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Private Student Loan – No Cosigner

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

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Today’s current and prospective college students have a difficult future ahead of them potentially due the burden of finding private student loans. No cosigner, whether parents, mentors, or family friends, wants to see a student successfully graduate college only to insurmountable student loan debt. Nevertheless, this happens to thousands of college students repeatedly, and for some students and their parents, no other alternatives seem available except accepting their grim debt-laden future.

Do you need a private student loan – no cosigner?
Apply for private student loan – no cosigner today.

Some other options for a private student loan – no cosigner, include:

• Private lenders who offer loans specifically targeted at private student loans
• Personal loans generously offered by friends, family, or mentors
• Peer-to-peer private student loans offered online
• Tuition programs sponsored by companies

Most students begin their college financial journey with a visit to a financial aid office, where students erroneously learn obtaining a private student loan, no cosigner involved, may be next to impossible. Therefore, after determining the grants for which one is eligible, these students turn to others who care about them for assistance. Fortunately, for students, poor credit will not be a determining factor in deciding eligibility to receive Federal Direct Student Loans Program award money. Since no credit check or other rules influence students’ ability to receive this loan, students are thrilled to know solving their college finance problems is easily rectified using a private student loan.

Fortunately, loan awards are determined by looking at the parents’ and student’s tax information, assets, and other loans the family may currently be paying through the Department of Education. Although Federal Direct Student Loans can be approved without any credit information, Federal Family Education Loans are processed through a lender of the private student loan. No cosigner decreases the student’s chance of receiving such a loan in some instances. The lender assesses the student’s credit rating, and for a private loan, no cosigner included, the student may be in trouble. The federal government, however, will insure as many as 97% of all student loan principle amounts for those lenders who participate. Therefore, with the alleviated financial risk involved on behalf of private lenders, students stand a better chance of being approved for a private student loan, no cosigner notwithstanding.

For many students, their assets and their parents’ income combined are outside the income guidelines, so federal loan aid cannot cover the money necessary to pay for tuition and associated expenses. Because of these income requirements, many students are left to dig deep in an effort to cover the amount of the loans they will need to complete college without the help of federal financial aid.

Most interesting is the peer-to-peer loans available online as a new way to obtain a private student loan – no cosigner. In times past, neighbors, friends, and relatives might have pitched in financially to help a beleaguered, young student get through college. Today, this concept has gone virtual, with lenders potentially across the globe, providing funds to deserving college students electronically via companies like GreenNote, Zopa, Prosper, and Virgin Money USA. Electronic lending is a testament to the virtual world we now find ourselves immersed in and offers another great opportunity to obtain a private student loan with no cosigner needing to be part of the contract. Students electing to go this route should thoroughly understand repayment obligations to repay all private loans, but in the occasionally murky online world, scrutinizing terms and asking for clarification is essential.

Do you need a private student loan – no cosigner?
Apply for private student loan – no cosigner today.