Getting approved for student loans without cosigner requirements is not always an easy task. Many times, a federal student loan, for example, will require you to have a cosigner who himself has a good credit rating. Or, you might be allowed to have the loan but not get as good an interest rate or as high of a loan principal absent the cosigner.
Those with bad credit, no credit, low income, or no income all need cosigners for “ordinary,” run of the mill student loans. But, the good news is, there are often other options.
Why Is It Hard To Get “Regular” Student Loans Without Cosigner
Usually, parents cosign for their children on student loans, and 90% of US student loans are cosigned by someone. But even parents of students do not always have a good enough credit history to cosign. And there may not always be someone else to step in.
Most lenders want the extra precaution of cosigning to protect themselves in case the student ends up defaulting on his or her loan. Federal financial regulations and nationally customary financial practices virtually guarantee this kind of policy is going to pertain with bank-originated loans.
Sometimes, a student may have good enough credit himself or have a small enough loan principal that cosigning isn’t considered necessary. Or the student’s grades or scholarships might play a role in the decision. But you normally have to go to a private, direct lender or a special loan program to get a non-cosigned student loan if you have bad or no credit. Additionally, if you aren’t a US citizen, it can be even more difficult to get out of the cosignatory requirement.
What To Do If You Need A Student Loan But Can’t Get A Cosigner
When you can’t get a more traditional student loan, perhaps for the lack of a cosigner, you need to explore your options for student loans without cosigner involvement. There are many direct lenders who offer these types of loans, and many of them not only don’t require a cosigner but also do not base approval on credit scores.
You can find student loan lenders who don’t care if you have zero credit history and will not run a credit check on you. If they do run one, it will be a soft check instead of a hard check and, therefore, won’t damage your credit score. As long as you are 18 or older, have a US bank account, and don’t have other fast cash loans outstanding or that you defaulted on in the recent past, you are likely guaranteed for approval.
Bonsai Finance Can Help!
There are so many lenders out there offering student loans with easy approval and no cosigner, that what you really need is advice and assistance in choosing the most reputable lender and the most competitive loan offer. Bonsai Finance provides exactly that kind of help.
Our experienced staff and our high-tech search systems mean you can quickly sift out the wheat from the chaff. You can customize searches to fit your particular circumstances and to focus on the factors that matter most to you in a loan, be that a low APR, a low monthly payment, low fees, a bigger principal, or a longer term. We empower you to basically custom-pick your loan, and we are always on hand to answer any questions you may have about it. Plus, our large library of valuable loan-related data enables you to self-educate yourself on all important student loan topics.
Don’t give up on your education! Talk to Bonsai today or visit our site so you can find student loans without cosigner requirements or any other applicable restrictions holding you back. We are experts at matching you to your ideal loan!