No Credit Check Student Loans for College

It’s no secret that paying for a college education is a significant investment. And with costs constantly rising on everything from tuition to books to lodging, the majority of students need help paying for that education. Student loans are the most common option for covering the fees that a federal Pell grant and scholarships don’t. But what if you’re a student who has either no credit or bad credit? You will need to apply for no credit check student loans.

Many college-age students haven’t yet had a chance to establish their own personal credit. While no credit is better than bad, it can still be tricky to get your hands on a loan without a co-signer. Most institutions require co-signers with good credit before they will give you the money. No reputable lender would simply hand out a no credit check student loan without first investigating your financial history – so avoid any company that claims it does.

The good news is that there are financial aid options out there that don’t require a credit check. Federal student loans, in particular Stafford and Perkins loans, are the most popular types of no credit check student loans. They’re your best bet, so apply for these first by filling out a FAFSA. Not only do these loans not require a credit check, but they are also low-interest and long-term.

college diplomaSubsidized Stafford Loans are designed for students with the most financial need. The government covers interest repayment until the borrower’s graduation and they can pick up normal repayment of the loan. The catch with the Stafford loans is that, more often than not, the amount awarded to the student is rather small. Because of this, private or alternative student loans (which are credit based) have become big business, as have consolidation loans intended to prevent borrowers from defaulting on their payments.

Perkins loans are given directly from a college to its students who demonstrate the greatest need for help financially. If you qualify for this, apply as soon as possible to squeeze as much out of it as you can. They’re awarded on a first come, first served basis. So the sooner you act, the better off you’ll be in the long run. These no credit check student loans have low interest but are definitely harder to come by.

Another option is state-based federal loans. Sometimes state governments work with student loan providers to give better deals on federal and private student loans. It’s always a good idea to find out if your state extends any state-based federal loans once you’ve exhausted the possibility of federal student loans. Often times you apply for these no credit check student loans by filling out the FAFSA.

For those pursuing careers in nursing and teaching, there are special options for special low-interest no credit check student loans from both federal and state government sources. There are also loan forgiveness programs that might repay part or even all of your student loans. Similar programs are also at the disposal of law and medical students. Workers in these fields tend to be in short supply, so in response to the shortages, private organizations and governments offer these options in return for service in these under-served areas of specialization.

In general, when looking into no credit check student loans, a good rule of thumb to follow is to try to get as much aid as possible from subsidized loans – the kind that don’t accrue interest until after graduation. This will lessen your chances of falling into unmanageable debt later down the road.

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