Student Loan, No Cosigner - How To Obtain

Are you excited about attending college? Most of us are when it is time to become an undergraduate. Unfortunately there are some real concerns we must consider as we enter a university. We have to decide if we will declare a major and if so what that major will be. We also have to find a financing for our education. Many families in the USA do not have the funds for a full four years of college. We work on obtaining scholarships, government grants, and student loans to pay for the degree. Scholarships generally do not provide a full ride, and government grants or loans usually cover a small amount of our expenses. For all other expenses during college we have to seek private student loans.There are two ways to obtain student loans. You may have a co- signer or no co- signer. It is more difficult to be awarded a student loan without a co- signer. Most students entering college as an undergraduate do not have a credit history. They are too young to have a mortgage, credit card history, etc. In this case private loans require a co- signer. As a graduate you will have an easier time finding student loans that do not need a co- signer. There is only one type of student loan that will never require a co- signer. These are the government student loans. FAFSA awards student loans for a certain amount each semester to students. They do not base their application process on your credit history. Instead they examine the amount of money your parents may be able to give you towards your education. They will also look at your degree program, your grades, and the tuition. Government loans can get a little sticky when it comes to what your parents may be able to contribute. They look at your parents’ income and decide that your parents should be able to afford a certain amount whether this is completely true or not. It may seem negative to say that, but realize that with a government student loan with no co- signer you are getting the lowest interest rate on any student loan. So they do help a great deal. Government loans are generally Stafford Loans. They can come from several different banks in the USA. It just depends on the amount you need, whether you have had loans before, and who has the money to award the loan.