How to Get Private Student Loans With No Co-signer

Most college students rely on federal student loans to cover the majority of their education expenses. These loans are easy to get and don't require a co-signer. For those students who can't cover all of their costs with a federal student loan, there are private student loans, designed to fill in the gaps. Banks issue these loans, though, only to borrowers with good credit scores. Most students entering college don't have a credit history, so lenders require them to have a co-signer, someone with a credit history who will be responsible if students default on their payments. However, if you are one of those rare students who has built up a credit history already--maybe you're an older student who has delayed attending college, or perhaps you're one who has been living on your own since you turned 16--you will be able to find a private student loan without a co-signer.

Things You'll Need

  • Copy of most recent federal income tax return
  • Copies of two most recent paychecks
  • Copies of credit card bills
  • Copies of savings and checking account statements
  • Copies of other loan statements, such as your car loan
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Instructions

    • 1

      Make copies of the key financial documents that prove you have a solid gross monthly income and a low level of monthly debt. These include your current federal income tax return, last two paychecks, savings and checking account statements, credit card bills and other loan statements.

    • 2

      Ask your employer to write a letter on your behalf stating that you are an employee in good standing. Make sure the letter mentions how long you've worked at your current job. Lenders want to make sure that, because you won't have a co-signer, you have a steady source of income to repay your private student loan.

    • 3

      Call a lender or bank that offers private student loans. Explain that you need to take out a loan without a co-signer. Your bank will then explain the requirements to do this.

    • 4

      Give your bank permission to access your credit history. This will give your bank or lender your three-digit credit score. If your score is above 620, you'll have a better chance of qualifying for a private student loan. You'll have a solid score if you have a history of paying rent, credit card bills and car loan payments on time. You'll also have a better credit score if you haven't run up a significant amount of credit card debt.

    • 5

      Sign any closing documents necessary to make your private student loan official if your bank approves your application.

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