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Personal Student Loans

As a student headed to college, you'll most likely need funding above and beyond what the federal government and the college or university of your choice can provide you in assistance. At the same time, you are young and don't really have the credit history to apply for a standard loan without a cosigner. Unfortunately, you don't have a qualified cosigner — perhaps your parents don't have the necessary low debt-to-income ratio, and you have no acquaintances who can help you out. There are still alternatives, even in this dire situation. Personal student loans are available to some applicants, especially through programs provided by institutions like Sallie Mae.

While you can go out and obtain a personal loan for college through a number of resources, few will get you the low interest rates and long term repayment options that are afforded through federal funding opportunities. However, with Sallie Mae, you can achieve very similar loan criteria. The Signature Student Loan enables students to borrow a large sum of money through their own credit or, if this is insufficient, through the credit rating of a cosigner. Of course, other personal student loans are available through Sallie Mae as well for those who don't enjoy the luxury of having good credit or a credit worthy cosigner.

Because the company exists for the sole purpose of lending money, Sallie Mae has options for students fresh out of high school with no credit history at all to obtain a loan without a cosigner. This is a service that is not available through the majority of private lenders and banks and is based on the idea that providing students with the ability to gain a quality education will result in their future success, allowing them to be able to afford to repay the loan as promised.

Most lenders, including Sallie Mae, require that you attend a four-year college or university at least half time to qualify for personal student loans. Your program of choice should directly result in achievement of a graduate or undergraduate degree, and in order to personally apply, you must be 18 years of age or older.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.