Student Loans For Living Expenses: What Are Your Options?

All private student loans require someone on the application to pass a credit check. Banks are not willing to take the risk of lending to people without proof that they return their debts reliably. Regardless of how financially responsible you are, it's more than likely that 18 or so are not going to have time to build a reliable back long enough to convince the bank you are sure to lend. For this reason, you will probably have to get a parent or other creditworthy family member or friend to apply for a loan with you as a cosigner.

This is a great deal of responsibility to another person for debt, and should not be lightly entered into, which is why most students use their parents as cosigners. Of course, this is not possible if your parents have bad credit, so that when you May want to consider other people.