What would you like to do?
Get a student loan without a co-signer or steady income?
Well that's a tricky question it depends. There are 5 major types of loans to fund an education. Stafford Loans (sub and unsub) No credit checks are required but they have c…ertain loan limits. 3500 Freshman 4500 2nd year 3rd and beyond $5500 per year. But if your are older than 24, married, in the military, or your parents have poor credit you can be eligible for an additional $4000 in un-sub Stafford loans each year. Perkins Loan- which your eligibility for these loans are for the neediest students can be an additional $ 2000- 4000 for more info you would need to talk to your school or check your financial aid award package. PLUS loans- Parent loans for Undergraduate Students- are taken out in parents name and certified by the school and it will cover the rest of the cost of attendance. School Certified Private Loans- require at least a 620 FICO score and it will cover the rest of the cost of attendance. and if you didn't meet that requirement you would need a co-signer. Direct to Consumer Private Loans- where the money is sent directly to the student for education related expenses. Housing, Transportation, Books, Beer, etc. The credit qualifications are hardest. So you better have good credit or a good co-signer. (Direct loans through the department of education aren't any better or more lenient when it comes to credit. ) Some schools are only direct loans schools that's what the other person said everyone he knows has direct loans. Because they couldn't get any other loans. From other contributors: * Similar situation here for my daughter. She has no credit history whatsoever. We make too much money for grants but here's the problem: my husband refuses to help pay for school at all, in any way, shape or form. He also will not allow me to co-sign any loans even though I was prepared to do so. Basically she's on her own with this. She has applied for loan and after loan after loan and so far all have been rejected due to no credit history. We haven't heard anything back from Stafford or the Direct Loan she applied for yet. FAFSA said she didn't qualify for any grants and she didn't get any scholarships. She's set to start school at the end of next month but are at the end of the road here. What does one do in this situation? And does anyone know how to check online for the status of a Stafford loan? * Yes. Everyone I know in college has gotten a Direct Loan through the government. As long as you are not bankrupt or owe the government, you are approved. Many people do not realize that pretty much everyone is eligible for a government loan. * Hi - problem with Federal Government loans like Stafford are that the student with no credit history can not fully fund their tuition with a Stafford loan. Stafford has very low limits (like 2,650.00 in freshman year). As a parent it was my expectation that my daughter would just get student loans on her own to fully pay for her own college without involving her parents. We can not afford to pay her tuition and have never started a college fund as we could not afford it. And now our income is better but we can not afford to pay it without changing our lifestyle. Anyway, I decided to help my daughter by applying for a PLUS Parent loan but was rejected due to bad credit. I was told that she can get additional Fed. Stafford funds up to another $4,000. That helps but she really needs the whole amount of the tuition and room/board. In this case she needs a total of $10,000 per year. Stafford sucks.. they should not cap the amount that can be borrowed. The student should be able to borrow the whole tuition amount without help from parents. * I agree with you Stafford sucks! but, it does not change the fact that the tuition still needs to be paid, I have been to every website, talk to over 25 lenders and had my credit ran 10 to 15 times and I still can't get anywhere. My son want's to go to school, I can't help him and no one will lend him the money without credit and no cosigner. what am I going to do? school starts in about 13 days and he still needs $13,000. * This only applies if you own a house. My husband and I just moved from England so we have no credit history but we bought a house here about a year ago, even though we have no equity in the house we were able to get a home equity loan for $20,000 from our bank (Wachovia Bank) Our house is worth about $126,000, and our combined income at the time we applied for the loan was only $30,000. Both of our credit scores were about 620. We got this loan so I could attend college. The only thing about it is we have to pay $177 a month right away to pay off the loan, however it is a 20 year loan, with no prepayment penalties. Its not as desirable as a student loan but it was our only option because we do not have a co-signer for a student loan. I cont think I would have been able to attend school without it. * What no one else really says is that you have to have a COSIGNER for pretty much all loans besides Stafford and PLUS loans. I, myself, haven't been able to find ANY loans that I can get without a cosigner. I don't have bad credit - just NO credit. I'm actually at a complete loss, but it's just FYI that a cosigner is needed for loans if you have no credit or bad credit. * There really is no private lender that will approve you without credit history or a co-signer. The only sure thing is to get a credit card and use it responsibly for a year or two. That is, until the government cleans up it's federal aid system so it works for everyone. * It depends that how good you are in your education how efficient enough you can proof your self to get a loan of any type. Federal students loan and private students loan offers various advantages. You will not need any cosigner if you have good academic record.
