How to Get a Student Loan Without a Cosigner

Even if you have no credit or bad credit, you may be able to get a student loan without a cosigner. Learn about the different options and what you need to do to apply.

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Introduction

There are a few options for getting a student loan without a cosigner. The best way to get a loan without a cosigner is to have good credit, which you can build by borrowing and repaying small loans responsibly. You can also get a student loan from the government or from some private lenders without having to use a cosigner. If you have trouble qualifying for a loan on your own, you may be able to find someone who is willing to act as a cosigner for you.

Federal Loans

The first step to getting a student loan without a cosigner is to fill out the Free Application for Federal Student Aid (FAFSA). This form is the key to getting access to federal student loans, which don’t require a cosigner. The FAFSA is also required for most types of financial aid, including grants, scholarships, and work-study programs.

Federal Direct Unsubsidized Loan

The Federal Direct Unsubsidized Loan is a need-based loan that is not based on your credit score. You will not need a cosigner for this loan, but you will be responsible for all of the interest that accrues on the loan.

Federal Direct PLUS Loan

The Federal Direct PLUS Loan is a low-interest federal loan available to graduate and professional students, as well as the parents of dependent undergraduate students. PLUS Loans can help pay for education expenses not covered by other financial aid, such as transportation or housing.

To apply for a PLUS Loan, fill out a Free Application for Federal Student Aid (FAFSA®) form. Students will need to complete the FAFSA form each year they wish to receive financial aid, including PLUS Loans.

PLUS Loan applicants must not have an adverse credit history. An adverse credit history is defined as:
– having any debt within the last five years that was 90 or more days delinquent;
– having any debt within the last five years that was charged off; or
– having any debt within the last five years that entered into forbearance

Private Loans

If you don’t have a cosigner and you’re looking for a private student loan, you have a few options. You can apply with a creditworthy cosigner, look for a no-cosigner loan, or find a lender that offers a cosigner release after a certain period of time.

Sallie Mae Smart Option Student Loan

The Sallie Mae Smart Option Student Loan is a great option for students who are looking to get a private loan without a cosigner. This loan offers competitive interest rates, no origination fees, and plenty of flexibility when it comes to repayment. Best of all, you can apply for this loan entirely online.

Wells Fargo Private Consolidation Loan

If you’re looking to consolidate your private student loans, Wells Fargo offers a fixed-rate private consolidation loan. This loan has no origination fees and you can choose a repayment term of either 15 or 20 years. You’ll need to have a minimum credit score of 660 to qualify, and you can get a rate discount if you set up automatic payments.

Conclusion

There are a few ways that you can get a student loan without a cosigner. You can look into private loans, federal loans, or you can try to get a loan through a credit union or bank. Each option has its own set of pros and cons, so be sure to research each one carefully before making a decision. In most cases, it is best to try to get a federal loan first before resorting to private loans. If you have trouble getting approved for a loan, you may want to consider finding a cosigner who can help you get the money you need for school.