“An investment in knowledge pays the best interest.” – Benjamin Franklin
Quality education is not cheap but it is probably one of the best ways to safeguard your future. At some point in their college or university life, many students have to take financial aid in order to pay the high tuition fees.
This aid comes in the form of a student loan. Apart from receiving federal student aid, you can also borrow money from private lenders.
In some cases, the providers of private student loan do not need a cosigner. So, let’s take a look at the list we have compiled of student loans without cosigner.
Under certain conditions, Sallie Mae offers a private student loan without a cosigner to an individual. It also has a program in which the 12 consecutive repayments of the borrower release the cosigners from the loan contract.
The borrowers need to have a good credit score in order to get private student loans from Discover Bank. Moreover, students who have 3.0 GPA or more can get cash rewards from this organization.
The good news is that you won’t have to pay extra charges such as late fees, origination fees, or loan application fees.
You can get lower interest rates for student loans with cosigners. However, you can obtain a student loan without cosigner from Citizen’s Bank.
Use a cosigner for a short-term basis
Although this may sound crazy, but you can actually use a cosigner and then remove him from his obligation later on. When you have made successful consecutive payments for some time, a cosigner can be removed from a loan.
After a specific period of time, this bank allows the cosigners to be released from the loan’s responsibility. For that to happen, the borrower must have made 36 or 48 payments on time. When a student graduates, SunTrust Bank also provides a principal reduction of 1 % per loan.
Chase Student Loans
Through American Education Services, Chase Bank allows students to get a private loan with a cosigner. The cosigner can be freed from student loan obligation. This happens when the borrowers make their 36th consecutive repayment.
Build Your Credit
Although this is not a feasible and quick solution, it can come in handy for students who don’t have to pay their tuition fees immediately. If you are planning to enroll in school in the current year, then this technique could not work for you.
Sometimes, a solid credit history is enough to make you eligible to get a loan. The planning part could take more than two years.
Start by borrowing responsibly. You could get a credit card or a small loan, even if you cannot obtain funds for school.
Working part-time in the evening hours or on any other suitable time can also help to build your credit.