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No Cosigner Student Loan

Receiving a college education may be the single most important accomplishment that one may achieve in their entire life time.

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In the complicated search for postsecondary education funding, many students face finding a no cosigner student loan, which depending on the student’s FAFSA awards, can prove challenging. In the following article, helpful solutions locating a no cosigner student loan are provided along with a complete assessment of the FFELP and FDSLP no cosigner student loan offerings. According to statistics from the National Center for Education Statistics, over 20% of students currently utilize private lending institutions if receiving insufficient or no FAFSA awards money.

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Though the interest rates of FFELP and FDSLP loans prove highly enticing to student borrowers and their parents, the stipulations surrounding the borrowing of federal financial aid may not be as appealing as appearances seem. One problem constantly plaguing parents and students is the maximum loan amounts offered by the Department of Education.

The maximum lending amounts for first year no cosigner federal student loans are:

• FDSLP Direct Stafford Loans – $3,500 for dependent students
• FFELP Stafford Loans – $3,500 for dependent students
• FDSLP Direct Graduate PLUS Loans – Entire cost of attendance minus other aid awards
• FFELP Graduate PLUS Loans – Entire cost of attendance minus other aid awards
• FDSLP Perkins Loans – $4,000
• FDSLP Perkins Graduate Loans – $6,000

These students accounted for the burgeoning balance of the $17.3 billion private student lending market in 2006; a market that has grown 900% in the past decade alone provided calculating all adjustments for inflation. Clearly, private banking institutions offer attractive enough rates and terms to draw in such large numbers of students; however, locating these lenders individually proves difficult and tedious in many instances. The provided internet resources are perfect for locating the ideal no cosigner student loan.

An important item to note is students opting to participate in the FDSLP cannot also derive financial aid loans from the FFELP or vice versa. According to the College Board in 2008, the American average cost of attending a college or university for one academic year is $13,589; tabulate the extreme circumstance of a student being awarded all applicable loans from either of the federal loan programs and realize the average American student is significantly deficient in funding college via government no cosigner loans alone. Admittedly, the loan amounts for FFELP and FDSLP Stafford Loans increase each year of enrollment, however, the amounts still proves lacking in light of the College Board’s assessment that from the 2007 academic year to the 2008 academic year the average cost of tuition rose 5.9 percent.

The process by which the Department of Education derives loan amounts loan, which is the FAFSA form, is another important caveat to note about federal loan aid. The Department of Education utilizes FAFSA forms in order to determine student’s need analysis by calculating the student and parent assets, income, and dependency situations and creates an expected family contribution amount. Many students find their expected family contribution amount far exceeds their actual ability to fund college educations, and students are forced to search elsewhere for loan options. In this case, private student loans not requiring a cosigner signature can provide an easily accessible source of funding for students with no maximum lending caps, competitive interest rates, and will process in a matter of days for approved borrowers.

Do you require a no cosigner student loan?
Locate a no cosigner student loan today.