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How to get a student loan without a cosigner

Going to college is a huge step for most students. This also usually involves applying for college loans since the rising cost of education isn’t helping anyone. But navigating the world of college student loans can be very tricky. This is the first direct involvement most students have with the prospect of loans and returns.

A cosigner serves to improve one’s chances of both getting a loan and understanding it enough to know how and when to pay it back. However, most students like the challenge and are up to it. If you’re looking to opt for student loans with no cosigner, here’s what you can do.

How to get a student loan without a cosigner

Getting started
There are two kinds of loans you can go for – private and federal.

As a student, it helps if you go for federal loans. They offer more flexibility and easy repayment options. Private loans, on the other hand, should be used to supplement a primary loan source. They do have benefits – such as hardship options that allow one to put off loan repayment for a set period. But these vary across lenders, so try not to rely on that.

Student loans with no cosigner usually fall under personal loans – so here’s how you can get one.

Credit score
If you have a credit card to your name and have a long history of responsible usage, then your credit score will reflect that. That is why it’s important to maintain a stable and good credit score. The score is then used to evaluate your worthiness as a potential candidate for a personal loan without a cosigner.

Ideally, your credit score should not fall below 600 points. A golden bracket is between 720 to 750 or anything higher than that.

The credit score and history of credit card usage here will work in your favor and do the job that would generally be performed by the cosigner.

It is generally believed that getting a private student loan without a cosigner is easier said than done. On paper, it feels like a simple enough procedure. In practice, it may not prove to be. First off, mostly because as a student, you aren’t likely to have enough time to build up your credit score – and this whole process could mean delaying your education a few odd years.

This makes federal loans better options to students – since they have no charges for application for a loan, and often work faster.

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