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How to Get an Education Loan With No Cosigner

You’re not alone if you’re wondering how to get a student loan with no cosigner. Student loans can be tricky, especially if you don’t have a cosigner or family member who can help guarantee you’ll repay the money. 

However, there are many college financial aid options that don’t require a cosigner. Here’s how to apply for different types of education loans without having someone else sign the documents:

Get federal aid.

Federal financial aid is available to students who need help paying for school. If you have a low income, are working on a degree and have a high GPA, or are the first in your family to attend college, then federal aid may be your best bet. However, the application process is much simpler than applying for private student loans because it doesn’t require a cosigner or collateral.

Apply for scholarships.

You may think that scholarships are only for the rich and athletic. But the truth is, there are plenty of money grants out there that are available to anyone who applies. These programs can help you pay for your education in many ways:

  • Paying tuition
  • Providing books and supplies
  • Offsetting housing costs while attending school

To find these opportunities, do an online search or check with your high school counselor or college advisor.

Use a student loan without a cosigner.

You may have heard that getting an education loan is impossible without one, but doing so is relatively easy. There are several places where you can get a student loan without a cosigner. According to the Ascent financial experts, it can be done in 4 easy steps which include:

  1. See your pre-qualified rates
  2. Customize your loan
  3. Upload your documents
  4. If approved and certified, get your money

Additionally, they say, “Cover up to 100% of your attendance costs. Plus, you can get 1% cash back and a discount if you set up automatic payments.”

Take out student loans from your school.

If you have no cosigner and still want to get a student loan, your best bet is to borrow from your school.

This isn’t something that every college offers, but it’s worth checking into if you’re having trouble finding a lender with no cosigner.

Your school will usually charge higher rates than banks and private lenders. Still, they’ll also be able to help you by looking at your overall financial situation and evaluating your ability to repay the money. They’ll also ensure that there aren’t any other problems in your life that could prevent you from paying back the loan.

Take out alternative loans.

Alternative loans are an excellent option for students who don’t have cosigners. Banks, credit unions and other financial institutions offer them, so you can apply for one even if your school doesn’t offer them. 

The amount you can borrow is typically less than with federal loans or Perkins loans, but they often have lower interest rates and shorter repayment periods.

Here’s what to know about alternative loans:

  • You’ll need good credit to qualify. If you have any negative marks on your credit report—such as late payments or accounts in collections—you won’t qualify for these types of financing until they’ve been removed from your record (usually after seven years). To learn how to improve your credit score in the meantime, check out our article on building a positive financial identity as a student.
  • Compare rates carefully before applying for an alternative loan. As mentioned above, some types cost more than others; that’s why it’s essential to shop around to find one with the best terms available when you apply (and pay off) your loan.

Hopefully, you found these tips helpful. So do your research and make sure to consider all of the options before deciding on an education loan. Ascent is a reliable resource to get your student loan without any hassle. There are many different ways to finance your education, so make sure you take advantage of the right ones for your situation!

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