No Credit Check Student Loan Help
No Credit Check Student Loan Help
Financial aid is a necessity for almost all students interested in pursuing higher education. Three main avenues for financial aid for post-secondary students include scholarships, grants, and student loans. Scholarships and grants are often hard to come by, and many students turn to student loans in a time of financial need. But what if a student has bad credit or no credit history? Is it possible to find a no credit check student loan?
The Stafford Loan is the biggest and most important credit check free student loan. Students are advised to apply for a Stafford Loan before any other type of loan, regardless of their credit status. Stafford loans may be either subsidized or unsubsidized. Subsidized Stafford loans are limited to the most financially needy students, and the government pays the interest until 6 months after the student’s graduation. Unsubsidized Stafford loans are available to any student who wants one, but students are then responsible for the entire interest amount accrued.
To apply for a subsidized or unsubsidized Stafford loan, interested students must fill out the FAFSA (Free Application for Federal Student Aid.) The problem with most Stafford loans is that each loan is a small one, and typically does not cover all of the student’s financial needs.
For additional no credit check student loan help, students may also consider the Perkins Loan. Perkins loans come in amounts from $1,000 to $4,000, based on the financial need of a student. A combination of government money and college money makes up a Perkins loan. Schools award Perkins loans on a first-come, first-serve basis, so fill out the FAFSA as soon as you can if you think you may be interested in this type of loan.
If you choose to pursue private student loans but have bad credit or no credit history, most lenders will require a co-signer (such as a parent or relative) on your student loan contract. This minimizes their risk in borrowing money to you.
Click here if you are considering applying for a BC student loan.
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