William Ford Student Loan Program for no Cosigner Loans
As a prospective college student if you do not have any other types of financial funding available to you, it is often a good idea to consider ‘student loans without cosigner‘ from the William D. Ford Federal Direct Student Loan Program. This loan program can be particularly advantageous if you are in need of a no cosigner bad credit student loan. It is important to note that this loan is not provided through a traditional bank. Instead, it is comprised of a series of different loans that can be applied for directly through your university or college. The loan is actually issued through the U.S. Department of Education.
Direct William Ford student loans without cosigner have great interest rates!
This loan program includes the Direct PLUS Loans, Stafford Loans and the Direct Consolidation Loans. One of the great benefits of these loans is that they come with a low interest rate and can be provided to students as well as their parents to help in paying for the cost of a higher education. While it is always best to utilize funding sources for college that do not need to be repaid, such as grants and scholarships, when you must borrow money for higher education, this is an affordable option.
The William Ford Direct and FFEL are the only student loans without cosigner!
It should be understand that while there are three categories within the William Ford Loan program, only two of the loans are no cosigner student loans. They are the Direct and FFEL student loans. These student loans without a cosigner offer the opportunity to borrow money to pay for college without a cosigner. You must have good credit in order to be approved for the Direct PLUS Ford Student loan. As a result, if you have bad credit, you may need to have a cosigner to be approved for your student loan.
William Ford Direct and FFEL student loans without a cosigner needed have easy repayment terms!
In some instances, students change universities or colleges and then apply for additional loans from their new school in order to pay for the continued cost of their education. Even though you may be applying for a new loan, the loan will continue to be routed through the same fund. The loan actually transfers with you to the new school. Ford loans are a good option because they offer easy repayment terms. There are actually a variety of repayment options available with these student loans. Furthermore, you do not have to worry about paying back the loan until after you have graduated or left school.
William Ford student loans without cosigners maximum loan limits!
The amount of money that you can receive through the Ford loan program is limited. For undergraduate students, you will be limited to receiving a maximum of $31,000 if you are still considered to be dependent upon your parents. If you are an independent student, the amount you can receive is raised to $57,500. In the event you are dependent upon your parents, but they are not eligible to qualify for the PLUS loan the amount of money you can receive through the loan will be raised to $57,500. To continue receiving funding, you must remain in school at least half-time and cannot fail any class.
These totals also extend to graduate programs if you happen to be a graduate student. The total loan amount you can receive as a graduate student is $138,500. It should be noted that this loan maximum also includes any amounts received while you were an undergrad student. Most students find it quite easy to receive these loans; however, you should note that you will be required to apply first for the Federal Pell Grant.
Bear in mind that the funding from the William Ford Loan will first be sent directly to the college or university you attend. The funds from the loan will first be applied to your tuition and fees. Any amount left over from your no cosigner student loan will then be issued to you. Applying for these student loans without cosigner involved can be a great first step in obtaining the funding you need for college if you need a no cosigner student loan and also have bad credit.
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