Top Private Student Loans without Co-signer
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Many students every year apply to borrow education loans for overseas education. However many of them face issues due to a mandatory condition of having a co-applicant. To address this issue, there is a rising demand for education loans without a co-applicant, providing greater financial independence to students.
Have you considered studying abroad but are being held back due to the unavailability of scholarships, grants, or maybe sufficient funds to support your education? A student loan may be the exact thing you’re looking for which might come to your rescue, dwindling your burden. Student loans provide financial assistance to individuals planning to pursue an academic degree abroad.
If you don’t have good credit or support from a co-signer with decent credit, a student loan may turn out to be a bit expensive for you. It may be possible that you pay more than the actual loan amount in the end. the good part is that not every student loan has set the pre-requisite of you having a high income or credit in order to apply. There are some private student loan providers where you can apply with an absence of credit history or without a co-applicant. This article is for you if you wish to go abroad for studies and are looking for top private student loans without a cosigner.
Related Read: What is Collateral Security for Educational Loan
What is a Student Loan?
A lump sum of money, a student loan is a monetary assistance offered to students for bearing their education costs, including the cost of living, cost of studying, study materials, etc. To cover the shortage of funds for studying abroad, borrowing an education loan is the best thing. Usually, private financial agencies or the federal/state government offer such loans. Students need to repay the education loan along with the interest, after getting the job
Predict your IELTS, TOEFL, and PTE in just 4 steps!
Before applying for an education loan, you need to keep all the relevant documents ready for the application process. Check out the list of required documents for an education Loan.
Benefits of a Student Loan
A student loan has many benefits to offer. It can fund your studies by helping you obtain the required financial help to cover costs related to your higher education. Some of the advantages of a student loan are mentioned below:
- Cost of Studying & Living: With the help of a student loan you can get partial or the entire part of your tuition fee covered. Not only this, but you can also get your living expenses (meals, study material, accommodation, conveyance, etc.) managed with the help of a student loan and pursue your studies stress-free.
- No need for Part-Time Jobs: Many students pick up part-time employment so that they can earn some money along with studying and managing their expenses. With a student loan, you won’t need to spend a part of your time working and solely focus on your studies, extracurricular activities, internships, etc.
- Better Education & Growth Prospects: Student loans are a boon for all those who wish to be a part of some of the world’s best higher education institutes and make their future. As an education loan helps you manage your international studying cost, your future career prospects also improve as a degree from a top foreign university/college will attract good employers. Opportunities, as well as salary prospects, will be better.
Check: Best Education Loan Providers in India for Study Abroad
Student Loan Without Cosigner or No Consigner Student Loan
When you apply for a student loan, you need to give the bank an assurance that it will not become a bad loan if the same is not paid back for whatever reason. For this purpose, you need to get a cosigner or co-applicant who takes the responsibility of paying back the loan along with you, i.e. the primary borrower. So in case you fail to pay back the amount, the cosigner will have to pay the missed payments or the full amount also.
Now there are student loans without a cosigner or non-cosigned loans where the requirement of a cosigner becomes nil. As it is not necessary that your friends or family members would like to get involved in a monetary situation, you may apply for non-cosigned student loans.
List of Private Student Loans Without Cosigner
Check out the list of student loan schemes without co-signer:
| Loan Provider | Rates | Maximum Loan Amount |
|---|---|---|
| Citizens Bank | Fixed Rate: 4.43 -12.86% Variable Rate: 5.98 - 14.05% |
INR 1,23,05,745 (UG Studies) ($150K) One can obtain either the maximum qualified loan amount or the complete education cost, whichever is lower. |
| LendKey | Fixed Rate: 4.89% Variable Rate: 6.03% |
One can obtain 100% of the school-certified attendance cost (textbooks, cost of studying, room and board, etc.) |
| Sallie Mae | Fixed Rate: 4.50 - 15.49% Variable Rate: 6.12 - 16.45% |
One can obtain 100% of the school-certified attendance cost |
| Funding U | Fixed Rate: 6.99% - 12.49%
|
INR 246,221 to INR 16,40,932
($3001 - $20,000)
|
| MPower Financing | Fixed Rate: 13.99%
|
INR 1,64,205 to INR 82,06,150
($2001 - $100,000)
|
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Features of Student Loan without Cosigner
- No dependency: In the case of student loans without a cosigner students do not have to be dependent on another person for paying back their loans. But the thing is one is eligible for the same only if one has a good credit history or is qualified for paying back the loan amount independently.
- Loan Options: Students have the option of both private and federal student loans which may give the choice of non-cosigned loans. In the case of a private loan, students may have to meet the set credit requirement in order to get the same without the need for a cosigner. You don’t need a credit history or a cosigner for federal loans like direct subsidised and unsubsidized loans.
- Rates of Interest: Different factors determine the terms and rates of interest for no-consigner student loans such as the borrower’s creditworthiness, the lender, etc. Usually, if you have a good credit history you may be eligible for a lower rate of interest. Even the repayment terms may be more approving.
- Less Availability: As compared to student loans with consigners, non-consigned loans may be less available. This is so because a few lenders provide only the latter to those with a good credit history as well as a credit score.
For more information on studying abroad, the admission process and deadlines, the application procedure and related queries feel free to reach out to Shiksha Counsellors for free here
Q: Â Does the University of Essex require IELTS?
Q: Â Is university of West of Scotland good for international students?
The University of the West of Scotland has five modern and diverse campuses in United Kingdom. The University has welcomed more than 3,000 international students which are representing 1/3 of the globe. They also have 130 European partners who are actively in global study and exchange options through the Commonwealth universities programmes. The University also offers study abroad opportunities for UWS who are eligible for the same and also have more than 20 transnational education partners worldwide which helps them deliver UWS Bachelors and Masters Degrees around the world.
