What should I do if I don't have a co-signer fo rmy sudent loans?

Question

One parent won't sign..the other financially can't (divorced)...I don't no anybody else who will...I have no problem with taking out loans or paying them back I just need someone to give me the money so I can go to school!! I filled out the FAFSA and yes I do get as many grants as I can get already.

Answer 1

You might have to have yourself declared independent if you can't rely on your parents for financial support or to cosign the loans if you are under 23. It is a lengthy process to be declared independent but if you talk to the financial aid people at the school that you want to attend they may be able to give you some more thorough advice.

Answer 2

Unfortunately, you cannot take out a parent (PLUS) loan without the parent signing for it. If you are getting a regular Stafford Loan or Student Loan, you don't need anyone's signature. Again, there is no co-signer for regular Stafford Loans.

If you are a beginning student, you are limited to $2625. I thought they had increased the limit because of rising eduational costs. If your parent is denied by the lending corporation for a PLUS loan, you are eligible for additional funding. I do believe it will be unsubsidized.

Also, there are alternative loans for people in various situations.
Please review: http://www.finaid.org/loans/privateloan.phtml

Here is some more information about the increase in loans, unfortunately, it will start in 2007:
(http://www.finaid.org/loans/studentloan.phtml)

Starting on July 1, 2007, Stafford Loans allow dependent undergraduates to borrow up to $3,500 their freshman year (up from $2,625), $4,500 their sophomore year (up from $3,500) and $5,500 for each remaining year (independent students and students whose parents have been turned down for a PLUS loan can borrow an additional unsubsidized $4,000 the first two years and $5,000 the remaining years). Graduate students can borrow $20,500 per year (up from $18,500), although only $8,500 of that is subsidized. There are also cumulative limits of $23,000 for an undergraduate education and a $65,500 combined limit for undergraduate and graduate.

For independent students and for students whose parents were denied a PLUS loan the cumulative limits are $46,000 and $138,500, respectively.

Some medical school students may be able to borrow up to $40,500 a year (up from $38,500) and $189,125 total.

Well, I hope this helps!

Answer 3

National Guard.