How to Get a Student Loan With No Credit History or Co-Signer

Video Transcript

"Hello, I'm Cheri Ashwood. I'm a guidance counselor, and today I'm going to tell you how to get a student loan with no credit history or co-signer. Federal student loans, fortunately, are usually not based on your credit history, so you'll be able to get a federal student loan if you are a first time in college freshman. If you're looking to private loans from lending institutions or other organizations that will be looking at your credit history, you may be required to do things such as, begin repayment immediately. The may disperse the money to you to pay for tuition, but you may be immediately responsible for making those payments. Or you may just have to face a higher interest rate, which is usually the standard for any loan for any reason, if you have a not so favorable credit history, which includes not having a credit history. Unfortunately, not having a credit history is the same as having bad credit. You can also save your money to pay for college, or also look into grants and scholarships that don't require repayment based on different factors, such as your academics, or organizations and affiliations may qualify you for different grants and scholarships. But, if student loans have become unavoidable for you, you still have several options if you don't have a co-signer or you don't have a credit history. I'm Cheri Ashwood. I'm a guidance counselor, and your future starts today."