Is it possible to get a student loan without a cosigner?
Posted by StudentLoan on August 3rd, 2010 | 5 comments
I was a encourage kid, so we do not only have someone to cosign my loans with me.
Also… if we managed to get a tyro loan, would it help me set up my credit?
I’m 19.
I have as solid job, as well as we have a income for a school… my categorical regard is substantiating credit.
I do not NEED a money, I’m only perplexing to find a approach to get a credit score.
Any propagandize we go to is already paid for until I’m twenty-four since of a encourage thing…
Comments
Why not fill out the FAFSA?
With no credit and being 19, you will probably have a hard time getting the loan on your own.
Getting a student loan would certainly help you build a credit history.
But, you should only apply for credit when you need it. If you don’t need a student loan, apply for a secured credit card to start building history.
Hon, you apply for GRANTS and Loans. Grants are free, because you were a foster kid you automatically qualify. Most people do, it is based on your income. They will question about your Parents income. If you don’t have any contact,etc. then they are fine with that. You Will get enough money in Grants to pay for school,books(expensive), and some left over. Then you will get your loan. The loan is to live on for the 3 months of each term. I went back in 99ish and the Grant was $1330, loan $2000. Tuition was 600, books about 250-300. Now 2010 you end up getting $5000 per term to live on, etc. You do know you have to be a full time student. You have to take 12 credits each term. Fill out your online app at…?? Federal student loans.com or whatever. Pick out your classes and figure your budget,etc. You apply now and you will for sure be approved by summer term. You can take online classes too. I found that some are fantastic and some are a lot more work, so be choosy. Like Writing. You aren’t always in the writing mood. That was cool. You will do fantastic. Get that web address and get it filled out now. Oh, and they cut you checks for grant first, so you can sign up,books,etc. Then shortly after you get your loan money. You could have no credit or the worst credit in the world and your excellent to go. Just remember, you HAVE to start paying the loans back 6 months after you are done with school or eventually they will take all your money, literally. But if you go to school for the rest of your life your excellent. Wink. Excellent luck again and just make sure you are 1st to pick classes and get books. It’s a madhouse, for real. You can buy used books and swap but I always found that to be to much distress.
Why are you concerned with establishing credit? Why are you not more concerned with establishing wealth?
Student loans usually do not require a co-signer. A huge exception is if you’re going to a school that has a high default rate. If establishing credit is the main reason that you want a student loan, stay away from them. Student loans should only be taken out as an absolute last resort to pay for college. And if you do, you should borrow the absolute minimum needed to pay for your school expenses.
Student loans are perilous. They are easily given, and can take forever to pay back. The worst part is that they follow you until the day that you die. You can’t bankrupt them, and they don’t even need to sue you in order to garnish your wages. They can confiscate a tax refund, and add penalties and interest that in no time double and triple what you owe.
You’re 19 years ancient. Credit will not help you establish wealth, it will only add risk to your life. You’ll be one of the brainless sheep that pay a excellent part of their paychecks to support the rich banks. Don’t support the rich banks, become one. No one ever became a millionaire by having a high credit score, but many have gone broke trying to establish one.
Well the best thing you can do is fill out the FAFSA and see what type of Financial Aid you qualify for. As far as a co-borrower goes for student loans you should not need one as long as you get federal loans. These would be stafford loans. Recently passed with health care was a mandate for all student loans to be controlled by the federal government. This was done as it was often considered that banks were doing predatory lending with students. Political feelings aside this was done. It has not gone into affect just yet, but will soon. So you are young enough that this will probably affect you. This means any type of private student loan that would have needed a co-borrower will probably not be an option. Stafford loans do go on your credit report, though they typically do not have a major impact on your credit until you start to pay them back, which happens when you graduate. Best advice….if you truly do not need loans do not take them out just to build credit. There is better ways. Take it from my experience, you do not want to be swimming in debt just out of college. You will be making payments for years after wards if you do.