Bad Credit Student Loans Without Cosigner

Is it possible to get bad credit student loans without cosigner help? The answer is yes, depending on what type of loan you are applying for. The first thing any student should do is apply for federal aid in the form of loans and grants. The way to do this is to start off by filling out a FAFSA. This is an application form that can be filled out online for your convenience. After this application is submitted and analyzed, the financial aid office at your school can sit down with you and explain what you qualify for.

Most every student will qualify for the Stafford Loan. This loan pays a portion of your educational expenses and does not require a cosigner. There are subsidized and unsubsidized Stafford loans. With a subsidized loan, the government takes care of the interest on the loan while the student is in school. With an unsubsidized loan, the student must pay the interest on the loan. Both types have payment that is deferred until the student leaves school. Because the Stafford loan isn’t going to cover your total costs, you should look at other federal loans as well.

Another one of the bad credit student loans without cosigner help you may be able to get is the Perkins Loan. This loan is awarded to students with a high level of financial need. Availability is limited, as the government gives the funds to the school who then provides the loans to qualified students. However, it is a first come, first serve basis until funds are gone. So if you want to try and get a Perkins loan, apply as soon as possible. Your financial aid officer can tell you more about this and other student loans.

There are other types of loans for students available from the federal government like PLUS loans, but they are based on credit worthiness. Private loans without a cosigner are going to be nearly impossible to get for a student with bad credit and no cosigner. Therefore, the next step would be to look into federal grants. Grants are monetary awards put towards tuition that do not need to be repaid, with the most common being the Pell Grant. Pell Grants are need based and many students do qualify for them.

Something else you might want to look into are scholarship programs. Most scholarships are based on student merit and although they do not usually cover your full educational expenses, they can certainly help towards the cost. Make sure you understand the criteria and deadlines when applying for a scholarship. As you can see, there are multiple bad credit student loans without cosigner assistance you can apply for, as well as other options for helping with educational expenses.