Q: Â What rank is Wolverhampton University in UK?
The University of Wolverhampton is one of the best universities in the United Kingdom. The university is consistently ranked among the best universities nationally and globally. For nearly 200 years, the University of Wolverhampton has been consistently providing a quality of education to students and producing highly skilled graduates. The national rankings of the University of Wolverhampton are given below:
| Ranking Body | Ranking |
|---|---|
| The Guardian University Guide 2024 | #101 |
| The Complete University Guide 2024 | #117 |
Q: Â How can I get admission in the University of Manchester?
The application process at the University of Manchester may vary depending on the course and level of study. However, here is the application process for UG and PG courses:
The Undergraduate Application Process:
Step 1: You can apply through the UCAS common application portal.
Step 2: Go to the website and select the course you are interested in.
Step 3: Ensure you meet the Entry requirements (Academic qualifications, English proficiency, etc.
Step 4: Once you decide on the course, submit documents such as SOP, Transcripts and personal statements.
Check out: tips to improve your SOP.
Step 5: You can track the application's progress through your given credentials by UCAS.
Step 6: Once the applicant submits the application to UCAS, it forwards to the University, and the admission teams carefully analyse the application document.
Step 7: The university will send you an offer letter once selected. Hence keep checking your UCAS portal for your application status.
The Postgraduate application process:
Step 1: Select the postgraduate course you are interested in from the University of Manchester.\
Step 2: Ensure you meet the entry requirements for the chosen program, as they vary depending on the course.
Step 3: Complete the online application by providing your personal information.
Step 4: Upload the required documents, such as Academic transcripts and proof of English language proficiency ( TOEFL/ IELTS). experience in your fields and references (depending on the course). You also may require Two LORs depending on the course.
To make your admission better, check out the following: How Admission Officers Evaluate your application.
Step 5: If your application is successful, you will receive an offer from the University of Manchester.
Q: Â Is Hertfordshire University hard to get into?
With a 70% acceptance rate, the University of Hertfordshire is not hard to get into and follows easy selection criteria during admissions. This does not mean the university accepts all the students applying for different programs. The selection is based on academic performance, English language requirements, references, and many more. Some of the programs at Hertfordshire even demand an experience of 4-5 years. Students must fulfill the eligibility criteria to enroll in any programme at Hertfordshire University. In addition, students with average performance can showcase their relevant experience or extracurricular activities participation to increase their selection probability.
Q: Â How much IELTS score is required for Hertfordshire University?
International students coming from diverse backgrounds must prove their English language proficiency by submitting the scores of IELTS, PTE, and Duolingo at Hertfordshire University. The university demands an IELTS score of 6 from the students. Along with the IELTS scores, students can refer to the table below for all the required English proficiency score:
English language test | Minimum Score required UG | Minimum Score required PG |
|---|---|---|
6 or above | 6 or above | |
59 or above | 58 or above | |
105 or above | 120 or above |
Q: Â What is University of Wales, Trinity Saint famous for?
University of Wales, Trinity Saint (UWTSD) was founded in 2010, is a public institution for higher education and research at multiple locations. It was set up under the 1828 royal charter of Lampeter, the institution was the result of the merger between Trinity University College and the University of Wales. The institution merged with the Swansea Metropolitan University in 2013.
- Top Ranked University: The UWTSD is not ranked by any major ranking body, however as per the university ranking given on the official website of the university, it is ranked among:
- #1st in Wales and UK Top 5 Film Production and Photography
- #1st in Wales and UK Top 5 Fashion and Textiles
- #1st in Wales and UK Top 20 Graphic Design
- #1st in Wales and UK Top 5 Education
- #1st in Wales and UK Top 20 Sports Science
- #1st in Wales and UK Top 20 Mechanical Engineering
- #1st in Wales for Fine Arts
- Variety of Courses: UWTSD offers more than 300 programs at various levels including undergraduate, postgraduate degrees as well as multiple online courses.
- Highly distinguished and learned faculties: the faculty at UWTSD is highly learned and distinguished which enables students to be the best in their field of study.
- High Placements: According to Graduate Outcome data 2019-2020 quoted by the UWTSD, more than 95% of its graduates were found to be employed within 15 Months of graduation. The average salary of a graduate is not explicitly released by UWTSD, however, as per some unofficial sources the average salary of the graduates of UWTSD is approximately INR 30-35L. with the highest salary being reported as high as INR 66.5L for jobs in Financial Services.
Q: Â What is the ranking of NTU UK in terms of employability?
According to Uni Compare rankings 2024, NTU has been placed at #1 in the UK for employability. In addition to this, as per the details available on the web, some of the top companies where NTU UK alumni work are Deloitte, Microsoft, Tesco, Turner & Townsend, The Access Group, etc. Some of the industries where the alumni work are Operations, Business Development, Arts and Design, Sales, Marketing, IT, Engineering, Finance, Media & Communication, etc.
Raj Vimal has experience of 7+ years in SEO Content Writing, which includes 5+ years in the Ed-Tech industry. He has written articles about studying abroad, especially in the USA, UK, and other English-speaking coun... Read Full Bio
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International students whose native language is not English must meet the University of Essex English language requirements to get admission. The university accepts IELTS scores as proof of English language proficiency. Mentioned below are the IELTS scores required for UG and PG admission at the university:
English Language Test
Score
IELTS
Overall score of 5.5 to 8.0 with minimum of 5.5 to 7.5 in each section
The university also accepts the score of other English language tests such as TOEFL and PTE for admission to undergraduate and graduate programs:
English Language Test
Score
TOEFL iBT
Overall score of 72 to 114
PTE
Overall score of 59 to 84 with minimum of 59 to 80 in each section
Also read: Required IELTS Score for UK Universities