Federal Student Aid
The federal student financial aid program, which provides loans and grants to students and/or their parents to make college affordable, was designed so that everyone who wants to get an education may do so financially. This includes students with poor credit who might not be able to get more traditional loans, as well as students who depend on themselves financially.
Consequently, federal student loans (as well as state-sponsored student loans) require neither credit checks nor cosigners.
To apply for all forms of this government-funded financial aid for which you are eligible, you need only to fill out the Free Application for Federal Student Aid (FAFSA). Regardless of a number of factors that usually would be considered for loan eligibility, federal student loans can be obtained by almost anyone.
Among the aid that you might receive are certain loans and grants that are set aside specifically for most financially needy of applicants. The Federal Stafford Subsidized Loan, the Federal Perkins Loan, and the Pell Grant are examples of such aid.
“Gift aid” encompasses types of financial aid that do not require repayment on the part of the borrower. Including scholarships and grants from both private and federal sources, gift aid does not require a cosigner.
Scholarships and grants may be provided to students based either on merit or on financial need.
Private Student Aid
Student loans that are obtained from private sources, such as banks or credit unions, generally do require a cosigner. However, if you have very good credit and/or a high interest rate attached to your loan, then you may be able to obtain one without a cosigner.
Private student loans certainly are an option, but if it is necessary for you to get a loan without a cosigner then you almost certainly will have more luck with a federal student loan. Unless you have a specific reason for borrowing from a private lender, then try your luck with federal loans first.
It is more than possible to obtain student loans without a cosigner – in fact, it is more than likely. Federal student aid is available to almost anybody to make college more affordable, and no cosigner is necessary. Gift aid and private student loans also may help you to fund your academic career but may be more difficult to obtain, or more difficult to obtain without a cosigner, respectively.