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Independent Student Loans

Gloria Said:

How do I go about obtaining independent student loans for college?

We Answered:

You need to contact your schools financial aid office and tell them you want to take out a federal Stafford loan. Stafford loans require no cosigner and are entirely in YOUR name. Dependent freshman can borrow up to 5,500 a year.

Rosa Said:

How much is the amount for stanfford and perkins student loan for an independent student?

We Answered:

Independent freshmen students can receive $3500 in subsidized Stafford Loan (government pays interest while you are in school) and $6000 in UNsubsidized Stafford Loan (interest accrues on the loan while you are in school. For Perkins undergraduates can receive up to $6000 per year but the exact amount is complete at your schools discretion. Please TALK to your Financial aid counselor.

Michele Said:

What is a good website for independent students to find student loans?

We Answered:

Sofia:

It's not clear what you mean by "independent" student?

I'm guessing that you mean that you're young, but that your parents have told you that you're on your own as far as paying for school, so you're wondering where you're going to find the money to afford it all.

If my guess is correct, you're going to be disappointed to learn that there are no special sources of money for college students whose parents aren't willing to contribute to college expenses. Yes, I know this puts you in a really bad financial situation, but banks just don't lend on the basis of sympathy.

A college loan is like any other kind of loan - an applicant is approved if the lenders are extremely confident that the loan will be repaid.

How does a lender evaluate the risk of a particular loan? They look at the applicant's income, to see if the applicant makes enough money to pay all of his/her monthly debts - and they look at the applicant's credit history, to see if the applicant has responsibly handled the money they have borrowed in the past.

If you're like the vast majority of educational loan applicants, you have neither the income (or assets), or the credit history to qualify for a big dollar student loan on your own. Almost all private student loan applicants are required to provide a cosigner before the bank will approve a loan. Being "independent" doesn't change the lending criteria in any way.

The "best" student loans are the government's Stafford loans. Why? Exactly for the reasons that you'll have a hard time getting a private loan. You don't need a credit check, you don't need an income and you don't need a cosigner. Basically, the government (and the Stafford lenders) will take a chance and lend you money without the traditional analysis of your creditworthiness.

There are no special websites or special companies that make student loans to applicants who don't have a substantial credit history. As I mentioned earlier, almost all applicants will need a cosigner. Your cosigner must have the income and credit history to satisfy the bank's lending criteria - if you don't have someone like that to guarantee your loan, you're not going to get a loan from a legitimate lender.

I'm sorry for the bad news - but you need to understand what you're up against. Wanna-be college students with little or no assets and no sources of outside financial support need to "shop" carefully for a school that they can afford. The federal government will lend you several thousand dollars, and you may even qualify for several thousand more in grants - but that's really the sum total of all of the assistance that's available to you for college. You need to total up that assistance and then find a school that you can afford with that amount of money "in your pocket".

Good luck to you.

Lauren Said:

Why did I get less financial aid as an independent student?

We Answered:

When the government calculates what you are eligible for they take into consideration the number of people in your household, income, age, the amout you paid in state taxes and a few other items. So when you are fairly young, you have a decent income and you are not married and have no dependents they figure a large portion of your income can go to your education, in the form of loans or out of pocket.

Edgar Said:

how do I apply for an independent student loan?

We Answered:

Loans for students help the student to deal with all the expenses that are to be incurred during his education phase like it includes entire cost of the student’s education from tuition fees, accommodation, books, and computers to transportation and many more.

http://www.loan-house.info/2008/03/stude…

Many Banks, financial institutions, online lenders etc are ready to offer the loans for students. But students considering their precious time and finds easy to via online as it provides easy access than other source. There are a large number of requirements other than college or course fees.

http://loan-house.we.bs/studentloan.html

Some of the most crucial are computer expense, hostel charges, and books and so on. The best college student loans are one which comprises all such expenses. But, to qualify for any such one, you have to give it your best shot as far search is concerned. Such purpose can be accomplished by exploring World Wide Web. You will find an innumerable number of lenders offering college student loans.

Good Luck...

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