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If you are no longer a student, then the dynamics of loan rests on credit rating based on the credit history, which in turn depends on your income and the habits (spending and repayment habits) you have.

What if, you are a student and on top of that, you don’t have a credit rating? Will you not get a loan? The answer is, ‘Yes you will get it’! That will not paralyze your chances to get a loan to pursue your education. A co-signer is your first option! What if, there is no co-signer as well? Yet again, you will get it. However, in the absence of a co-signer as well, the number of loans gets limited. But, just to make you comfortable, chances are not nil.

Ways in which you can get a student loan without having a credit rating and a co-signer are listed below.

• Have a look at federal based student loans. If you are traditional student, the federal loans get bottle-necked with only Stafford and Perkins loans available. None of the two require any credit check.
• Free Application for Federal Student Aid (FAFSA) is to be filled because without FAFSA, you cannot get a government loan. FAFSA helps not only in getting government loans but also ensures that you get any applicable grant money.
• If you are a needy student then, you can apply for a Stafford Loan. So, if you fall under a low-income group and you do not have a credit rating or a cosigner, you have high chances to get the Stafford loan. Although the amount sanctioned is small, you can actually start financing your education with the money you get.
• In case your financial needs are the greatest and you can show that, applying for the Perkins loan is a plausible option. Sanctioned at 5% interest with a longer repayment term as against the Stafford loan, you can start financing your education with the Perkins loan.
• In case of non-traditional students, options increase. Although Stafford loans and Perkins loans are the only two options they qualify for, many grants and scholarships are available for those who return to colleges for more studies and to earn degrees.

Hence, you don’t need a magic wand or a genie in a lamp so that you can finance your education, all that you require is a little bit of knowledge about the options available and the ability to harness them to their fullest.

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