Today’s question is often asked by incoming freshmen, can I borrow a student loan without my parents? If you’ve filed a fafsa, you’ve likely been granted your own student loan. It’s called a Federal Direct Student Loan, and it’s the only one that most undergraduate students qualify for without a co-applicant and freshmen can borrow up to $5,500.

MEFA suggests that if you’re going to be borrowing anything at all for college, that you start by taking these federal loans first as they have benefits attached to them that others don’t. These loans will already be part of your financial aid package, so when you’re covering the rest of the bill, you might look into private loans like MEFA, and any private loan is approved on the basis of credit or credit and income.

Now, it’s not impossible that a college student can pass a credit and income check. [00:01:00] If you’re an older student with a strong credit history and have sufficient income, you may be approved, but most incoming freshmen will need someone else applying with or for them. Now, usually that’s the parents, but depending on the loan, it doesn’t always have to be.

For example, a mefa loan co-applicant can be a parent, grandparent, family friend, any credit worthy US citizen or permanent resident. When looking for a loan, be sure to shop around. See what the requirements are for co borrowers and co applicants so you can find the right fit for you. Thanks so much. For more information, visit www.mefa.org.

Call us at 1-800-449-MEFA or email us for free guidance at [email protected].