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Student Loans – No Cosigner Needed

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

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According to the National Center of Education Statistics, enrollment in postsecondary educational institutions was 18 million students for the academic year beginning in the fall of 2007. Many of these students afforded their academic year through student loans no cosigner needed. Though the archetypical college student is a young person, only 3.3 million high school students graduated in 2008 with an even smaller amount going onto attend college. A large minority of the college population is in fact adults above the age of twenty-four and attempting to further their educational background.

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According to the National Center for Education Statistics in 2007, the total expenditures on postsecondary colleges and universities totaled $373 billion dollars. Much of this money came from lenders offering various forms of loans not requiring a cosigner signature.

Some student loans – no cosigner needed include:

• Direct Subsidized and Unsubsidized Stafford Loans
• Direct Perkins Loans
• Direct Graduate PLUS Subsidized and Unsubsidized Student Loans
• Personal Loans
• Private lender loans from banks, credit unions, and other lenders
• Niche occupation and area of study related loans

For many of these older individuals, finding loans for school through a cosigner is not exactly ideal as they have been or currently are on their own financial standing, but may still require extra financial assistance to put themselves through college. In other cases, students’ parents do not consider cosigning a loan for their son or daughter a fiscally sound college payment strategy or do not have the creditworthiness to provide an acceptable co-signature in the first place. In such cases, student loans no cosigner needed are a feasible alternative to traditionally cosigner-backed loans.

The federal government, through the Federal Direct Student Loan Program, offers student loans without the need for cosigner signatures in multiple platforms including the Direct Subsidized and Unsubsidized Stafford Loans, the Direct Perkins Subsidized and Unsubsidized Loans, and the Direct Graduate PLUS Subsidized and Unsubsidized Student Loans programs. Each of these loans carries its own unique interest rate and borrowing terms, however, these loans prove to be the epitome of low cost lending for students on interest rates alone; this does not even take into consideration the associated benefits of no credit checks and necessity for cosigners.

In 2007, 30 percent of young adults completed degree-granting postsecondary education institutions with a bachelor’s degree. Of all these students, many relied on a variety of federal and private lending resources to compliment their own financial income when paying for college. Federal Direct Student Loans generally suffer from several drawbacks, which enhance the attractiveness of private lender loans requiring no cosigner to borrowing students. The Department of Education caps the maximum lending amount for each borrower of all the available loans, and the loans are given away to students on need-based policy. Therefore, some students facing financial strife when paying for college simply do not qualify for these loans, and in turn, must seek alternative private lender loans.

Private lender loans do have their advantages, however. Private lender loans from banking institutions, which may or may not require a cosigner, do not limit borrowers in the potential amount of money one can borrow. In addition, the awards for private lender loans are based on a mathematical formula of risk analysis and not on an economic need basis. For students either looking to fully fund their education or cover the gap left by low maximum lending amounts on federal loans, the answer is found in student loan no cosigner needed through banking institutions.

Do you require student loans – no cosigner needed?
Apply for student loans – no cosigner needed today.