Need a No-Cosigner Loan? Go for a Stafford Student Loan
Stafford no-cosigner loans represent an excellent way to continue post-secondary education. They carry low interest rates and lenders are flexible when it comes to repayment.
Qualifying for a Stafford No-Cosigner Loan
Landing a Stafford no-cosigner student loan requires meeting a few bench marks. Your past academic performance is a consideration, with a considerable lean toward excellence.
You will have to supply details and documentation regarding your personal financial situation. Students must be between the ages of 18 and 25. Applicants must be United States citizens or permanent immigrants who hold green cards. Other qualifications may apply regarding the status of other immigrant students.
Applying for a Stafford No-Cosigner Loan
Your first step in landing a Stafford requires submitting a Free Application for Federal Student Aid (FAFSA). Most questions on the form are pretty straightforward. You may be asked about your credit history, but that is not too much of a worry unless you have a lot of judgments, liens, defaults, or bankruptcies. This is probably doubtful due to your age.
FAFSA applications must be filed before each academic year. Eligibility does not continue from year to year. Being a successfully enrolled applicant one year does not necessarily make you so the following year. Yearly applications can cause a timing problems regarding approval for the loan and acceptance at the educational institution. Get the application together as quickly as you can before the next term starts.
Paying Back the No-Cosigner Loan
Since the federal government backs Stafford student no-cosigner loans, the lender is not left holding the bag should you default on the loan. If you do so, expect poor credit reports to bite you back should you ever need a loan for a car or a home. The lenders who issue these no-cosigner loans do not expect repayment until you cease your academic endeavors. Also, a grace period may exist. Lenders understand that it may take some some time for former students to get settled in the real world and to find a decent job with sufficient income.
Details, Details, Details
Do not let not having a cosigner prevent you from getting an education. The no-cosigner loan is there for you. Over 614 academic institutions support Stafford no-cosigner loans. While you are searching for a job after school, not making payments for awhile should not smudge your credit reports. Also, qualifications change often, so you will have to talk to a student financial counselor to get updates on standards for academic performance, financial status, creditworthiness,and immigrant status.
No-Cosigner Loans Are an Excellent Opportunity
Stafford no-cosigner student loans represent an excellent way to continue post-secondary education. They carry low interest rates and lenders are flexible when it comes to repayment. Also, having qualified for such a no co-signer loan, prospective employers have a pretty good idea that you represent a certain degree of academic excellence. Some are even willing to help you pay off the no co-signer loan as an employee benefit.
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ABOUT THE AUTHOR
Melissa Kellett has a Master in Finance and has been a financial consultant for years. She specializes in Poor Credit Personal Loans people and also in helping people to get approved for Personal Loans, unsecured loans, Bad Credit Loans Guaranteed Approval, no credit check loans, student loans among many other financial products. Visit her site at http://www.speedybadcreditloans.com