Can you get a student loan with bad credit and no cosigner?

Answer 1

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:

• 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.

Answer 2

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Answer 3

* 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.

Answer 4

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.

Answer 5

== ==

Answers from several contributors:

* Have you talked to your admissions officer? Are you a single mom? There are a lot of government help that you might want to look into. == == == == * Find a cosigner with good credit in order to get a student loan. == == * try calling a loan officer to find out for sure. sometimes they can make it work and sometimes the loan can't be worked out and it is then trashed. == == * See your financial aid counselor at the institution that you are attending. Also try salliemae.com. * Have you tried Sallie Mae? == == * When I got mine I 1) signed up at fafsa."something" and while filling it out I was asked if I would be interested in loans as well as the Pell grant that I signed up for. Try fafsa.gov or .edu == == * It's safe to say that it is a basic fact than many, if not most, applicants/ students have no credit history or that they have a bad credit history. Then, of course, there are those applicants/students who exhibit financial responsibility and fiscal abilities that would shame a banker. Some students need not worry about credit at all because of their family's financial status or because they are on some sort of academic, athletic or other type of scholarship. * There's a plethora of private and public scholarship locators available to match a wannabe student with a cornucopia of financial assistance options. The schools themselves offer US Government PELL grants and locally funded special scholarships endowed by alumni, businesses, local citizens to not a small percentage of applicants/students. * [Aside: When I attended Ole Miss, most of my education was paid for by myself using Federally Guaranteed (i.e. follow you to your grave if you don't repay them in full)Student Loans. However, I also received a local alumna's $300 per semester scholarship which required no repayment at all and was available each following semester if a required GPA was maintained. Good ol' Miss (no pun intended) Annie S. Tillman of Panther Burn, Mississippi, had majored in and taught English at Ole Miss and she wanted others like me to follow her lead. Thanks, Miss Annie.} * Don't dismiss the possibility of attending a Junior/Community College(J/CC) for your first two years or so of the pursuit of your degree. Staying and eating at home while attending J/CC allows you to work and save money to augment any scholarship or other types of financial assistance.

Answer 6

(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!

Answer 7

I dont think so. I actually am the one that posted the question but i do have a partial answere--myrichunccle.com was able to give only $5000 rates are sky high though but they did it with no credit history

Answer 8

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.

Answer 9

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.

Answer 10

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.