Top Private Student Loans without Co-signer

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 

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:

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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