Federal loans (such as the Stafford loan) are not based on your credit history. You will not need a co-signer, or good credit. With private loans there is no way around needin…g a good credit history. Here is more input and advice: . If you're in foster care, talk to the people. There is a program which provides tuition, room and board money to children who were in foster care until they went to college. . The answer above suggests Stafford loans as a solution. The problem with Federal Government loans like Stafford are that the student with no credit history can not fully fund their tuition with a Stafford loan. Stafford has very low limits (like 2,650.00 in freshman year). As a parent it was my expectation that my daughter would just get student loans on her own to fully pay for her own college without involving her parents. We can not afford to pay her tuition and have never started a college fund as we could not afford it. And now our income is better but we can not afford to pay it without changing our lifestyle. Anyway, I decided to help my daughter by applying for a PLUS Parent loan but was rejected due to bad credit. I was told that she can get additional Fed. Stafford funds up to another $4,000. That helps but she really needs the whole amount of the tuition and room/board. In this case she needs a total of $10,000 per year. Stafford sucks.. they should not cap the amount that can be borrowed. The student should be able to borrow the whole tuition amount without help from parents. . Its a sad situation; my parents lost their jobs and I have been working free-lance on and off so i have no steady income or credit thus still dependent on my parents somewhat. My parents makes 45,000/per year combined so I filled out a form stating based on my condition i am not able to afford any other loans other than the Government Stafford loan. I only receive a limit and wasn't able to receive any more cause they said my parents income was kind of high even though they aren't working. Come on now such hypocrisy; I filled out a special circumstances form but that would take 2 months, by that time school essentials would need to be met at couple weeks before school start. Only a miracle is needed, and none is presenting themselves. I did couple scholarships but when they are issued out it would be in mid-term, so I guess what other opinions are there? Parent Plus and Signature Loan i cant get that completed cause for one my parents have their own loans to pay off, they have no source of income right now, and finally their credit isn't that great. I explained this to my school but they say i must fill a form out which apparently is gonna take forever to be reviewed. Being a student well I should say being a young American and the seed for the future of this country my options are limited, I'm not saying the government should sponsor every child in its boundaries, but the ones who cant get an alternative loan should able to get the Stafford loan at its maximum because either way you put it we are still going to have to pay back the government money we borrowed with interest. . FAFSA, is a very good thing to look into. www.fafsa.ed.gov . As long as you have a co-signer that makes above $19,000/year the question is more based on the student's credit history than anything else. If the child is a ward of the state, then there are other options available and almost any school will have financial aid people that will assist. ANYONE who makes over $19k a year can cosign a loan UP TO THE COST OF ATTENDANCE FOR THAT YEAR MINUS ANY OTHER FINANCIAL AID. The parents credit matters, but not that much. The co-sign part is just so the lending institution knows they can go to the parent if the student defaults on the loan. . It is impossible to get a student loan without a co-signer even if the co-signer makes over $19,000 as another person as suggested. I was the victim of a scam and my credit got ruined. My Dad has excellent credit but no one will approve a student loan with him as a co-signer because he's only been at his current job for 6 months. My fiance has ok credit and makes almost $40,000 and they wouldn't accept him as a co-signer either. I have applied to every bank and loan company I could find on the internet. I even started calling to find out their minimum credit scores to see if it would even be worth while to apply. I got the same answer each time "we don't give out that information". They all just wanted me to apply and "see" if I will get approved. I told them I know they wouldn't approve me because I've applied to all of them before. (I was able to get some negatives off my credit report and raise the score to 610 but no one will tell me if that's high enough and all want to run my credit again! That will show as an inquiry and cause it to go down even more!!) . Federal banks offered loan without a cosigner. . Check out facts & figures about the no cosigner signature loans. Try for this loans when all the options are closed. . You can have various federal loan grants and also various private student loans lenders are in the market.
Yes, there are a number of student loan options for those who can't get anyone to cosign and those who have bad credit. One option is a federal loan.
