How to Get a Student Loan Without Your Parents – Forbes | Vette Leader

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Student loans can be a helpful option when you need to pay for college. In many cases, students need the help of a parent to get student loans — either to complete the parent’s Free Student Aid Application (FAFSA) to take out a federal loan, or to co-sign a private loan.

However, some parents are unable or unwilling to provide this support, which could make it difficult to access the funds needed. The good news is that in this situation, there are a few strategies that might help you get a student loan without your parents.

Is a student loan without parents possible?

Whether or not you can take out a student loan without your parents depends on your individual situation and the type of loan you want to get.

  • Federal student loans: In some cases, students are not required to provide their parents’ financial information to complete the FAFSA – for example, if you are an independent student or have certain special circumstances. Even if your parents help you complete the FAFSA, they will not be held responsible for the federal loans you take out on your behalf. This means that you are responsible for paying everything back yourself, along with the interest.
  • Private Student Loans: Undergraduate students typically do not have enough credit or income to qualify for a private loan, which is why many private student loans are co-signed. Although in some cases you can still get a personal student loan without your parents, be prepared to pay back anything you borrowed through private loans yourself.

Before you take out a student loan, you should think about other aids that you don’t have to pay back, such as scholarships and grants. By relying on premium money first, you can avoid borrowing as much on student loans.

How to take out student loans without parents

If you decide to take out a student loan without the help of your parents, here are some options to consider.

1. Obtain federal student loans as an independent student

Most students are considered dependent, meaning they have financial support from their parents. Government aid programs assume that the primary responsibility for funding your education for dependent students lies with you and your family. For this reason, if you are a dependent student, you must provide your parents’ financial information when completing the FAFSA.

However, if you are an independent student, you only need to provide your own information (along with that of your spouse if you are married). You may be referred to as an independent student if you:

  • are 24 or older
  • Are married or separated but not divorced
  • You are aiming for a master’s or doctoral degree
  • Have children (or dependents other than a spouse or children) who receive at least half of their support from you
  • They are currently serving on active duty with the US Armed Forces for purposes that do not involve training
  • Are a Veteran of the US Armed Forces
  • Were in foster care, were wards or members of the court, or both parents died at any time since you were 13 years old
  • are emancipated minors or are in a court-appointed guardianship
  • An unaccompanied youth is who is able to support themselves and is at risk of homelessness or is homeless

If you meet only one of these criteria, you can apply for a federal student loan as a self-employed student. Since independent students do not receive the financial support of their parents, they can receive more financial support compared to dependent students.

2. Submit the FAFSA in special circumstances

In some situations, dependent students are not required to provide financial information about their parents when completing the FAFSA. You can file the FAFSA without parental information if:

  • You left your home due to an abusive family environment
  • Her parents are imprisoned
  • You don’t know where your parents are, you have no way of contacting them and you weren’t adopted
  • You are older than 21 but not yet 24 and you are either homeless or at risk of homelessness

When you complete the FAFSA, you can indicate what special circumstances prevent you from providing your parents’ information. However, note that while you can file the FAFSA, it will not be fully processed and you will not receive an Expected Family Contribution (EFC). Instead, you must contact your school’s tax office as soon as possible.

Your school may request additional information to decide if you can be considered an independent student and to calculate your EFC without parent information. Note that once the Inland Revenue has made a decision, it is final and cannot be appealed to the Department of Education.

3. Find another adult to co-sign a student loan

If you need to borrow for school and are considering federal or private student loans, remember that it’s usually best to rely on federal student loans first. Federal loans come with important benefits and protections, such as access to income-based repayment plans and student loan forgiveness programs. But if you’ve exhausted your government loan options, private student loans could help fill any remaining financial gaps.

You typically need good to excellent credit and sufficient income to qualify for a personal student loan — which is why most personal student loans are co-signed for students. However, if you wish to take out a private student loan and are not eligible alone, you do not need a parent to co-sign. A co-signer can be anyone with good credit—such as another relative or trusted adult—who is willing to share responsibility for the loan.

Even if you don’t need a co-signer to qualify, you could get a lower interest rate with one than you would get alone. Just remember that since your co-signer is equally liable for the loan, if you fail to make your payments, they are on the hook.

4. Look for lenders that don’t require co-signers

Private student loans do not necessarily require a co-signer, but many students end up requiring one in order to meet lenders’ strict eligibility criteria. However, if you cannot find a co-signer, you may still qualify for a no-co-signer student loan from a lender with less stringent requirements.

For example, Ascent offers two unsigned loan options: one for borrowers with at least two years of credit history and one for juniors and seniors with no credit history. AM Money also offers no co-signer loans; Instead of checking your credit score, it looks at factors like your grade point average.

Note that while these non-co-signed loans are easier to qualify for, they usually come with higher interest rates.

Pros and Cons of Taking Student Loans Without Parents

If you’re thinking about taking out a student loan without your parents’ help, consider the following pros and cons:


  • You may be eligible for more assistance: Independent students tend to receive more financial aid and federal loans than dependent students.
  • Don’t rely on others: Some students may find it annoying to ask for their parents’ information. While it might take more legwork to qualify without one of your parents, a student loan without them means you don’t have to rely on anyone else.


  • Harder to qualify: Unless you are an independent student and do not have a good credit rating or income, you may find it difficult to obtain government or private student loans without your parents.
  • Could end up with a higher interest rate: If you don’t have good or very good credit, you’ll probably expect a higher interest rate if you take out a personal student loan yourself.

Alternative financing options if you cannot get a student loan

If you’re having a hard time getting student loans without your parents, here are a few other options to consider:

  • Grants: Unlike student loans, college scholarships do not have to be repaid, making them a great way to fund school. There are a variety of scholarships available for students from a variety of backgrounds, including awards based on financial need, merit, athleticism, or factors such as your race or college major. Common organizations that offer grants include local and national businesses, non-profit organizations, and professional associations.
  • Grants: Like scholarships, grants are essentially free money that you can use towards educational expenses. You may qualify for government grants, government grants, or private grants such as those offered by your school or nonprofit organizations. Remember that there is no limit to the number of grants and scholarships, so it’s a good idea to apply for as many as possible.
  • Student Loans in Emergency: Some schools provide short-term loans to enrolled students who are in need, such as B. a death in the family or financial difficulties. If you are faced with such a situation, contact your school’s financial aid office to see if this type of loan is available and how to apply. Even if your school doesn’t offer emergency student loans, your tax office may have access to additional resources to help you cover your expenses.

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