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Getting a student loan without cosigner - help!

Member

Getting a student loan without cosigner - help!

I'm in the odd situation of being an adult (33) returning to school for my B.A. and unable to get a student loan without a cosigner, but I don't have anyone to be a cosigner. Any recommendations? I've done the FAFSA but my income puts me just a little too high to be eligible for much based on "need." I've been improving my credit for the past few years, and it recently spiked to 750+ but has recently leveled out at 695. I've tried applying for a mere $5,000 student loan (Sallie Mae and Wells Fargo) but on both it said I have to apply with a cosigner.

 

Any recommendations? Loans that don't require a co-signer? Other options?

 

Thanks so much from a desparate student!

 

 


Starting Score: 648
Current Score: EQ: 709 TU: ??? EX: 590 EXPlus: 644
Goal Score: EQ: 800 TU: 750 EX: 700+


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4 REPLIES
Established Contributor

Re: Getting a student loan without cosigner - help!

You probably do not qualify for a grant, but if you do not already have a degree, then you should likely qualify for federal student loans through Sallie Mae, or Direct Loans.  Have you talked with your school's Financial Aid department about federal loans?


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 712 (02/03/2017) Tu: 717 (04/03/2013)
Goal Score: Eq: 760 Tu: 760

Wallet: PenFed Power Cash 25k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | LFCU Visa 10k
Message 2 of 5
Frequent Contributor

Re: Getting a student loan without cosigner - help!

If you are an undergrad there are Pell grants.  You might look into the workstudy program as well, but if as you say you cannot get a student loan without a cosigner, then you probably won't get one without a cosigner.

Message 3 of 5
Member

Re: Getting a student loan without cosigner - help!

Thanks for the feedback! I finally found a co-signer and got a "regular" (not student) loan through my local bank. My income is just enough to exempt me from Pell Grants, and Sallie Mae wanted a co-signer. I really appreciate the responses though! Smiley Happy


Starting Score: 648
Current Score: EQ: 709 TU: ??? EX: 590 EXPlus: 644
Goal Score: EQ: 800 TU: 750 EX: 700+


Take the FICO Fitness Challenge
Message 4 of 5
Established Contributor

Re: Getting a student loan without cosigner - help!


divarose1 wrote:

Thanks for the feedback! I finally found a co-signer and got a "regular" (not student) loan through my local bank. My income is just enough to exempt me from Pell Grants, and Sallie Mae wanted a co-signer. I really appreciate the responses though! Smiley Happy


Did you not qualify for Federal Student loans?


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 712 (02/03/2017) Tu: 717 (04/03/2013)
Goal Score: Eq: 760 Tu: 760

Wallet: PenFed Power Cash 25k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | LFCU Visa 10k
Message 5 of 5