Individual figuratively speaking in place of an effective cosigner: What you should know
Even in the event limitation financing number vary, government student loans carry out come with lifestyle financing limits. Situated undergraduate people are allowed to borrow up to $30,100. When you are an independent student, you might use extra cash – up to $57,five hundred. Scholar or elite college students can also be obtain to $138,five-hundred.
Since most private student loan lenders require a cosigner, it may be difficult for you to get a private loan if you don’t have one. To qualify for a private loan without a cosigner, you’ll likely need good to advanced level credit (a minimum credit score of 670) and must meet any income requirements set by the lender.
If you have bad credit or minimal credit history, applying having a beneficial cosigner with good or excellent credit could help you qualify for a loan and possibly get a lower interest rate.