Student Loan Refinancing
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Parent’s Guide to Student Loans
When to Apply for Private Loans
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Student Loan Refinance 101
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Wouldn’t it be great if you could get private student loans without a cosigner? Well, it may be possible if you meet certain financial or academic criteria, and we’re here to walk you through the process.
As a student today, finding ways to finance your education is critical to your long-term success. Over 70% of undergraduate students and 54% of grad students graduate with some form of student debt. And for those with professional degrees, like doctors and lawyers, it can be as high as 84%.
Unfortunately, you may not have a person in your life who can cosign a student loan and obtaining a loan on your own with little credit history can be difficult. Read on to explore our strategies to get the best private student loans without a cosigner.
While private loans can be beneficial to bridge any funding gaps, they should only be used after you have exhausted all federal options, as well as gifts, grants, and scholarships.
Why use federal loans first?
Federal student loans generally offer lower rates than those offered by private lenders. And since federal loans are guaranteed by the U.S. Department of Education, they have a ton of great benefits and protections, including:
However, there are annual limits as to how much you can borrow from the federal loan program. For undergraduate students, the annual limit is $12,500 each year, with a maximum of $57,500 in total.
For graduate students, the limits are $20,500 annually and $138,500 in total.
Once you have reached these limits and exhausted other options, private student loans are the next choice.
To find the best private student loans without a cosigner, you’ll need a few things in your toolbox, including:
If you don’t know your credit score and want to check it out along with your credit history, you are entitled to one free credit report per year from each of the three credit bureaus. You can obtain your free credit reports here.
If your credit report shows missed payments or if you have very little credit history, there are ways to improve your score quickly to qualify for better interest rates on new or refinanced loans. Here are a few ways to boost your credit score:
Let’s take a look at some of the eligibility requirements used by several of the top-tier student loan lenders:
Our Top-Rated Picks for 2022 Offer Low Rates and No Fees
Option to skip a payment once a year
In-school deferment available if you return for another degree
Optional $25 payment plan during school to reduce interest after graduation
1% Cash Back Graduation Reward program
Without a cosigner, you’ll either need a good credit score and steady income, or you’ll need to pursue an outcomes-based loan like Ascent’s. The next step is to compare lenders to get an idea of what rates you can qualify for with each lender.
Let’s weigh the pros and cons for some top lenders in the student loan space.
Loan Limit: $200,000Terms: 5, 10, 15, or 20 yearsOffers financial hardship deferments of up to 24 months
Loan Limit: $150,000 for undergraduate degreesTerms: 5 to 15 yearsDiscretionary forbearances awarded on a case-by-case basis
Loan Limits: up to 100% of the cost of attendanceTerms: 5 to 20 yearsOffers deferment and forbearance options up to 12 months, plus multiple repayment options
The next step is to check rates with premier private lenders to see if you are eligible for a private student loan without a cosigner.
Comparing rates is simple — you can use Purefy’s rate comparison tool to explore your options in minutes. All you need to do is enter your information and undergo a soft credit pull (which does not affect your credit score) to receive real-time prequalified rates from private lenders.
You can compare offers to see which deal makes the most sense for you before applying. Just remember to keep your tuition deadlines in mind, since full disbursement to your school can take anywhere between a few weeks to a month or two.
Remember, there’s no cost or obligation to use a quote engine like Purefy and all lenders are fully vetted with no application or origination costs.
Scheduling a consultation with one of Purefy’s student loan experts is a great way to get your questions answered. You can also find support when filling out applications or learn about interest rates and benefits offered by each lender.
Student loans can be daunting, especially if it’s your first time, but help is available if you need it. Call 204-524-1115 or schedule an appointment today.
Purefy’s Student Loan Advisors are ready to guide you through the student loan process.
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