Where can I Get Student Loans with No Credit
Where can I get student loans with no credit? College is an important step for people to get background instruction on the field of work they plan to work in, but paying for those classes can be expensive and most students require some sort of financial help.
What do you do if you don’t have any credit history? Like many students, you are likely wondering after finding this out, where can I get student loans with no credit.
There are in fact, a few ways to do this and here are the steps to success in getting your loan.
One of the first things that you should do is apply for Federal Student Aid (FAFSA).
Investigate student loans sponsored by the federal government. Loans such as the Stafford or Perkins loan do not require a credit check and are valuable for students with no credit or bad credit.
Stafford loans are subsidized and mostly go to low income students, while the Perkins also goes to low income students and has the advantage of only a five percent interest rate and long payback terms.
Get a co-signer to help you to make up for having no credit history or bad credit.
This means that you get someone, such as your parents, to sign with you and agree that they will also be responsible for paying back the loan if you don’t meet your obligations to pay it off.
The co-signing relatives, however, are potentially on the hook for paying back the loan if the student defaults.
Apply for state government backed student loans, as these are connected with the Federal Family Education Loan Program and may be available to students in certain fields, as well as give lower interest rates made especially for students with little or no credit history.
Overall, it is rough to get any kind of loan without a credit history, but there are viable options such as these loans for paying for college.
Having no credit and bad credit is the same in some people’s minds but no credit is still better than bad because bad credit is exactly what it is, bad credit.
No credit on the other hand looks better because you have not messed up your credit. Although it may be still tough to get a loan, lenders are more likely to consider your situation.
Additionally some times lenders need a little proof of your determination to attend school.
This may or may not work for you but a buddy of mine had no credit and brought his school records and report cards with him to a meeting with a lender and they gave him the loan based on his solid academic record.