Here’s How to Get a Private Student Loan with No Cosigner
Don’t let the financial aspect of college attendance steer you away from achieving higher education. Even as a young student, you can find ways to fund your degree despite not having anyone else to help you. If you’re in this situation, College Funding of Tampa Bay is here to teach you how to get a private student loan without a cosigner.
Finding a Student-Friendly Lender
Many banks and lenders understand the obstacles that young adults face when wanting to attend college but not having the financial means to do so. Therefore, they offer student-friendly programs that you can apply for without the need for a cosigner since not all students have someone they can ask for assistance. That may be one foot in the door, but some of these lenders have other requirements that the individual must meet in order to qualify. Two of the most common stipulations involve:
- Having a credit score of 680 or higher
- Having a reliable source of income
Although these are reasonable requests, some students may not meet either of these requirements, if any at all. Thankfully, there are things you can do to put yourself in a position to attain these goals.
Building Credit as a Student
Depending on the bank or lender, you may be asked to have a credit score of anywhere from 680 to 750. Some students start off strong, but others might not be as lucky. But as a young adult, building credit can be easier than it seems if you know what to do.
Become An Authorized User
Even if your parent or guardian is unwilling to cosign for a loan for fear of taking a hit to their credit score, adding you as an authorized user on one of their credit lines poses no risk to them and you can receive credit for their payments. Basically, your score will go up just from them continuing business as usual and you don’t have to lift a finger.
Apply For a Student Credit Card
Don’t know anyone who would add you as an authorized user on their card? You can open your own line of credit! You may immediately think that you don’t qualify, but there are credit card companies that specifically cater to students who have yet to earn a decent credit score. Having such a card on hand could also help you with everyday college expenses such as food and gas.
Generating Income as a Student
While people make the argument that employers want people with work experience, but you can’t get work experience unless you get hired, there are plenty of places that love to bring in students as a way for young adults to have a place to start. Some colleges offer jobs right on campus, and many fast-food chains will take in anyone who is willing to work. No matter where you look, having that little bit of part-time income while attending college will increase your chances of qualifying for a private student loan.
College Funding of Tampa Bay Is Here to Help!
If you still need help sorting out your college funds, College Funding of Tampa Bay will give you the advice you need to craft a solid plan for earning your degree in the best way possible. Schedule a free consultation by calling (813) 755-6834!
