Getting Federal Student Loans Without A Cosigner
Getting a student loan without a cosigner may seem like an uphill task, but if you push the right buttons and know when to say what, you will eventually have things go your way. This does not mean that you need to be as convincing as a sales person, nor does it mean that you need to act desperate in your endeavors.
Truth be told,
getting a student loan without a cosigner may be an uphill task, but if you push the right buttons and know when to say what, you will eventually have things go your way. This does not mean that you need to be as convincing as a sales person, nor does it mean that you need to act desperate in your endeavors. For a moment, you can forget about the lack of credit history that may hurt your chances, as there are education loans available that aren't based upon credit, and will therefore not require you to provide a cosigner.
The loans I'm referring to here are federal student loans, as these loans are provided by the government, and can be approved regardless of your credit situation. They are actually better loans to have when compared to private student loans due to the fact that they have better interest rates, and more flexible repayment terms, and because you don't need a cosigner, or good credit, they are probably the best types of student loans to get when all is said and done.
That being said, how do you go about applying for these federal loan? The FAFSA, or free application for federal student aid, is the gateway to the vast amount of federal aid that may be available to you, including federal student loans.. Completing this FAFSA form will strategically place you in line with loans from the federal government. FAFSA will not only help you get loans, but it will also allow you to get a hold of any grant money that may be available. To complete the FAFSA application, you need your parents’ tax returns as well as yours if you worked over the past year prior to applying.
The two most popular kinds of federal student loans are the Stafford, and Perkins loans. With the Stafford loan, you will either get either an unsubsidized or subsidized loan. The subsidized version you will not have to pay interest on while you are in school, the unsubsidized version you will have to pay interest on. The Perkins loan is designed for students that demonstrate a very high financial need for aid to attend college. It is more difficult to get than the Stafford loan, but it should still be a feasible option if you desperately need money for school. In the end it is important to realize that you can get both these student loans without a cosigner, and by filling out your FAFSA you will automatically be putting yourself in the running for both these types of aid.
