Student Loans No Cosigner Required
There are student loans with no cosigner required available for students who do not have anyone to cosign a loan for them. It is even possible to obtain funding for college if you have little to no credit, but it is important to keep in mind that a cosigner will increase your access to more conventional loans. Even so, there are forms of assistance you can seek if a cosigner is not available.
No cosigner Loans that are funded through the federal government typically provide students with the greatest access no cosigner student loans. One of the most well known of these loans is the Perkins student loan. This student loan is available to both undergraduate students as well as graduate students. The low interest rate of 5% makes this loan very appealing to students. Perkins loans are administered through your college or university and are offered to students who are able to demonstrate significant financial need. Repayment for a Perkins loan does not begin until nine months after you graduate.
The Perkins loan program can be traced back to the launch of the Soviet satellite launch in the fall of 1957. With the launch of the satellite, the Soviets gained a technological edge during the Cold War. Concerned with the scientific expertise of the country, Congress passed the National Defense Education Act one year later to address shortcomings in mathematics, science, and technology through education reform and support.
The Stafford loan is another good option for students who are looking for no cosigner loans. Stafford loans may be either subsidized or unsubsidized. The difference lies in who picks up the tab for the interest on the loan while you are still in school. Subsidized Stafford loans are set aside for students who have the greatest financial need. If you have bad credit and a low-income level, it is quite likely that you will qualify for a subsidized Stafford loan. Unsubsidized Stafford loans begin to accumulate interest from the time your school receives the loan. In addition, eligibility for this loan is not based specifically on financial need.
The Federal Family Education Loan Program is another option for student loans with no cosigner required. One of the great benefits of the subsidized loan is that the federal government will actually pay for the interest on the loan while you are still in school.
There are also private student loans with no cosigner required. Such loans are often available through credit unions and banks. Provided you have good credit, you may be able to qualify for a private student loan on your own with no cosigner. Along with your credit score, your employment prospects during school are another factor that can determine your approval for a private student loan with no cosigner. For instance, if you have a steady job this could demonstrate your ability to repay the loan.
Wells Fargo also offers no cosigner student loans. There are some restrictions in order to qualify for this student loan with no cosigner. Loan applicants must have an established, positive credit history and a minimum income of $12,000 per year. Wells Fargo is the same company that is so well known for its stagecoach business that dates back to the 1800’s. The company first started in 1852 following the gold rush in San Francisco and offered banking and express delivery services. Wells Fargo quickly grew to serve cities and mining camps throughout the West.
Discover also offers student loans with no cosigner required. Various types of loans are available, including loans specifically for students pursuing a career in health professions, MBA student loans, law school loans, and more. No cosigner required student loans could also be obtained through CitiBank. The CitiAssist Loan is the primary education loan offered through CitiBank. Loans are available to undergraduate and graduate students who are pursuing professional studies. Prospective applicants should be aware that the ability to qualify for a no cosigner student loan is typically based on credit history and annual income.
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