How to get a private student loan with no cosigner? This is a question more and more students are starting to ask in this difficult economy. With college costs soaring and grant and scholarship funding being cut back at alarming rates, student are forced to take out more Student Loans.
The default loans most students get are the federal loans. But these loans are no longer sufficient to pay for college. Indeed, if you want to cover the full cost of your college education just with federal loans, you will have to live at home and pack lunches to work. If you happen to live on campus then the costs are simply to high to be fully covered by federal loan aid.
You are going to have to look at getting private loans. However, when you are applying for private loan aid the issue of credit becomes very important. Basically, if you don’t have any sort of credit history, you won’t be able to get a private loan without a cosigner. The reason is that lenders simply don’t want to take a risk right now to lend to students who might not be able to repay the loan. Credit history is a way that lenders can verify whether you will be a good borrower or not. So you can get a private student loan with no cosigner, but you will need to have good credit to qualify for this sort of student loan. You can find plenty of private student loan lenders by looking around online.