Avail a Student Loan without Fretting about Good Credit Score or a Co-signer

Avail a Student Loan without Fretting about Good Credit Score or a Co-signer

The growing educational expenses have left the students no option than taking financial aid in some form or the other. Now although there are quite a number of various loan choices available for the students like federal loans and private loans. But the problem is most of these loans require you to have a good credit score which is a little difficult to manage while you are merely a college/university student. Nevertheless, this does not imply that there are no other ways left; in fact you can still manage to get hold of a student loan without even meeting the requirement for a co-signer. Wondering how? Well, take a look.

1. The first step that you need to take in getting hold of a student loan that neither asks for a co-signer nor puts restriction for an outstanding credit score is to research well. See, there are Stafford and Perkin loan out there which do not ask you for maintaining a good credit score.

2. Well, among some of the most vital steps towards getting yourself a student loan is to fill in the FAFSA (Free Application for Federal Student Aid). FAFSA is basically an indispensable step that will not just enable you to be considered for the student loans but in case you meet the criteria, it may land you grant amount. Plus often the data you provide in the FAFSA form can qualify you for even getting State financial aid.

3. You can apply for Stafford loans. There are two basic types of Stafford loans, the subsidized one and the unsubsidized one. The former one is basically for those students who belong to low financial background and cannot afford to pay for the educational expenses. You may not get a hefty sum of money via these loans yet it will be better than a lot of options.

4. You should apply for Perkin loans if you are encountering really terrible financial situations as these loans are meant to meet the needs of such students. These loans have 5% interest rate and an extensive period to clear up the loan as compared to the Stafford loan.

Private College Loans:

Normally private loans are the loans that you acquire from private lending institutes, like banks, credit unions etc. These loans usually need you to have a co-signer. Nevertheless, if you maintain a superb credit record or agree upon having high interest charges then you can avail a loan without a co-signer.

Getting a student loan without a co-signer isn't something impossible actually there are many choices available for you. The best example is the easy access of federal loans that anyone can apply for without fretting about maintaining a good credit score or having a co-signer. Gift assistance and private loans though are beneficial but the former is hard to avail in any case and the latter is a little hard to acquire primarily without a co-signer.

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