Can You Get Student Loans Without a Cosigner?

Many college students and potential students wonder if you can get student loans without a cosigner. The answer is that it all depends on what kind of loan you are trying to get and what your individual financial circumstances are. The first place students seeking money for college should go is the federal government. Through the U.S. Department of Education you can obtain loans like the Stafford Loan, the most commonly used student loan.

Stafford Loans are either subsidized or unsubsidized. Subsidized Stafford Loans are based on need and feature low interest rates. While the student is in school, the government waives the interest on the loan. The interest is also not accumulated if the loan is in deferment. Unsubsidized Stafford Loans are not need-based, rather they are based on credit worthiness. The borrower pays the interest at all times during the life of the loan. To apply for a Stafford Loan (or any federal student loan) you will need to submit a completed FAFSA, or Free Application for Federal Student Aid.

Perkins Loans are another federal loan that may be attainable without a cosigner. Any student who qualifies for a subsidized Stafford Loan may qualify for a Perkins Loan. Perkins loans are for students with a high level of financial need. They feature very low interest rates but the amounts awarded are small compared with other loans. Therefore a Perkins loan is not going to handle all the educational expenses of a college student. Usually a student who qualifies for a Perkins Loan and subsidized Stafford loan will also qualify for a Pell Grant. Unlike loans, grants do not need to be repaid. Scholarships are another option for students that provide free money for college.

When it comes to getting student loans without a cosigner, only credit worthy students with enough income can get private loans. This may include graduate students who are working as employed professionals. For undergraduate private loans a cosigner like a parent will be necessary. The cosigner takes financial responsibility for the loan if payments are not made. However, on some private loans, the cosigner can be discharged from responsibility if the main borrower pays on time for an extended period of time, in some cases two years or more.

 

 

 

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