<p>does a 18 year student always need a cosigner to take out a loan for undergraduate studies? how good does their credit rating have to be?</p>
<p>You don’t need a cosigner for the Federal Direct Loans. You only need a cosigner if you need additional loans beyond the maximum limits for the Direct Loans (subsidized and unsubsidized).</p>
<p>Basically, if you’re borrowing from a bank instead of the government, you will need a cosigner. No bank is going to trust the average 18-year old (who probably doesn’t have a well-paying career and much of a credit history) with the insane amounts that people usually borrow from them for college. Banks are profoundly short-sighted institutions but they’re not stupid…</p>
<p>How much are you talking about?</p>
<p>As mentioned above…federal student loans don’t require co-signers…however, they are for smallish amounts…</p>
<p>frosh year $5500
soph year $6500
Jr year $7500
Sr year $7500</p>