You do not need a co-signer for Federal student loans, so be sure to fill out the FAFSA form! For private student loans, you will need a good credit history, along with other lender-specific eligibility requirements, such as school attendance status, minimum current income levels, etc. If you cannot meet those requirements, then you will need a co-signer who can meet those requirements A co-signer doesn't have to be a parent; it can be your grandparents, friends, etc.; anyone willing to be a co-signer for you. Bear in mind that your co-signer will be released from this obligation anywhere from 36-48 months after the loan is disbursed Compared to federal student loans, private student loans typically have slightly higher interest rates.
However, the interest rates on private student loans can be lower than conventional credit products such as personal loans, credit cards and even home equity loans If you've exhausted the options listed above, then try perhaps a home equity line of credit, whether it's yours or someone you know who's willing use their home as collateral. This, along with credit cards, are borrowing options of last resort Good luck.
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