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By: Lon Gould

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Tuesday, 4-Sep-2012 06:51 Email | Share | | Bookmark
Private Student Loans Without Cosigner – Not Impossible But Hard

Everybody knows education is keys to success and prosperous future ahead. Many people go to college for higher education. However due to the increasing college fee not everybody can afford going to college for higher education. For those who seek higher education but strained by financial problems student loans are the best alternatives. There are many different types of student loans available in the market. There are loans provided by various government agencies and other private financial institutions as well. You must choose the best student loans that suit your needs the best.

Speaking of private student loans, the loans issued by banks, credit unions, and other lenders on the basis of credit score fall under category of private student loans. Since private student loans are provided only on the basis of your credit rating, you'll need a respectable credit score before applying. You can also apply for private student loans with a creditworthy co-signer who is willing to pay your loans. A creditworthy co-signer could be anyone like a friend or family member who is capable of paying back your loans.

However it is a bitter fact that not all students will have a good credit history and a creditworthy co-signer to apply for private student loans. Although you have a good credit score, you still need a co-signer to apply for private student loans. Most private lenders necessitate co-signer as an assurance to pay back loans in case you fail to do so. However you will be glad to hear that there are private student loans without cosigner.

Private student loans without co-signer, though not impossible are very difficult to find. Applying for cosigner free private student loans basically means that you should have a very good credit history. Getting someone to cosign for private student loans is difficult since a cosigner will be held liable if the student defaults on the loan. Private student loans without cosigner are available only to the US citizens and those from other countries are not eligible for these types of loans. Although you can get cosigner free private student loans, it is advisable to have a co-signer as it help reduce the interest rates and even get approved for loans more quickly.


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