When you don't have a job or any credit history, private lenders often require you to have a cosigner who will repay the loan if you don't. However, the federal government understands that students often need to borrow money to attend school and offers a few types of student loans that do not require a cosigner, credit history or proof of income. These federal student loans are your only hope if you aren't creditworthy enough to borrow from private lenders.
Instructions
1. Gather your financial information, including your bank statements and last year's tax return.
2. Navigate to the Free Application for Federal Student Aid website.
3. Fill out the FAFSA with your financial information. If you are a dependent student, you will also need to provide your parents' financial information. If you are married, you have to provide your spouse's information.
4. List the school you will be attending in the section of the FAFSA that asks for it. That way, the government will send the information to the school so it can plan your financial aid package.
5. Call the financial aid office at your school and ask if it has any other paperwork you need to fill out to apply for financial aid. If so, complete and submit these forms.
6. Read the award letter from your financial aid office when it arrives. If the letter does not list any student loans, such as Stafford, Perkins or PLUS loans, call the office and ask if you can get a student loan. Stafford loans are available to all borrowers and PLUS loans are available to graduate students without negative credit history. Perkins loans and subsidized Stafford loans are awarded based on financial need, so you might not get these unless your income is low.
7. Sign the award letter that lists your student loans to accept the award.
8. Fill out the forms your school provides to complete your student loan agreement for each type of loan. After you fill out the forms your first year, you will be able to borrow from these loan programs in later years just by accepting your school's financial aid award letter.
Tags: student loans, your financial, award letter, credit history, financial information