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Student Loans Without a Cosigner? What You Need to Know!

There are millions of people who have a dream of attending college but are plagued with bad credit. Often times that bad credit forces them to get a cosigner in order to obtain a student loan and pay their way through college. If this sounds like the type of situation you may be in, there are some things you can do to get around having a cosigner.

Many lending institutions require those with poor credit or no credit history to have a cosigner in order to get a student loan. But for many people, that can pose a problem. Some people may not have someone that is willing to cosign or that can even qualify to be a cosigner. Still some people may not want to involve others in their financial affairs. All of these are legitimate reasons for wanting to avoid getting a cosigner involved in your loan process.

Here are a few ways you might be able to get a student loan without a cosigner:

Federal Loans

When you apply for government student loans, they usually don’t check your credit, so there is a good chance that it will not be an issue. Even those without a credit history can usually get a federal student loan.

Private Loans

There are many banks that will require a cosigner in order to get a student loan. But there are also some that work with people who don’t have, or can’t get, cosigners.

Other Options

Outside of loans, you still have other options that you can consider in order to get assistance paying for college. These include grants, scholarships, and work study programs. You will want to consider all of these options, especially if you are having difficulty getting approved for a student loan without having a cosigner.

In order to get a student loan without a cosigner, you should contact several lenders and explain your situation to them. You should also apply anyway, to see what happens. Also, as you go along, work on improving your credit score because the sooner you do, the better your loan approval chances will be.

What happens with many people who apply for a student loan and are told they need a cosigner is that they get discouraged and give up. Don’t let this happen to you! If you continue to work at it, you will end up finding the loan you need, even without a cosigner. It’s all a matter of making the contacts and getting everything in order.

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