Consider a credit-worthy cosigner
If you can’t qualify for a loan on your own, ask a credit-worthy person in your life to apply for a loan with you as a cosigner—someone who signs for the loan with you. A cosigner with a strong employment history and good credit may be able to help overcome your limited or negative credit history and so that together you qualify for the loan.
Many students ask their parents, but if that’s not an option, you can also ask a guardian or relative to be your cosigner. In my case, my aunt cosigned the student loan that allowed me to attend college. Just make sure to have an open and honest discussion with your potential cosigner to ensure you’re making a responsible decision.
It’s important to understand that your cosigner is equally responsible for your loan—that means if you miss a payment, it will affect your cosigner’s credit as well as your own. After you’ve met certain requirements from your lender, like making a certain
number of on-time loan payments, you may be able to release your cosigner.
There’s also another option for parents or creditworthy individuals that want and are able to help. If they want to take responsibility for paying for part of your education, they can take out a student loan in their name, often called a parent loan.