Student Loans Without a Cosigner

Are you trying to find student loans, but can't find a cosigner? Or are you a parent who wants their child to gain responsibility by having them get a loan where they will have to pay it independently?

Though, in either case, this may seen a daunting task, there are several easy solutions. First of all, and most importantly, apply to the FAFSA. You will need your parents income tax information (and your own if you work), to fill out the application. FAFSA can provide you with access to loans, and free money the government supplies for students in need. Unfortunately, in many cases, your parents probably make too much. However, even if they do, you should still fill out the application. As, again, it does open up access for many other loans and scholarships which require a complete FAFSA. Check their website for information on deadlines.

After the FAFSA is complete there are several student loans crafted for students in this situation. Most popular is the Stafford loan. It comes in both subsidized and unsubsidized varieties. For the subsidized, it is based off financial need of the students, has a low interest rate, and does not accrue interest while you are a student.

The unsubsidized also has a fixed interest rate, but this one is higher. It also collects interest while you are a student. The limit of the loan is raised, so you can borrow an extra $2,000, so for those with more need this may be necessary. The Stafford is usually easily to get, but the limits are low. So if you are in a community college or a cheaper college this can hep greatly. If not, then it can be a stepping stone to bring you closer to paying the total cost.

Perkins loans are another road to take. Tailored towards students that show great financial need, these can offer you another sum to add to the Stafford in order to reach your payments. The interest is about 5%. Dependent on how much you need to pay the college, the amount FAFSA has awarded, and net income, they will offer you what they believe is a just amount.

Many banks offer no-cosigner loans as well, and are worth checking out, but usually the above two are the best. Nelnet is also known to offer student loans, and should be considered.

If all these fall through, you should consider looking into scholarships and grant programs. They offer money without the need to pay back. Another little known way of gaining money for college is called 'Gift Aid,' which is also money for college without any paybacks.