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How to Take Out Student Loans Without Parents
In some cases, your parents’ information is needed to take out student loans. However, students who cannot provide information about their parents are not out of luck. There are ways to take out both federal and private student loans without your parents. Continue reading to learn how to take out student loans on your own!
Federal student loans without a parent
Students should always try to borrow federal student loans first. This is because federal student loans, from the Department of Education, have more benefits. These benefits include Income-driven Repayment Plans and Public Service Loan Forgiveness. There are also options to remedy late payments and defaults.
However, if you are considered a dependent student, you must provide information about your parents on the Free Application for Federal Student Aid (FAFSA) in order to have access to need-based federal financial aid. Your parent’s financial information is used to determine your Expected Family Contribution (EFC).
See also: FAFSA 101 guide
If a dependent student cannot provide their parent’s financial information, they will not have an EFC, and will not be eligible for need-based financial aid such as Direct Subsidized Loans, Pell Grants, and work-study. However, they will be eligible for non-need-based federal aid: Direct Unsubsidized Loans and PLUS Loans. Non-need-based federal aid is not awarded based on a student’s EFC. These loans can be borrowed up to the annual maximum amount.
If you want to apply for federal student loans without your parents’ information, select “I am unable to provide information about my parent(s)” when you reach that point in the FAFSA.
Borrow from a private lender
You don’t necessarily need a parent to borrow private student loans. Private student loans are disbursed by privately owned organizations such as banks. Companies that award private student loans can set their own requirements for eligibility. Often, a high credit score is a requirement. Students with good enough credit, higher than 670, can take out a private student loan on their own.
There are some lenders that do not have a credit score requirement. Others may consider more factors in their decision such as your employment and income. Be sure to do your research and choose a private lender that fits your financial needs!
See also: What is a student loan credit score?
Find a cosigner
Students who don’t have a high credit score are not totally ineligible for private student loans. Students can use a creditworthy cosigner–someone who is equally responsible for the repayment of the loan. A cosigner with an exceptional credit score can help a student qualify for a private student loan. Often, a parent is a cosigner. However, a parent doesn’t have to be your cosigner. Ask another trusted family member or friend. Be sure they know that they are taking on equal responsibility for the payment of the loan.
See also: How to find a cosigner
If you can’t receive a federal or private student loan, contact your school’s financial aid office. They may have school-specific financial aid available.
Search scholarships to fill in the gaps
There are other ways to fund your education without your parents. Search for scholarships to fill in funding gaps!