How to Find Student Loans Without Cosigner

In the modern world, good education is an indispensable prerequisite for a comfortable and financially secure life. Unfortunately, the majority of students cannot afford their tuition fees and must rely on borrowed money. Every year, student loans help millions of young people to pursue their studies. Securing a student loan, however, is not an easy task, and you are usually required to find a cosigner who would guarantee its repayment. But even if you donít have a guarantor, you can still find student loans without cosigner by following some of the tips below.

1. If you are presently at high school, consult your counselor on the loan options for student loans without cosigner, available in your area. He or she may know of some local companies which are willing to give loans to students.

2. Check at your local bank. There are several banking institutions, which offer to their customers student loans without cosigner on advantageous terms. Wachovia Bank, for example, has several student loan programs which are worth considering. Besides the Wachovia Education Loans, some students can apply for the TERI loans. They are intended for medical students, education students, and students who pursue their studies abroad. Students can sign for the online banking service of Wachovia, apply for different banking products, and track down their loans. Additional services include deferment options and student loan consolidation. Your chances of approval for a bank-funded student loan will increase if you can prove a steady source of income and/ or have a good credit history.

3. If you have already been admitted to a college, call or visit its financial aid center and ask for information on student loans without cosigner. The officials working at the center are there to assist students in obtaining loans, and many of them donít require a cosigner.

4. Visit the website of the Free Application for Federal Student Aid, the organization that grants no-cosigner government loans to financially disadvantaged students. The main loans you can apply for there are the Stafford loans and the Perkins loans. The Stafford loans are intended for low- or no-income students with no previous credit history. Funding is awarded to graduate, undergraduate, and vocational students who are accepted or enrolled in participating institutions. The sum granted with a Stafford loan is not particularly large, but you stand a good chance of obtaining it.

The Perkins loans are designated for particularly destitute students enrolled in vocational, undergraduate, and graduate programs. They charge an interest rate of 5 per cent and are repaid longer than the Stafford loans. To fill the online FAFSA application form, you will need your personal details and a document that proves your income, preferably your most recent tax return.

Besides student loans, the federal organization awards many financial grants, which you may also want to check. Some of these are the Atlantic Region Grand (law), the Chancellors Scholar Award (medicine), the Danton Business/ Economics Scholarship (economics), etc.

5. If you are a non-traditional student, e.g. if you have abandoned your degree and now are returning to college to complete it, you have more opportunities than traditional students to secure the needed money. Many tertiary education institutions and credit companies are eager to provide returning students with scholarships, grants and loans on preferential terms. Make sure you check with your college what the available student loans without cosigner are.