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Student Loans Bad Credit No Cosigner

Maybe it sounds like a hopeless situation: student loans bad credit no cosigner. But there are options available for those who need financial aid to pay for college, which today is most prospective students. If you have not borrowed money before and are in the situation in which you have no credit rather than bad credit, you may be able to get student loans anyway, but your options may be more limited.

Today, you must apply for student aid in the form of federal student loans from your school rather than through a bank or other lending institution. Applying for a Stafford or Perkins loan (both of which are federal student loans) should be done through your school’s financial aid office. You should also consider applying for a Pell Grant, which is need-based and which does not have to be paid back.

To get a federal student loan with bad (or no) credit and no cosigner, you will have to fill out the FAFSA (Free Application for Federal Student Aid) paperwork. Completing the FAFSA information will be your first step toward getting not only loans, but grants as well. In some states, the state may use your FAFSA information to determine if you are eligible for states assistance. To fill out this paperwork, you will need your parents’ income tax returns (if they claim you as a dependent), or, if you worked and supported yourself, you will need your own income tax returns.

You will most likely qualify for a subsidized Stafford loan, which is need-based, if you have low income and no cosigner. Stafford Loans aren’t usually for very large amounts, but they are a great place to start. Perkins loans are also need-based and have longer payback times than Stafford loans. Perkins loans have 5% interest rates.

Private student loans that come from credit unions or banks often require a cosigner if the applicant has poor credit or no credit. You may be able to secure such a loan without a cosigner, but you will most likely have to pay a high interest rate.

Getting a student loan without a cosigner isn’t impossible. In many situations it is a real possibility, particularly with federal student loans that you apply for through your school. If this is not enough to cover the costs of your college education, you will have to pursue private student loans. While these are harder to get without having a cosigner than federal student loans, the possibility does exist, though you may end up with a higher interest rate than you would if you had a cosigner.