How to Get Student Loans without a Cosigner

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. Methods 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. It's worthwhile to note that both carry fixed interest rates. A fixed rate makes payments more predictable, unlike with variable rates which may go up or down unpredictably. In addition, you are not required to pay Perkins loans and subsidized Stafford loans until you either drop out or finish school. Federal loans are the safest way to get student loans without a cosigner.Do You Know about Stafford Loans?The Stafford loan is by far the most popular option 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. Subsidized loans will not accrue interest until you graduate. This is unlike unsubsidized loans which immediately accrue interest upon the first loan payout.Interested in getting a Stafford loan? The first thing you should do is complete a Free Application for Federal Student Aid (FAFSA). The form is available for completion online. Your borrowing limit will be determined by your school with the use of the information on 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?The other way to get student loans without a cosigner from the government is through Perkins loans. They have a fixed interest rate of 5%. Interest will only start when you begin paying up, either upon graduation or leaving the school. You will be given ten years to completely cover all payments. To apply for a Perkins loan, all you need to do is to complete a FAFSA on the internet. An MPN will also be required upon the first payout.Knowing How to Get Student Loans without a Cosigner from Private Loan companiesFederal 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! Comparing private lenders against government loans, you'll notice that you're being asked to pay bigger interest rates. In addition, most will only offer variable interest rates that change over time depending on the global economy. Perhaps the riskiest part of getting loans from private lenders is dealing with the penalties. Private lenders have notoriously high late payment fees. It's very easy to owe more money from accumulated late penalties.