Has anyone ever had a student qualify for a private student loan without a co-signer, if so, at what bank and qualifications of the student, credit score, employment etc…
Private loans almost always will require a co-signer. I can’t think of one where a student can get one in their name only.
How much loan money does this student need?
Just be careful going down this path (if it can even be done). Not weighing in on doing vs. not doing as that’s a personal choice based on individual circumstances. However, just really know what you / they are getting in to. Have known people to get crushed with debt. Have known others pay it off without incident.
Recently worked with an attorney (personal practice - not killing it) who had about 150k in debt. She just got in inheritance that paid the whole thing off in one shot. You never know the circumstances of the posters.
There are a few lenders who’ll loan SMALLISH amounts for HIGH HIGH HIGH interest rates to students w/o cosigners.
I don’t know if any will lend to an incoming frosh. The ones I’ve seen seem to loan to soph, jr, Sr’s…and look at grades as well…but again rates were HIGH…like 15%. Someone recently contacted me and for their child’s senior year, her rate went from 14% to around 11%…still crazy high.
Seriously, these loans are really a bad idea because the student ends up with too much debt. Ive only advocated for them when a student is a senior and is short money to finish his/her degree. It can make sense then because it’s only for a smallish amount, the rate can be lower, and the loan won’t have had 2-3 years of “growing” while the student is an undergrad.
Yes, but not as an undergrad, and student has well-paying job and excellent credit scores.