Ginko Financial

If you are a student or thinking about becoming one then you’re more than likely going to have to think about how all of your expenses will be paid. For many, this means taking out a best rate loan. Unfortunately there’s no other option for many these days. If you have a look at the loans available to college students you will see that there are many including private and federal. The problem is that you need to have a good credit rating. And considering that most college students are young, you might not have any credit rating.

Don’t despair. Even students without credit history can still get a loan. The real problem arises when you don’t have a co-signer for the loan. As you might have already understood, student loans with a cosigner are given to students who don’t have someone to put their name to the loan as a guarantor. There are many reasons why people would prefer not to have a cosigner. It might be that they simply don’t have anyone who can do this or perhaps they want to be responsible for their own finances.

Make sure you do your research to find what you’re looking for. Stafford along with Perkins don’t require a credit check. However it’s still a good idea to check around with other companies to make sure.

You need to then see about completing the Free Application for Federal Student Aid (FAFSA) so that you can secure yourself a student loan. If you are looking to get a federal loan then you need to go through the FAFSA process. They will help you get the loans and grant money that you need to get your though college. Please note that you need to provide the tax returns of your parents in order to do this. If you have had any jobs before becoming a student then you need to provide these too.

You need to think about which company to apply with for the loan. If you are going to go with Stafford then you need to read up about what the offer. The loans you can get with them can be subsidized or unsubsidized. It really depends on who is paying the interest during the time that you are studying. If you are from a low income background with no credit history or co signer then Stafford is a good company to try out. Although the loan amounts they offer can be on the low side.

Perkins loans are also federal loans that is great for people who really have a great financial need for it. The interest rates are 5% with a good long payback term.

There are actually more options for you if you happen to be a non-traditional student. Besides the loans you can get from Stafford and Perkins, you might be able to get scholarships and grants too.

If you are taking out a student loan from a private company such as a bank then you will more than likely need to have a cosigner. The exception would be if you happen to have a very good credit history or you are willing to pay higher interest rates.

So if you have been worried about not being able to get a student loan without a cosigner, hopefully you’re mind should be put to rest. Although there’s not a huge list of options for you, there are some. Find out as much as you can in terms of what you are eligible for. You might be able to get grants which will really help you along with your studies.