Finance Guides announces a new series of informative articles to explain consumers' options when seeking student loans without a cosigner.If you're a self-supporting student, chances are you're taking a part time job and the money you make is barely enough to get you through college. Maybe mom and dad send you money to pay for college but you find yourself needing more to pay for other expenses. What you need is to take out a student loans without a cosigner.Getting student loans without a cosigner has never been easier. However, experts will always recommend that you seek aid from the government first. In fact, many experts will advise you to stay away from private lenders for various reasons that we will talk about later on. You only get charged minimal interest rates and you are given plenty of time to pay the loan back in full. Tips on how to Get Student Loans without a Cosigner from the Federal GovernmentAsk anyone who has ever taken out a student loan. Chances are they've taken out federal Stafford and Perkins loans. These are the most popular student loans, and for good reason. The interest rates are favorable to student borrowers. Not only are they smaller, but they're also fixed. Fixed interest rates, as the name suggests, have interest rates that do not vary over time. This will give you the opportunity to effectively plan your payment schedule. They also have more manageable payment terms. You only start payment on Perkins loans and subsidized Stafford loans after you graduate or leave school. Both loans have at least a 10-year repayment period. Federal loans are the safest way to get student loans without a cosigner.Do You Know about Stafford Loans?Let's first talk about the most common federal student loan - the Stafford loan. This is the most popular option when trying to get student loans without a cosigner. The measly 4.5% interest rate is its greatest appeal. You should also know that you may apply for subsidized Stafford loans if you can prove that you qualify for financial aid. If you do, interest on your loan will not accrue until you graduate or leave school. This is unlike unsubsidized loans which immediately accrue interest upon the first loan payout.To apply for a Stafford loan, you will need to complete a Free Application for Federal Student Aid (FAFSA), available online. How much you can borrow will depend on the information you have in your FAFSA. After receiving your first loan, you will need to fill out and file a Master Promissory Note (MPN). The MPN is a legally binding document that contains the terms and conditions of the loan. It also states your intention to pay back the loan.What about Perkins loans?Another relatively easy way to get student loans without a cosigner is through Perkins loans. The fixed interest rate of the Perkins loan is also low - only 5%. As with subsidized Stafford loans, interest will not accrue until you start paying for the loan and you are given ten years to repay the loan in full. If you want to apply for a Perkins loan, all you need to do is to complete a FAFSA on the internet. You will also need to file an MPN when you get your first payout.Learning Ways to Get Student Loans without a Cosigner from Private CreditorsFederal student loans should be enough in most cases, but what if you need more money than you can get with Stafford and Perkins loans? You go to private lenders. Take note though that this should be your very last option. Private lenders are the riskiest route to getting student loans without a cosigner. Remember that the purpose of these companies is to make money - out of you! Private lenders will generally offer higher interest rates compared to the government loans. In addition, most will only offer variable interest rates that change over time depending on the global economy. Given all that, possibly the most disadvantageous feature of private loans are the penalties. Private lenders have notoriously high late payment fees. It's very easy to owe more money from accumulated late penalties.
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