It’s not clear what you mean by “independent” student?
I’m guessing that you mean that you’re young, but that your parents have told you that you’re on your own as far as paying for school, so you’re wondering where you’re going to find the money to afford it all.
If my guess is correct, you’re going to be disappointed to learn that there are no special sources of money for college students whose parents aren’t willing to contribute to college expenses. Yes, I know this puts you in a really bad financial situation, but banks just don’t lend on the basis of sympathy.
A college loan is like any other kind of loan – an applicant is approved if the lenders are extremely confident that the loan will be repaid.
How does a lender evaluate the risk of a particular loan? They look at the applicant’s income, to see if the applicant makes enough money to pay all of his/her monthly debts – and they look at the applicant’s credit history, to see if the applicant has responsibly handled the money they have borrowed in the past.
If you’re like the vast majority of educational loan applicants, you have neither the income (or assets), or the credit history to qualify for a big dollar student loan on your own. Almost all private student loan applicants are required to provide a cosigner before the bank will approve a loan. Being “independent” doesn’t change the lending criteria in any way.
The “best” student loans are the government’s Stafford loans. Why? Exactly for the reasons that you’ll have a hard time getting a private loan. You don’t need a credit check, you don’t need an income and you don’t need a cosigner. Basically, the government (and the Stafford lenders) will take a chance and lend you money without the traditional analysis of your creditworthiness.
There are no special websites or special companies that make student loans to applicants who don’t have a substantial credit history. As I mentioned earlier, almost all applicants will need a cosigner. Your cosigner must have the income and credit history to satisfy the bank’s lending criteria – if you don’t have someone like that to guarantee your loan, you’re not going to get a loan from a legitimate lender.
I’m sorry for the bad news – but you need to understand what you’re up against. Wanna-be college students with little or no assets and no sources of outside financial support need to “shop” carefully for a school that they can afford. The federal government will lend you several thousand dollars, and you may even qualify for several thousand more in grants – but that’s really the sum total of all of the assistance that’s available to you for college. You need to total up that assistance and then find a school that you can afford with that amount of money “in your pocket”.
Sofia:
It’s not clear what you mean by “independent” student?
I’m guessing that you mean that you’re young, but that your parents have told you that you’re on your own as far as paying for school, so you’re wondering where you’re going to find the money to afford it all.
If my guess is correct, you’re going to be disappointed to learn that there are no special sources of money for college students whose parents aren’t willing to contribute to college expenses. Yes, I know this puts you in a really bad financial situation, but banks just don’t lend on the basis of sympathy.
A college loan is like any other kind of loan – an applicant is approved if the lenders are extremely confident that the loan will be repaid.
How does a lender evaluate the risk of a particular loan? They look at the applicant’s income, to see if the applicant makes enough money to pay all of his/her monthly debts – and they look at the applicant’s credit history, to see if the applicant has responsibly handled the money they have borrowed in the past.
If you’re like the vast majority of educational loan applicants, you have neither the income (or assets), or the credit history to qualify for a big dollar student loan on your own. Almost all private student loan applicants are required to provide a cosigner before the bank will approve a loan. Being “independent” doesn’t change the lending criteria in any way.
The “best” student loans are the government’s Stafford loans. Why? Exactly for the reasons that you’ll have a hard time getting a private loan. You don’t need a credit check, you don’t need an income and you don’t need a cosigner. Basically, the government (and the Stafford lenders) will take a chance and lend you money without the traditional analysis of your creditworthiness.
There are no special websites or special companies that make student loans to applicants who don’t have a substantial credit history. As I mentioned earlier, almost all applicants will need a cosigner. Your cosigner must have the income and credit history to satisfy the bank’s lending criteria – if you don’t have someone like that to guarantee your loan, you’re not going to get a loan from a legitimate lender.
I’m sorry for the bad news – but you need to understand what you’re up against. Wanna-be college students with little or no assets and no sources of outside financial support need to “shop” carefully for a school that they can afford. The federal government will lend you several thousand dollars, and you may even qualify for several thousand more in grants – but that’s really the sum total of all of the assistance that’s available to you for college. You need to total up that assistance and then find a school that you can afford with that amount of money “in your pocket”.
Good luck to you.
May be this site can help you
http://www. thetechnology. net
hi there. . . . try you look at this site. I found at google last week
http://consolidation-of-private-studentloans. blogspot. com/