ARTICLES MANIAC ? How to Get a Low Cost Student Loan

Going to college isn?t always an option for students who are just graduating from high school. Some believe they just don?t have the finances to pay for their education. The economy isn?t all that it?s cracked up to be, and many parents are struggling financially. The question of how to get student loans without a cosigner is one that is commonly asked in today?s society.

One thing that any one can attest to is that life happens. Sometimes people undergo circumstances in their life that prohibits them from being financially at the point where they need to be. When applying for a loan, due to a poor credit history and other factors, some are automatically ineligible. As a result, many are finding themselves searching for individuals in their family that can help them by becoming a cosigner on the loan. Unfortunately, hardly anybody wants that burden. It?s too much of a risk.

There are two types of educational funding that are made available. One is obtained through private funding offered by independent lenders. These type depend solely upon how much money a person makes, as well as their credit. If these two factors are poor, the likelihood of getting approved is poor.

However, if an individual doesn?t have the credit or the income, they can get someone who does. This person would be considered a cosigner. The cosigner would then be responsible for paying back the loan if something happened to the applicant. Unfortunately, this was the type of loan in which Randy was trying to get his father?s assistance.

Randy, after doing more research, stumbled upon the second category of financial assistance. This type of loan is provided by the federal government, and aren?t based upon a person?s credit. They are typically known as federal student loans. They are based upon an individual?s financial need. Due to this fact, they never require that a person has a cosigner. They never ask that an individual submit information for a credit check. Therefore if an applicant doesn?t have a credit history, job, or credible references, they may still be able to qualify.

One major difference between federal and private aid is the funding. A person can apply for a lump sum of money through a private loan application, but a federal loan has funding limitations.

Applicants are also encouraged to apply for scholarships and other forms of aid to decrease the amount of financial assistance needed. Individuals should work on getting scholarships and grants that don?t have to be paid back so that financial costs are lessened.

Those that seek to apply for financial aid are encouraged to fill out the free application for student aid online. Applicants can take comfort in knowing that the higher their financial needs are, the more likely they will receive a loan approval. It?s good to know that student loans without a cosigner can be obtained in order to meet educational needs.

The author is a financial aid professional who writes about obtainingstudent loans without cosigner.

Source: http://articles-maniac.tk/how-to-get-a-low-cost-student-loan/finance/loans/

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