<p>As a dependent 20 yr old, can i take out a student loan without having to have a cosigner? If not what are some loans that don’t require a cosigner, or who (besides family, we don’t get along) can i get to sign it?</p>
<p>You can take out federal student loans (Stafford loans) without a cosigner. The annual limits are $5500 for a freshman, $6500 for a sophomore, $7500 for junior and above.</p>
<p>It is unlikely you can get a private loan without a cosigner as you probably don’t have sufficient work or credit history at 20 to be considered a good risk.</p>
<p>Anyone with a good credit rating can be a cosigner. However, it is unlikely anyone outside of family would be willing to do so. A cosigner takes a huge risk. They have no control over what is happening with the debt but are completely liable for the debt if you do not pay it. A late payment by you can affect the cosigners credit rating without them even knowing you have made the late payment.</p>
<p>Are the loans stated on your financial aid award letter the only loans you are eligible for?
how can i apply for more loans that aren’t on my award letter? I got the stafford subsidized and unsubsidized loans, and im going to get them, and the plus loan which i cant get because my parent and i dont get along. but thes loans and grants/scholarshps barely cover half of tuition, not even including housing.</p>
<p>Yes, the loans on your FA award are what you are eligible for. Everyone is eligible for the Stafford loans. Those are basically it for federal student loans. (there is another federal loan called the Perkins loan but they have very limited funding and if you were not offered them you probably do not meet your schools criteria for them or they had no funds left).</p>
<p>Did you get the maximum Stafford for your year in school?</p>
<p>It looks like you can’t afford this school. What are your other options?</p>
<p>yes i rec’d the max. is it possible to apply for state loans if the school im going to isnt in my state?</p>
<p>I don’t think there are “state loans.”</p>
<p>You can’t afford that school.</p>
<p>No such thing as state loans. There is a max amount of Stafford loans for a reason. Going above those limits is way too much debt. </p>
<p>You can’t afford this school. There is no money fairy that will help. You need a plan B cheaper school or a gap year or both.</p>
<p>Why are you going OOS for school? Depending on your home state that cuts off some potential grants. If you just want to get out of your state move after you graduate.</p>
<p>I’m only going to stay there for a semester, then transfer to a cheaper public school that’ll be $10,000 a year</p>
<p>Why would you even want to go there for a semester? Then you’re going to move back home to your in-state school? That makes no sense whatsoever.</p>
<p>The fact remains, there are no magic money trees. You cannot afford the school and cannot enroll. What are your other options?</p>
<p>If you enroll in the school without being able to pay, not only will you have debt collectors after you, but they will withhold your transcripts and keep you from transferring anywhere else.</p>
<p>Time to move on and find a better, more affordable school :)</p>
<p>I don’t see the point to going to this school for one semester. It seems like waste of money and a hassle, not to mention the possibility of setting yourself up for major disappointment if you love it, make friends, and then have to bail.</p>
<p>Can you advise us why you have to attend that school? Even for just one semester?</p>
<p>Well some states have college loan programs. New Jersey has NJClass, for example. But I still had to cosign for my son. It is his loan. I am not a Jersey resident, but his school is in Jersey.</p>
<p>Massachusetts also has a program that I looked at, but we didn’t need, for my daughter @ Smith.</p>
<p>If you are interested in something like that, the financial aid office at your school will know.</p>
<p>If you cannot get ANYONE who is credit worthy to sign for you, including your own parents, ANYONE who knows you, likes you, believes in you, trusts you, how can you expect those who do not to want to lend you the money? </p>
<p>Get along with them, or not, your family is the best source for any funds. </p>
<p>What is the gap you have? If you can’t meet it, start looking at affordable alternatives. </p>
<p>Yes, there are state loan programs in some states, but all of the ones I know require the PARENT to take out the loan.</p>
<p>Get a Stafford student loan. but do make sure that you have researched all your resources before getting any loans. This is important since this will also affect your future.</p>
<p>Erika, the easiest way for you to get a loan is to have your parents apply for PLUS and you pay the loan back to them. If they are rejected, you’ll get $4K more in Staffords on your own.</p>