How to Take Out a Student Loan Without Parental Help

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Traditional schools of thought will have young kids believing that paying for college is a family affair but that is not the case for many hopeful students. Non-traditional households and unique living situations have many kids feeling like college is out of reach for them because they do not have help specifically from mom or dad. Putting off college or skipping it all together without realizing you have alternative options might be a huge life regret when it comes to your career. If you are not able to have your parents assist you with this process, do not be discouraged, advocate for yourself and start to research how to make it happen for yourself. 

Learn About Borrowed Money

There is no rule that says a parent must be involved in borrowing money for college, you can take out student loans with a private lender in order to pay for your education, and you are able to secure funding without the need for a cosigner. Use keywords specific to your needs in your search to narrow down you list of options. It is important to know that credit history is going to be a big factor in this process. 

If you do not have established credit that is in good standing, you might not qualify for a non-cosigner private student loan. Getting information like this as early as possible is helpful because you will know what obstacles you might face without the pressure of a ticking clock. If you find that taking out a student loan with a private lender to pay for your education is not possible without a cosigner, this is not a deal breaker. Consider your inner most circle of close and trusted adults. There may be people in your life willing to support your education by being your cosigner that are not your parents. 

Focus on Free Money First

Exhaust all your options for free money before you look to borrowing. Researching financial aid options is going to open a lot of doors for you and can chip away at the total cost of tuition and in turn reduce your total amount borrowed from a private lender. Grants and scholarships may take some extra effort on your part, and there may be a process involved beyond a standard application, but it is worth it. So much money goes unawarded annually from scholarship funds simply because the organizations have not been presented with an applicable candidate. 

Understand that although this money is just sitting, waiting to be gifted to someone, you must be the aggressor and take the initiative to be that someone. Learn about which programs make sense for the type of person you are and student you know you can be. These scholarships and grants sometimes come with terms and conditions that you must maintain to continue to benefit from them. It is fair to assume that grades will be one of those conditions, this is a great incentive for you to keep academia as your focus throughout your schooling. Lesser common opportunities to have grants fund collegiate monetary needs outside of tuition are also available but just because they might be few and far between does not make them any less important in your overall student budget so don't forget to consider your needs outside the classroom as well.