Private College Student Loan

Can I get education loan in India without co-obligator ?

You always need your parent as a co-obligator for education loan in india. But is there any provision that an adult can get loan without it ?

Public Comments

1. Fill out the FAFSA (Free Application for Federal Student Aid) at www.fafsa.ed.gov and enroll in college at a school, accept a stafford loan. Direct Loans (loans from the federal government through the Department of Education, after filling out the FAFSA) allow you to take out a loan, and is not based on a credit check, therefore you do not have a co-obligator (or co-signer), just people who can vouch for your name, and help track you down if you skip town with the money and don't pay it back.
2. Different Types of Education Loans in India: Education loans can be basically categorized into three categories: * The Government Loan * The Parent Loan * The Private Student Loan The Government Education/Student Loan: Often education loans come from the Government loans. These loans can further be divided into two: The Federal Family Education Loans: Private lenders like credit unions or financial institutions provide these loans. The Federal Direct Student Loans: These types of loans are offered by the direct lending of schools. All these federal loans must be paid back but the payments can be rescheduled for at the time of completion of your graduation. These loans have fixed limits of loan. The Parent Loans: As the name suggests, parents apply for these types of loans for further education of their children or to get them higher professional degrees. These types of loan allow the parents to afford the education of their kids that they otherwise cannot afford. There is no fix limit to these loans. However, one has to get their credit report well to apply for these loans and these loans are provided by private lenders such as banks and financial institutions. Since you might find the interest rate to these loans high, you better try to get best possible interest rate. These loans can be reimbursed within the time period of 10 years. Private or Alternative Education Loans: The purpose of these loans is often taken to fill the gap between the amount of loan you have been granted via the Government loans and the actual amount you need. The status and condition of your credit report is the very base of this type of loan. This loan not only has better pay check but also better interest rate. In case of absence of good credit report of student, he is required to take the help of parent to co-sign the application form with you. The amount allowed is according to the credit score and your need.