Is it possible to take out a student loan for living expences without having a cosigner?
The answer is “Probably not.” Under the best of economic circumstances, student loans are high risk loans to the lender. Student borrowers apply for loans of thousands of dollars, and offer absolutely no security or collateral with the loan. Most applicants have little or no income, and a very thin, or sometimes poor, credit history. The lenders are left in the position of gambling that the borrower is going to graduate, get a good job, and actually be able (and willing) to afford to pay back the money they have borrowed. Unlike a car loan or a mortgage, where the lender can repossess or foreclose on the thing you have purchased with the loan, the educational lender can not seize your college education if you don’t pay the loan. As you are probably aware, all lenders have considerably pulled back in their lending activities. At the very least, lenders have returned to the conservative analysis of loan applications. If you’re going to be approved for a high risk loan (like an educationa
