How to Get a Student Loan without a Job

You will find in this article, How to Get a Student Loan without a Job. With the looming pandemic, many students are wondering if it is the perfect time to go to school or college in this case.
Infact, a lot of students are not sure about present and future job opportunities along with rising debts that may come with being a student.

You may not presently have a job, but if you are not sure about if you will be able to acquire a student loan.

Let’s talk about it, We will be sharing with with you shortly about how you can get a student loan without a job.

Getting your hands on a student loan without a job may be possible when you have someone known as a co-signer.

“A cosigner is someone who may be willing to make your payments”.

Most Private lenders tend to accept this kind of payment arrangements.

This financial risk is worth taking when there are more than one person making the payments.

The whole issue with COVID-19 has forced a lot of businesses to close and layoff staff. This situation has forced many students to worry about paying off their loan debts.

It’s so bad that it may also force some students to postpone their courses until the economy recovers from the pandemic.

The U.S. Bureau of Labor Statistics did an unemployment study in January 2020 and found out that Unemployed high school graduates made up to 3.8 percent of the total public.

College graduates had a 2.9 during that same month. With all these concerns, students started to wonder how they will be able to pay for their college expenses.

Well you can get Student loans, to fill in those gaps and/or even pay the entire cost.

You can seek a loan from private lenders or you may even be eligible for government assistance i.e. if you qualify.

Private lenders may also offer loans regardless of your employment status or credit history.

Financial aid is always available to those who qualify. This brings us to how you can qualify for a student loan without a job.


Like we stated earlier, one way to qualify is by having a co-signer. Private lenders take into consideration you or your co-signers employment and credit history.

The co-signer in this case, may be your parents, spouse, relatives, or even a bosom buddy.

The cosigner typically has to meet the following criteria:

  • A Good credit score
  • Steady income (ie. 8% to 10% of income to make some monthly loan payments)
  • Favorably 15% or less debt to income ratio
  • Minimum income limit and income to debt ratios may vary depending on the lenders.

You most likely will always need a co-signer if you do not have a job. Ensure that the co-signer is
someone that you trust.


You need to have a co-signer to receive the loan. Several microfinance banks and a few major banks provide student loans.

You may also seek financial loans from a credit union.

Other private lenders may check your future income potential instead of doing a standard
credit check.

This factor occurs when you don’t have a credit history and/or a co-signer.

Some Lenders understand that you may find employment after college.


You may have to repay the personal loan using the little funds from your savings account.

The co-signer may also make monthly payments towards the loan for you during your

Then you can take over the remaining loan amount or repay the co-signer. You may also qualify for something called a loan forgiveness program (they may forgive the remaining loan amount.

You have to make a certain number of previous payments to qualify for this program) or an income driven repayment plan (it’s an affordable payment program based on your income and your family size) for federal loans.

There might be less private student loan repayment plans for those unemployed students. Most lenders may offer unemployment protection.

You can check with the various loan services and loan options. They may inform you about the repayment term’s grace period. Also, do not forget to check the repayment terms in the loan agreement which has the interest rate.


If the loans don’t work out you may try to pursue other financial assist options.

Grants and scholarships usually do not need you to pay back if you graduate. But certain grants may
need repayment if you drop out of college.

Other options may include:

  • Saving some extra money in a bank account until you have enough for school
  • Waiting to get a part-time job before going to college
  • Obtaining a part time job online or at a low level establishment

The whole issue with the COVID-19 has caused increased rates of economic uncertainty on a global level.

Many students and non-students alike are reconsidering their options. When checking for a loan, you should select the loan options that suits you best.

Then you could receive the desired degree at a respectable college of your choice. That concludes our article on how to get a student loan without a Job.

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