Private Student Loans No Cosigner
Private student loans no cosigner are out there if you look around hard enough. Students who are looking for private student loans with no cosigner are in a particularly difficult situation. Students looking for these loans either have run out of federal loan funding or simply are unable to qualify for federal aid. They also don’t have good credit.
Now, as much as we would like to tell you there is an easy, one stop solution to getting a private student loan without cosigner, there is no easy way. There are solutions, but at the end of the day, you are going to have to spend time looking at every possible option.
As you may know, there are basically two types of student loans: federal loans and private loans. Federal loans are no cosigner loans – this means there is no credit check required. Federal loans offer some compelling advantages if you have bad credit. Bad credit always mean sky high interest rates, but with government backed federal loans for students, you can still have bad credit and get some of the lowest interest rates in the industry.
But many cases, federal student aid is in fact not enough to pay for your schooling. In this case, you are either forced to make up the difference through part time work, money from parents, gift aid, or through private student loans.
Most people seek out private student loans because it’s the easiest way to get money. However, if you happen to be looking for private student loans without a cosigner, it can be difficult to find one. However, it can indeed be done.
First off, you may want to see if you can negotiate an arrangement with a student loan lender. Some students have reported that Chase Student loans sometimes give out private student loans without cosigner.
As a last resort you can seek out a bad credit private student loan. Online lenders do give out poor credit student loans. However, the cost of these loans is literally the cost. You will pay very high interest rates. But if you can’t find anything else and getting such a loan means finishing school or not, you may want to consider this.
Getting any sort of loan can help you pay for your education. You can seek out a bad credit personal student loan (which may not be as suited for students as a bad credit student loan) to get a lump sum of money to pay your college costs. One other option is to seek out a secured personal loan if you have some form of collateral – property, a car, etc. Putting down collateral of some sort can get you a personal loan, regardless of your credit. However, for most students, this may not be a practical option.
There are also other ways to pay for your education. For example, you can get grant and scholarship financial aid. Grants and scholarships are actually a good way to help decrease the total costs of your education. You can often find financial aid information on the financial aid website of the college you are attending.
Private student loans no cosigner can be had, but you are really going to have to explore all the options. Most likely, you will need to get a bad credit student loan and some combination of gift aid in the form of grants and scholarships. Also consider a part time job as well to help subsidize your costs.