It is possible to get student loans without cosigner by an international student, as currently there are various types of loans available for this purpose. International stud…ent loans are capable of bearing all the educational expenses related with a student and with a long repayment period.
You may want to consider a federal student loan as these types do not require a cosigner.
How can you get a co-signer or apply for a student loan without one if you need the loan quickly but have no assets or credit history?
Answer if your with a university then you might want to try and go through your government funding department
In order to get a loan without a co-signer: . you must have to be of 18 year old or more . you have to submit some proofs to your lender or bank to prove that you are able …to pay loan, for that you have to submit your monthly income report (it must be $1600 or more) and if you are having previous loan record then attach a copy of that record along with the loan application. . you must have a stable residence having stayed at the same address for at least 6 months or more. By submitting these proofs you can convince your lender to trust you.
No, a student loan is NOT reportable income. Besides, it wouldn't make sense that immediate debt be considered income.
It is perfectly acceptable for a parent or guardian to co-sign on a student loan. Actually, this is usually the case as the student doesn't have enough credit to qualify for a… student loan by themselves.
STUDENT LOAN FORGIVENESS IS NOT A TAX-FREE GIFT The taxpayer in Plotinsky, TC Memo 2008-244 was taxed on the portion of his student loan that was canceled by the …lender. The court rejected his contention that the debt discharge was a tax-free gift. The taxpayer financed a portion of his college and law school education with several federal loans. After graduating from law school, he consolidated his loans by borrowing from Key Bank USA/American Education Services (AES). To induces individuals to enter into loan consolidation agreements, AES offered an on-time payment incentive program. Under the program, AES would discharge a portion of a loan on which an individual made 36 consecutive on-time monthly payments. The promissory note and the repayment schedule that the taxpayer signed and that evidenced the taxpayer's consolidated student loan did not refer to the incentive program. Nonetheless, when the taxpayer made 36 consecutive on-time payments, AES discharged $3,043 of the consolidated loan. AES issued to the taxpayer Form 1099-C, Cancellation of Debt, showing the debt amount that was discharged. The taxpayer, however, did not include this amount on his income tax return. Rather, he attached a statement to his return indicating that he was not reporting the debt discharge as income because it was a gift. Section 102(a) excludes from gross income the value of property acquired by gift. The taxpayer reasoned that AES received nothing from him in return for the debt discharge. He was already contractually obligated to make on-time payments. As a release of something for nothing, the taxpayer argued that the discharged debt can be construed only as a gift. The court, however, disagreed with this reasoning. AES offered the incentive program to induce students, such as the taxpayer, to consolidate their student loans with it. Thus, it did receive something from the taxpayer in return. Even if AES had not received anything in return for the debt discharge, the Tax Court determined that the discharged debt was taxable. The court cited Duberstein, 5 AFTR 2d 1626 , 363 US 278 , 4 L Ed 2d 1218 , 60-2 USTC ¶9515 , 1960-2 CB 428 (1960), for the proposition that the term "gift" is used in a more colloquial sense than its common law usage. A voluntary transfer of property without any consideration or compensation is a common-law gift, but it is not necessarily a gift for tax purposes. For instance, a payment that is made due to the incentive of an economic benefit is not a gift for this purpose. Thus, the transferor's intent is the most critical consideration for determining whether a gift occurred. In this case, the court determined that AES did not discharge $3,043 of the taxpayer's consolidated student loan out of detached and disinterested generosity. Rather, it offered the incentive program to get individuals like the taxpayer to consolidate their student loans with AES. As such, the discharged debt amount is includable in the taxpayer's gross income.
If you have a good enough income to qualify since the student loan is considered your loan.
It's not valid unless you SIGNED as the co-signer. She cannot make you financially responsible for a debt without your permission. The problem is likely that she f…orged your name. That may complicate the situation. In order to get your name off as co-signer you may be required to attest that she forged your name and the lender may press charges.
Impossible to get a 6000 loan for students if you're in college than no its not impossible. 6000 loan is alot like i said before its impossible for students in 1-10 grade.
It might be difficult. The best idea would probably be to go and talk to someone in your Financial Aid (or similar) office. They will probably be able to advise you about your… best options for a loan.
Depends on his age