Frequently Asked Question(s)
Q:If I Stop Paying Private Student Loans, can I declare bankruptcy?
A:No, students loans can not be erased by declaring bankruptcy. A student loan must be paid in all circumstances. If a student defaults on his/her payment then they are likely to develop a bad credit score and be ineligible for any other sort of loan or aid. Apart from this, their assets can be seized by the collection agency.
Q:What are the major consequences that a student may have to deal with if he/she stop paying college loans?
A:A college loan is expected to be paid back at regular intervals. Is a student stops paying the loan then a number of situations can arise. Firstly they will be notified by the lender that they are missing their regular payments. Secondly they can be reported to a collection agency who will take measures to recover the amounts. Thirdly there is a risk that the borrower's assets and capital will be seized and liquidated by the lender. Fourthly the person will develop a bad credit score and will be ineligible for more loans, credit cards, mortgages, and security payments.
Q:Are there any college loans for students with no cosigner?
A:Students who do not have a co signer can still have a loan for college. The best option for students without a cosigner is to look for federal loans. These loans are awarded on the basis of financial need and do not require students to have a cosigner. In addition to this there private lenders as well who can offer loans without a cosigner.
Q:what other options of financial assistance are available to student loan without cosigner?
A:he best options for students who are applying for financial assistance without a cosigner are The Federal Stafford loan, and the Federal Perkins loan. But if you fail to apply or qualify of any of these two, not all is lost. Student loans like the Federal Pell Grant, Academic Competitiveness Grant, The National SMART Grant and the TEACH Grant Program are other options you can explore.
Q:What are the criteria for college loans without cosigner?
A:If you do not have a cosigner for your student loan you can still get a loan. Students who have a good credit history can qualify for private loans. However you should know that having a cosigner with a good credit score will definitely improve your chances of getting a loan.
Q:I am looking for loans for college without cosigner, so how do I go about it?
A:To avail loans for college without cosigner you need to have a good credit score if the loan is from a private source. The better the credit score, the better are your chances for securing a loan. With good credit record the interest rate offered can also be lowered. However, before going for private loans it is advised to check federal loans as well because they also do not require cosigner and are more flexible.
Q:How can I get private college loans without cosigner?
A:If you do have a good credit record and have made your previous loan payments on time then you have a good chance of getting a private college loan. Having a good record can help you in getting a lower interest rate. Before opting for private loan it is best to exhaust federal loans and then seek other options.
Q:Can you tell me about my choices for college loans no cosigner no credit?
A:If you have no cosigner and no credit history then getting a loan from a private source can be a hassle. In such s situation, you may get either very high interest rates or the terms of payment and other conditions may be very strict. The only loans that do not require cosigner and no credit record are federal loans so it is best to try for them first and then opt for private loans.
Q:Can I get federal student loans without cosigner?
A:Federal student loans are easy to avail and for them you do not need to have a cosigner. These are given on merit basis or on financial need basis. Federal loans have low interest rates and therefore are a popular choice of loans for students. It is only for private loans that you need a cosigner.