Getting Student Loans with No Cosigner

More students than ever are searching for no cosigner student loans as funding for a college education becomes increasingly important. Educational costs are rapidly increasing and numerous parents are finding they are no longer able to pay for the cost of their children attending college, whether by paying on their own or by co-signing for student loans.

No Cosigner Loans and FFELP and FDSLP

Students who are trying to obtain no cosigner loans will find that a federal student loan is typically the best choice. There are two large student loan programs that offer subsidized student loans without the need for a cosigner. The William D. Ford Federal Direct Loan Program as well as the Federal Family Education Loan Program are referred to as the FDSLP and the FFELP.

One of the benefits of these loan programs is that there is no need to be concerned with obtaining a cosigner due to the fact that these are federal student loans. Furthermore, there are also numerous other benefits available, including the following:  No applicable interest payments on the loan while the student is enrolled in school a minimum of half-time - No applicable interest payments during the immediate six months after the student graduates. No applicable interest payments for qualifying students for an extended period of time - Loans are provided on a financial need-basis.

When compared to private loans and unsubsidized loans, these federal student loans can be quite advantageous as student borrowers do not need to worry about incurring interest from the start of the loan. The federal government will instead pay the interest as it accrues. There are actually several different types of loans that are provided through these government programs for students.

It is important to be aware that each loan program does have its own maximum loan cap. For instance, the FDSLP Direct Stafford Loan will allow for loans to be made up to $3,500 for students who are considered to be dependent. The FFELP Stafford Loan will allow for loans to be made up to $3,500 for students who are considered to be dependent. The FDSLP Perkins loan will allow up to $4,000 loans for students. The FDSLP Perkins Graduate loan will allow for a maximum of up to $6,000.

No Cosginer Student Loans and FAFSA

In order to apply for federal no cosigner student loans, it is necessary to complete the Federal Application for Federal Student Aid, also known as the FAFSA. There is no fee for completing the FAFSA. While numerous factors are considered when determining eligibility for any loan, most applicants will find it is much easier to qualify for a federal no cosigner student loan. This is because no cosigner student loans are designed to ensure that anyone with a desire to advance their education will be able to do so, regardless of their financial ability. Even students who have poor credit or no credit and who could not typically qualify to receive a traditional loan as well as students who are not able to financially depend on their parents can often receive a federal no cosigner student loan.

State No Cosigner Student Loan Programs

Students who are in need of student loans with no cosigner may also consider student loans that are state sponsored. Many states around the country have elected to establish their own unique education assistance programs that are designed to provide supplemental assistance through a variety of financial aid programs.

Many of these programs do not require applicants to have a cosigner if the applicant has good financial standing and a good credit record. It should be understood that the eligibility requirements for these programs do vary among students.

Loan amounts may also vary. Such programs include the AlaskAdvantage Student Loan in Alaska and the Connecticut Student Loan Foundation that works with Susie Mae in Connecticut. Students who reside in or who attend school in South Dakota, North Dakota, Wisconsin, Wyoming or Montana may wish to apply for the Student Loans of North Dakota. This program serves as a lending arm of the Bank of North Dakota and provides federal student loans as well as alternative loans.