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Getting Student Loans With No Cosigner

March 2nd, 2008

In many ways student loans are no different from any other loans in that the lender wants to have confidence in your ability to repay the loan before handing several thousand dollars over to you. But, since the lender doesn’t know you from Adam the only thing he can do is to look at your credit history to see whether or not you have been granted credit before and have managed this credit responsibly.

Now, for most students this is a problem because at this stage in life you will often not have any credit record and so the lender will turn you down simply because they are unable to assess the risk of making you a loan. One way around this is to have somebody else, such as a parent, who has a good credit record to guarantee your loan for you and to cosign your loan application. However, if this is not possible then don’t despair and assume that you have come to the end of the road because there are lenders today who are only too well aware of this problem and who will grant student loans with no cosigner.

Entry Filed under: Business