Top Private Student Loans without Cosigner
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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. It is great if you are able to win a scholarship or grant for studying overseas as you don’t need to pay them back which is in the case of an education loan. But when the same is not an option, getting a student loan is the second best thing which you can opt for.
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 and you may pay more than the actual loan amount in the end. But 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. Learn What is Collateral Security for Educational Loan here.
This article is for you if you wish to go abroad for studies and are looking for top private student loans without a cosigner.
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. One applies for a student loan when one wishes to go for higher education locally or abroad but is unable to do so due to the shortage of funds. Usually, this loan is offered by private financial agencies or the federal/state government. Once their studies are complete, the loan amount needs to be paid back along with the interest.
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. Know What Documents Are Required For an Education Loan here.
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 for covering 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. In case you're finding it difficult to apply for an education loan, you may also apply for loan through Shiksha website.
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
| 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)
|
Check: Top 5 MistakesInternational Students Make While Applying for Student Loans
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, admission process and deadlines, application procedure and related queries feel free to reach out to Shiksha Counsellors for free here
Q: Is Torrens University good for international students?
Torrens University Australia is one of the fastest growing universities in Australia. It offers a culturally vibrant and comfortable environment for international students. Each year thousands of international students from all over the world come to study at various courses of the university. currently, there are 3932 total students at Torrens University out of which 986 are international students.
Q: Is BSBI degree valid in Germany?
BSBI does not hold degree-awarding powers in Germany and its programmes are validated by private Italian distance learning institution UniNettuno International Telematic University. BSBI has also partnered with Concordia University Chicago to deliver programmes at its Berlin campus.
Q: What GPA is required for the University of South Dakota?
The University of South Dakota expects a GPA score of 2.5 from undergraduates and 3 from postgraduates on the 4-pointer scale. Along with the GPA scores, undergraduates must meet the basic eligibility and submit an ACT score of 21 or higher and an SAT score of 1070 or higher. In addition, they must submit the required documents, such as academic history, transcripts, letters of recommendation, English language scores, and more.
Q: What is the cost of a student visa in Germany?
International students going to pursue higher education in Germany are required to apply for a German study visa. The cost of study visa for Germany is EUR 75 per applicant. Below we have provided a check list for German student visa:
- Valid passport
- Application form
- Declaration for additional contact and legal representation information
- Copy of passport
- Proof of admittance to the study course
- Curriculum Vitae
- Proof of Financial Means
Q: 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: Is it hard to get into Newcastle University Australia?
The University of Newcastle is amog the universities that does not publish official data on the acceptance rate. However, as per some unofficial sources, the University of Newcastle Australia acceptance rate is 80%. This makes Newcastle University Australia moderately selective in admissions. Please note that the data on acceptance rate given above is taken from an unofficial source, therefore, it is subject to vary.
Q: Does the University of Essex require IELTS?
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
Q: What GPA is needed to go to Ohio State?
There is no minimum GPA score for UG admission at Ohio State. However, International students must have a cumulative GPA of at least 3.0 (on a 4.0 scale or equivalent) for graduate admission. Applicants may submit a standardized test score (GRE or GMAT) if their cumulative GPA is below 3.0 for the last degree.
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