Private College Student Loan

Do i need to build credit to get a Private Student Loan w/o a cosigner?

I need to get a private student loan for college because my parents do not want to cosign...but if you have no credit do you have to build up your credit in order to not need a cosigner? My plan is to apply for a student credit card b/c it can build credit and has no annual fees...but how high do I have to build my credit in order to not need a cosigner? Also, please use "english" when answering in financial terms so i can understand dammit, here come the scammers... To "jld522": That just saved me alot of time and effort b/c i don't make enough at my job either. Another thing is the college is in another state and parents don't want to cosign at all. But i'll try that route of researching and working with the financial aid advisors.

Public Comments

1. no because thats what your co signer is for, your co signer is like your credit history. co signers are for people who dont have good or dont have any credit at all.
2. well Bank of America gives student credit cards I'm not too sure about the fees and stuff but they are pretty cool with student, i have an student account and the only thing i get charged for is overdrafts
3. You can get a credit card almost anywhere but that won't be your problem. My son tried the same thing. He got a card, established credit but still couldn't get a student loan without me co-signing because he was not making enough at his job. Your best option is to go to your college or the one of your choice and see a Financial Aid Adviser and tell him/her your situation. Alot of times they know of other avenues that you wouldn't be aware of. My son's adviser was able to get him more financial aid (you don't have to pay that back) than what he was originally supposed to get. However, ultimately he still needed some more money so I co-signed a student loan for the balance. Call the Financial Aid Office at school and make an appointment with an adviser, get all the info you need. Bring it to your parents so they can see that you are researching ways to make it work. If they see you are really trying and you're serious about it, they may be impressed with your initiative and more willing to help you out.
4. No, but why not go w/direct (this is the term for federal student loans), as they are coming down. only time to go for private loans is when absolutely necessary. Here is the latest strategey for all the large banks regarding student loans. BTW I am a former student loan cosnolidator, pushed from the job, because of last October's changing of the rules for stu loans, direct now becoming the dominant lender: The banks are going to be considering what you study in the future, and what that study can lead you to income wise. Therefore if you are going for a Masters in DNA and Geneaology studies and only have a credit score of 590- And someone else is going to get a masters degree and become a teacher, but has a higher score, say 630- believe it , or not new policy would be to give the loan and the better rate to the person studying DNA, Geneology. They are lending on your eventual job, this being a better indicator of your future financial condition, then a current cr. score, a teacher w/a $45,000, as opposed to a researcher w/a 100, 000 income upon graduation now criteria for banks. Type in your browser higher ed watch. This is the lobbying group that was resposible for the new laws regarding stu loans. Stay in touch w/this Washington, D.C. lobbying group. They are for the students and have been very infuential in politics, and helpful to students in general. Some stu loan info on my website - good luck and hang in there - we need good folk out there-these are tough times a coming. Higher ed watch should be able to make referrals. Also Perkins loans shoud be available thru the school you are going to, backed again by Federal govt. Perkins were 5%, don't know if came down already-higher ed watch the key.