Private College Student Loan

Can I take out a private student loan without a cosigner with no credit?

I have no credit right now but I have already had the help of my parents for cosigning private student loans for my first semester, but they don't want to cosign for any more loans. If I start paying off the interest on my current student loans while I go to community college for a semester will I have a good enough credit score to apply for my own loans for the next semester or will it still be too low?

Public Comments

1. you might be able to apply, but the only problem with having a low credit score is your interest rates will be much higher than if you were to cosign with your parents if they have good credit scores. good luck
2. I don't see why not. Private student loans cannot be wiped out by filing for bankruptcy, so the lender doesn't take on as much risk. Expect the interest rate to be very high.
3. Hi- What I think you are asking is will just paying off the interest while you are in school this semester give you a good enough credit score for next semester's loans on your own. The answer is no. That is not a long enough time to establish credit and paying off a few months interest (not even full payments) on a 20 year loan won't make it. I assume that your parents are not interested in a PLUS loan? That is a shame because now they can be deferred until after graduation also. You could try applying for peer to peer loans. They are a type of private loan. Two main companies that do them are Fynanz and GreenNote.