{"id":211,"date":"2022-09-26T09:08:03","date_gmt":"2022-09-26T07:08:03","guid":{"rendered":"https:\/\/oxfordwisefinance.com\/blog\/?p=211"},"modified":"2022-09-26T13:01:56","modified_gmt":"2022-09-26T11:01:56","slug":"how-to-get-a-trainee-loan-without-your-moms-and-dads","status":"publish","type":"post","link":"https:\/\/oxfordwisefinance.com\/blog\/how-to-get-a-trainee-loan-without-your-moms-and-dads\/","title":{"rendered":"How to Get A Student Loan Without Your Moms and dads"},"content":{"rendered":"

Millions of students need to borrow money to pay for college. But getting student loans<\/a> becomes a little more complicated if your parents are unwilling or unable to help. That\u2019s because those applying for federal loans will generally need to provide their parents\u2019 information on the <\/span>Free Application for Federal Student Aid (FAFSA)<\/span>. And those applying for private loans may require a co-signer if they have limited credit.\u00a0\u00a0\u00a0<\/span><\/p>\n

While getting loans might be more complicated without your parents\u2019 help, it\u2019s still possible. If you\u2019re wondering how to take out student loans without your parents, here\u2019s what you need to know<\/a>.\u00a0<\/span><\/p>\n

Why parental input matters<\/span><\/h2>\n

Most students are considered dependents of their parents, meaning they rely on them for financial support\u2014whether it be housing, bills, or other expenses. That\u2019s why there\u2019s a section about family finances on the FAFSA.<\/span><\/p>\n

When you\u2019re a dependent student that includes your parents\u2019 information on the FAFSA, you\u2019ll receive an <\/span>Expected Family Contribution (EFC)<\/span>, which colleges often use to determine your eligibility for financial aid. Dependent students who don\u2019t include their parents\u2019 information on the FAFSA won\u2019t get an EFC, meaning they won\u2019t be eligible for certain types of financial aid.\u00a0<\/span><\/p>\n

And those applying for private loans<\/a> may also need parental help. New high school graduates may not have an established credit history<\/a>, so they might need a co-signer to get a private loan with an affordable interest rate. Otherwise, they could end up with an expensive, high-interest loan.<\/span><\/p>\n

How to get student loans without your parents: 4 options<\/span><\/h2>\n

1. Apply as an independent student<\/span><\/h3>\n

In some instances, you may be able to apply for federal financial aid as an independent student. <\/span>Independent students<\/span> can get an EFC without providing their parents\u2019 information. You might be considered independent if:<\/span><\/p>\n