, federal student loans private student loans are based on credit, and with poor credit and no cosigner you may have a difficult time securing a private student loan.
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