How do you get a student loan without a co-signer?
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 needing a good credit history.
Here is more input and advice:
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.
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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 certain 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. (MORE)
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 student loans are capable of bearing all the educational expenses related with a student and with a long repayment period.
you can't anymore. after October 2008 you can only get it with a creditworthy US co-signer. sorry.
You may want to consider a federal student loan as these types do not require a cosigner.
Answer . \nsure there is, up to a certain limit. ask your local student loan counselor at the local university, they will know the specifics, these loan names and rates change often so make sure their up to date.
Answer . SallieMae.com offers loans to sophomore or higher college students with out a cosigner.
Answer . \nTalk to the people in the financial aid office at the college you are considering on attending. They are very knowledgeable about student loans-my counselor helped me do it online at the college
In the United States, if the student loan is Federal, then the answer is NO. The Dept of Education has a forgiveness provision for death of borrowers of Federally Guaranteed Student Loans. The loans would be forgiven and the estate would not be liable. The loan is the responsibility of the Stu…dent, but if the student defaults on the loan it becomes the responsibility of the co-signer. If the co-signer dies before the loan is paid the student is now the only person responsible for the loan. Most lending institutions that require a co-signer do so to ensure that the loan will be paid. yup Yes. The co-signer is basically the only signer, since their credit - good name - and debt / income ratio are being used. The other person is merely piggy backing on the co-signer in an effort to improve their own credit. Signing a document for any loan is a debt, so yes - the debt would still need to be paid by whatever means available by the estate. Not likely, If the loan was in default and the cosigner had already begun paying on it, the estate MIGHT be held accountable if it were a federally funded loan. Other than the lender would NOT be able to place a claim against the deceased's estate. (MORE)
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
US banks offer loans to International student who does not have anycosigner. If you are an international student then you should not get worryabout loans or financial requirements. If your course is approvedby US academy and having good academic background then you caneasily get federal loans or sc…holarships. If you are not from USthen these financial helps are not for you. However, if you areliving in US for more than three years then these loans areavailable for you. If you are not eligible for federal loans then apply forinternational student loan without cosigner that are offered bysome leading moneylenders. These are private student loans and anystudent may apply for these loans. Well, my research says thatthere is a website Excite Education, they have a page of studentloan cosigner. it may be helpful. Do take a look. Good luck! . (MORE)
Answer . It is very hard to obtain a private loan without credit or a co-signer. If you have collateral such as a vehicle/boat, then you may be able to obtain a secured loan from a credit union. Try building credit with a secured card or a student visa with a low limit before attempting to get… a loan. (MORE)
Yes, an employer can cosign for a student loan. Any one can cosignfor a student loan if they meet the requirements.
Answer . A good start would be to have a job earning more than $1,000 and to be able to prove that you can pay back the loan. It depends on the lending institution, however, so you might want to pay one a visit to start figuring out how to do this. If the loan is for a car, and you are just star…ting out, you might consider earning most of the money for the purchase before you buy. This will provide you with some equity in your purchase and save you finance charges. (MORE)
Where can you get an additional student loan without a co-signer to pay child support so you can talk to and see your children when you are a full-time college student and cannot find a job?
Answer . \nYou cannot get a student loan to pay child support, but child support is not an agreement of custody or visitation. If the judge gave you visitation rights then you have visitation rights. The custodial parent does not have the right to keep you from seeing your children. Child suppor…t has no affect on visitation. You must go to court for custody/visitation rights. (MORE)
Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.
You need to fill out the FAFSA first. Then you can apply for other loans. The FAFSA determines your financial need and this loan is free. So do that and then apply for other loans. With some of the other loans you will need a co-signer. So if you have someone you trust then ask them and by having th…at co-signer you'll get a higher loan amount. Good Luck. If you are not able or willing to fill out the FAFSA, you may need to rely entirely on private loans. These are often more difficult to qualify for and have higher interest rates. However, it is an option for persons who cannot use the FAFSA. (MORE)
Hey dude if want to really needed money then simply get student loans for living expenses. Because it offers instant money and allows to spend money for different purposes. And if want to know more about it them simply go through this site.
Answer . No, it is not possible for an underaged person to enter into a financial contract with or without a cosigner.
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. (MORE)
Answer (FAFSA). The FAFSA is used to apply for all types of federal student aid and serves as your application for the Stafford loan program as well.If you qualify for grants, they help with this too. Both my sons have used this program. There are other lenders out there...if this doesn't work..….just google student loans... just stick with names you have heard before. Good Luck! (MORE)
Although it is very difficult to get loan without cosigner. Majority of the students don't apply because they don't have any cosigner. But now a day many organization are helping such student who don't have any cosigner. You can apply for such loan that not required cosigner. These loans called no c…osigner student loans. You can find a detailed procedure through link that is in "Related Links" (MORE)
The rising costs of college tuition have made it almost a necessity to apply for a student loan today. Students not only have tuition costs, but the cost of books, meals, gas, cell phones, recreation, etc.The variety of student loans enables students to take care of their varying college expenses. A… student loan however, is a loan that must be repaid under specified circumstances. (MORE)
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.
