When you are looking for a private student loan no cosigner required then you are going to have a tough time finding what you're searching for because private student loans that don't require a cosigner are very seldom made to students. Over the past few years a rumor has been growing that has suggested how there are bad credit private student loan lenders that don't have a problem providing no cosigner private student loans to students who cannot come up with a cosigner. The truth about this rumor is that it is terribly inaccurate, and the reality is that if you are looking for a private student loan no cosigner required then you are pretty much out of luck because ninety nine times out of one hundred private lenders are not going to be able to grant a student loan to a particular borrower if they have bad credit or no credit and they cannot come up with a credit worthy cosigner-it is that simple.
I think much of this confusion has stemmed from the rise of the "bad-credit' and "sub-prime" lending industry, which has made it well known that they can provide all sorts of consumer loans to individuals who have bad credit and have no cosigner. The reality is that these types of lenders do not often provide student loans, and while they can provide loans to individuals without a cosigner they cannot do the same for a student borrower who is in search of loans for their college education.
The private student loan lenders who provide private loans to students do not fall into this category of "sub-prime" lenders, and they will typically always require that the student-borrower have a cosigner when they cannot provide a satisfactory credit score and credit profile. Despite this, many students still think that these private student loans no cosigner required are out there, and the sad fact is that some of these students will spend a significant amount of time looking for these private student loans with no cosigner requirement. The bottom line with private student loan funding is that you are going to need to have either an established credit history or a credit worthy cosigner to get approved, and if you cannot come up with these things then you can pretty much rule out getting a private college loan.
All hope is not lost though if you find yourself in this situation because although you cannot get a private student loan without a cosigner, you can still get a substantial amount of federal student loans that can provide you with a significant amount of money for your college attendance and these types of loans typically do not require a cosigner. Federal student loans without a cosigner can be obtained quite easily, and once you fill out your FAFSA and submit it on time then you will automatically be making yourself eligible for a variety of federal funding including Stafford and Perkins loans. Stafford and Perkins loans are based off of your need for such funding and are therefore perfect if you are a student that may have difficulty coming up with a cosigner and you have little to no credit history.
To get these no cosigner student loans you simply need to fill out your FAFSA at some point during the winter and then you will be sent an award letter from your school about three to four months later. You then just need to accept or decline the federal loans that you wish to receive and I highly suggest you accept all the federal funding that is listed because these loans carry very low interest rates and they can be paid back with flexible repayment terms. In the end you should not waste your time trying to locate a no cosigner private student loan when you can easily get the funding you need via federal loans, so fill out that FAFSA and check your mailbox regularly.
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