Student Loan At Wells Fargo?

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Most private student loans, including Wells Fargo, are credit based. Students generally don't qualify because they don't have enough income or a long enough credit history to meet the lender's risk profile. So, in the vast majority of cases, a student will need a co-signer in order to receive the loan. In the case of a private student loan, it does not need to be your parent, so you could use a grandparent, or other friend or relative if you have one who is willing to do this for you. If not, I' m afraid you're out of luck. There is one other option: have you tried the federal parent PLUS loan? This is a federal student loan that is in the parent's name. If your parent is approved for it, she can borrow up to the entire amount of your cost of attendance budget. If she is not approved, then the school can add an additional $4 -5,000 to your unsubsidized loan (depending on your grade level). Many parents find that it is easier to get approved for the PLUS than it is for private loans because the credit check is not based on income, and the standards for it are lower than for private loans. If your parent is denied, and she wants to take the loan, the school may be able to override the denial based on the fact that her entire income is from public benefits. Your parent is not required to take the loan, even if approved, so even if she decides she doesn't want the loan, it's a good idea to do the application to find out if you might be eligible for the extra unsubsidized loan. You can find the application at www.studentloans.gov.

If you have a decent credit score, you may be eligible to take a loan out without a cosigner. Unfortunately, your interest rate may be higher than if you had an adult with a higher credit score/credit experience cosign. See if anyone in your family will be willing to help you.

It is very unlikely that you will get a loan at any bank without a good co signer.

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