You do not need a co-signer for Federal student loans, so be sure to fill out the FAFSA form!. ==. For private student loans, you will need a good credit history, along with other lender-specific eligibility requirements, such as school attendance status, minimum current income levels, etc. If you …cannot meet those requirements, then you will need a co-signer who can meet those requirements.. A co-signer doesn't have to be a parent; it can be your grandparents, friends, etc. ; anyone willing to be a co-signer for you. Bear in mind that your co-signer will be released from this obligation anywhere from 36-48 months after the loan is disbursed.. Compared to federal student loans, private student loans typically have slightly higher interest rates. However, the interest rates on private student loans can be lower than conventional credit products such as personal loans, credit cards and even home equity loans.. ==. If you've exhausted the options listed above, then try perhaps a home equity line of credit, whether it's yours or someone you know who's willing use their home as collateral. This, along with credit cards, are borrowing options of last resort.. Good luck. (MORE)
Should be able to if you have a good credit report as you are an adult. However, if you do not have or have not ever had credit, then you well may need a co-signer.. I would talk to your bank about obtaining a very low, modest sum of money as a loan just to establish a credit history. Pay it back a…s quickly as you can and then try for a loan without co-signing. (MORE)
It's a definite possibility. Legalities would vary greatly depending on the loan type and other circumstances.
Can you give names of third party organizations that provide the needed document and support for an international student that needs a loan without a co-signer?
There has to be a better way...you will end up with an impossible situation of high interest and terms when you finally finish school. It is better to find a small job, a grant or to live more frugally.
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.
Only if your student loan agreement has a "co-signer release" clause that permits a co-signer's name to be removed after such a short period of time and/or a specified number of consecutive on-time monthly payments.. Usually co-signer releases will be considered after 24-48 consecutive monthly paym…ents and that the borrower's credit is good enough. There may be other restrictions as well. If there are extenuating circumstances to request an earlier release, check with your lender. (MORE)
In the US, the answer is no, the government can collect indefinitely. There is a way to help yourself though. If the loans are Federally Guaranteed, you can tell the borrower to consolidate the loans in only their name, that will get you off the hook. If the borrower needs help consolidating t…heir loans, refer them to the company on the link below. (MORE)
Yes, if your credit is good enough. I have never had to have a cosigner for a car loan.
If the lender is not interested in student need then a FAFSA can be avoided. If it is a federal loan or grant it can't be avoided.
No. Additional: The lender issued the loan to you based on the financials and the background of BOTH parties. It is highly unlikely that they will release your "backer" unless (POSSIBLY) that you can demonstrate that your credit rating is now good enough to handle the loan by yourself. Examine… your loan papers to determine if this is even possible. ------------------------- Yes, I'm almost positive you can. I co-signed 2 loans with Sallie Mae with my daughter, and she has missed many months. I have been out of work and on total disability and just heard about this dismissal, so I called Sallie Mae and they are going to send forms for my doctor to fill out. Hope this helps. (MORE)
Generally, no. However, you must ask the lender or lenders if you are shopping for a loan. In many cases, the lender will not remove a co-signer until the loan is paid due to the high default rate on student loans. Another Perspective I have had a student line of credit with a co-signer, and de…pending on your lending institution (mine was a common bank) when its time to repay the loan, a co-signer can be removed as early as 6 months in to the repayment process if the primary loan owner has made 6 months worth of payments and can show 6 months of continuous income. Not all banks do things the same. I suggest asking these questions to different lending institutions. (MORE)
No. You are responsible for the debt if the primary holder is not paying their debt.
Generally you can't get out of your obligations as co-signer unless the loan is paid off. 1.) Don't co-sign unless you can afford to pay off the loan. 2.) Try to arrange a payment schedule if the primary borrower defaults.
no it is not legal. i am going through this right now. i hae never had a ged or hs diploma and i was approved to go to a casino dealers school but i cannot get a job in the casino now because they require you to show them a hs diloma or ged and i do not have one to show them. they just offset and to…ok $6000.00 of my taxes this year and i will get it back. (MORE)
Yes of course you can get a car loan without cosigner if you have bad credit, you have to just find some websites who provide car loans without bad credit and no cosigner simple and fill out the small form there that's it they will contact you within 2 business days.
It's not valid unless you SIGNED as the co-signer. She cannot makeyou financially responsible for a debt without your permission. The problem is likely that she forged your name. That maycomplicate the situation. In order to get your name off asco-signer you may be required to attest that she forge…d your nameand the lender may press charges. (MORE)
If you are on social security you should not be cosigning on a student loan. You would be guaranteeing that if the student doesn't pay off the loan you will. The federal government can garnish your social security benefits to recover student loan payments.
The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record. Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record… needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record. The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record. Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record. The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record. Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record. The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record. Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record. (MORE)
Student loans are provided without consigner based on needs. For example if you are independent from your parents, you can qualify for student loans without cosigner.
You can get a loan if you are a student without a cosigner however it can also be a little tricky. I would suggest going to your local bank and chatting to a financial advisor for better advice.
It will depend on what type of loan it was that you co-signed for and is now in default. The federal government will probably not give a loan, but a private bank may if you can present a good case about why that default is not representative of how you run your finances.
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.
You should talk to your college's Financial Aid office, who will be able to direct you to potential loan sources which may not need a cosigner. Most students are not going to be able to get a loan without a cosigner unless it's something like a guaranteed student loan, in which the government is ef…fectively your cosigner. You will need to qualify for a GSL, though, and your financial aid office will help you with that. (MORE)
No, most banks require atleast a 620 score to even consider you for a personal loan.
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.
It is possible to obtain a Student Loan without a Cosigner if you apply through a Government Loan Program. One such Program is the Stafford Loans. You do not need an Income or Credit History to receive a loan.