How Hard Is It to Get a Personal Student Loan without a Co-Signer?

Personal student loans are better known as private student loans and are student loans that are issued by private lenders, without any subsidies from the federal government. Personal student loans don't require as much paperwork as federal student loans, and you can get more money from private lenders than you would from federal government. However, they usually require you to have a good credit card rating in order to qualify. You can get around this requirement by getting a co-signer who has a good credit history and is willing to repay your debt if you can't do it yourself. Getting a personal student loan without a co-signer isn't impossible, but it can be an involved, complicated process.

Narrowing the Field

Many private lenders won't give student loans to students without a co-signer, regardless of what kind of credit history they may have. That is why your first step should be to look at all the lenders in your area and find the ones that are more flexible in this regard. This will require you to visit each individual lender's website and read about their student loan programs. Alternatively, you can call their help lines and ask their customer service representatives. You can look up the lenders through print directories such as Yellowpages, equivalent online directories and Internet search engines.

Checking Your Qualifications

Once you found at lenders that are willing to give you a personal student loan, you will have to figure out whether or not you fit their personal student loan eligibility requirements. Different lenders will have different credit score limits. In all cases, you will need to be either a US citizen or a lawful permanent resident, you must have a steady, stable income and you must be enrolled in college or a university on a full-time basis in order to apply. Most lenders will not give you loans if you have any debt obligations. Lenders that will offer loans will require you to show that your debt is low according to their respective standards.

Applying for a Personal Student Loan

Once you narrowed down your list of potential lenders, you will need to submit an application. Usually, you can either download it from the lender's website, or get it from the lender in person. You will also need to attach copies of documents that prove that you have a good credit history. This includes copies of your current federal income tax return, last two paychecks, savings and checking account statements, credit card bills and other loan statements. Be sure to submit all those copies with that application. You will also need to give the lender written permission to look at your credit history. The lender will provide all the necessary forms.

Once the lender processes your paperwork and looks at your credit history, it will inform you of whether or not you will get a personal loan. Once that happens, you will need to sign some closing documents. Be sure to read them all before you actually sign them. If you have any questions, don't hesitate to ask the lender. Keep in mind that once the closing documents are signed, the loan is set in stone, and you will be legally required to abide by all it's terms.


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