Obtaining Student Loans Without Needing A Cosigner

	By:  aquapearl -- Jun 25, 2008 12:06:44  Category: Goals, Plans, Hopes As education costs continue to increase year on year it is getting harder to find the funds necessary for college and many students spend more time worrying about raising the money needed than they do working at their studies. As if this was not bad enough all too many students discover that once they have graduated they are left with so much loan debt that it quite simply drags them down and will take years to pay off. Now, if this paints a grim picture then for a lot of students the problem of funding an education is compounded by a need to raise the money needed without the availability of a cosigner to their loan applications. College funding these days is not simply a matter of looking to a single source of finance for most students but is a matter of putting together a portfolio of funds from a variety of different sources. The first port of call for every student should be to try to find grants and scholarships. Far too many students simply ignore this source of essentially free money altogether and yet you would be surprised at just how many grants and scholarships are available these days. In many cases of course the amounts of money in question are relatively small but even so can be very helpful as a part of your total funding plan. The next source of funding should be federal loans through schemes like Perkins and Stafford loans which are granted as both subsidized and unsubsidized loans. Perkins loans especially useful because of their low rate of interest but are also the hardest loans to obtain and need students to show particular financial hardship. Sadly at this point although you will have begun to build your portfolio it is unlikely that this will provide you with sufficient funds and you will now have to start casting your net wider and here you will have two routes to follow. If you are fortunate enough to have the assistance and support of a parent or guardian then they can apply for a federal student PLUS loan to make up the difference between the money that you have been able to obtain yourself and the overall cost of attending college. Student PLUS loans are subject to the parent or guardian having a fairly good credit history but the requirements are not as stringent as those applied by private lenders. If you have not got a parent or guardian to whom you can turn or simply decide to go it alone then you will have to obtain a loan from a private lender and exactly how easy this will be will depend to a large extent on your own credit history. In almost all cases private lenders will be quite happy to grant you a loan as long as you have a good credit history and will require you to have a cosigner if you do not have a credit history on which they can base their decision or have a bad credit history. Nevertheless, with a growing number of people with a poor or bad credit history nowadays there is also an increasing number of private lenders who will grant loans without the need for a cosigner and so it is simply a question of shopping around. A poor credit loan with no requirement for a cosigner will of course cost you more than a standard good credit loan but as long as you take your time and shop around with care you will find a loan at a fair rather than exorbitant interest rate.
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