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Posted in Student Loans
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greatman05

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Getting a student loan without a cosigner?
I'm trying to see if I would be eligible to get a student loan without a cosigner. I had around a 710 credit score at the beginning of this month, and when I used the credit stimulator, it said that if I added new credit card accounts, my credit score would increase. I currently have the Discover Student Card (my first card, and I've had it since Apr 2011; it had a $500 limit, but I was recently able to increase it to $1000)and I got approved for two cards: Capital One Cash Rewards Mastercard ($1000 limit) and Amazon Rewards Visa ($900 limit). I was denied for a credit card from my bank, the Charter One Accelerator Mastercard. Because of the increase in inquiries and the new cards, my score went down to a 692 (which was still better than my previous score, 666). Will I be able to get a student loan without a co-signer?

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You shouldn't have much trouble. Student loans are typically pretty easy to get, especially if you already have a decent credit score. Keep in mind that student loans do not discharge in bankruptcy, so banks are more likely to lend you money for school, since there's a lower risk of you not being able to pay them back.

Do be careful though that you're spending the money on a program that will provide for a good return on your investment in the form of a much higher salary.

Try to get as many federal loans as possible and as few private loans as possible. Federal loans tend to have better rates, and be easier to deal with overall. 

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For Federal Student Aid your credit score has nothing to do with whether you will be approved or not. The student loans and federal grants are based on your income not your credit. If it was based on credit I would not be able to attend college because my credit score is a 584 and has been for years. I am in my third year of college and have gotten student loans and federal grants for all three years. 

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Extra Information:

I am currently enrolled as a full-time Computer Science major at Wayne State University in Detroit, MI. I do believe that this is a good major for the skill set I possess, and based on my research, it has pretty good job prospects in both software development and IT. In other words, I think I made the right choice in a major.

I'm mainly using the money as extra financial support while I'm in school; I do have a part-time job, but that won't be enough to pay rent and other bills. In addition, I do not live with my parents and don't receive financial support from them, so I'm looking at this as an alternative income source. My school's financial aid department told me that the amount of loan eligibility I have is barely enough to cover the tuition of summer school (I'm trying to graduate in 4 years at the most), so this is also a way to cover the event that the school doesn't give me my maximum loan eligibility for the summer. For Fall and Winter, tuition is covered by my scholarship and other federal aid (I have been taking out federal loans to stay on campus and provide extra income, but that will turn into extra income next Fall since I will be staying in off-campus housing).

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