Student loans with no cosigner are an integral part of the Department of Education’s $115 billion dollar college loan program budget in the year 2013. Prospective college students eager to start their foray into the real world exhibit an unmistakable disadvantage when seeking money for school; the disadvantage being little or no creditworthiness through previous borrowing history. Given the young age of many college students, this proves reasonable overall, however, finding loans for school can be difficult.
Many students find themselves unable to cover the costs associated with their post-secondary education through the FFELP and the FDSLP for several notable reasons.
Important factors when expecting government financial aid to fund college expenses include:
• Government loan programs limit maximum borrowing amounts
• Government loan programs operate on a need-basis
• Government loan eligibility includes parent and student assets and income
• Government loan programs have specific application deadlines annually
• Government loans from the FFELP could require cosigners for beneficial interest rates