How to Get Student Loans No Credit Required
You have no credit history to show around. So, What?! Just because you have zero credit doesn’t mean you have no right to apply for student loans. There are federal and private student loans you can reach and tap for potential fund sources. Now, you can stop thinking about quitting school just because you or your parents are having hard time keeping you there. The only thing you need to do next is know where to look for student loans with no credit check. It is not an easy task, but life is not easy in general as well. You have to give it your best shot!
In the world of the credit-worthy, that would mean having a solid track record of paying your debts on time. Since you’ve got nothing to show around, like carrying a shiny bling-bling on your neck as you walk down the banker’s lane, it may just be a difficult walk that you will always remember. Banks may seem superficial by judging you by your credit history cover, but if you’re doing business, it is only right to take all precautions against risks. You have to be a sensible borrower when it comes to making that pitch as to why someone would lend you college money.
How to Get Student Loans with No Credit Check?
Check Your Federal Student Loans
If you simply don’t have anyone to back you up ( cosigner ), the next best thing to do is rely on federal student loans with no credit check to help you out. You need to first fill a FAFSA ( Free Application for Federal Student Aid ) form. This is part of the process. Not only will it help you snag that loan, but you may also be rewarded gift money in forms of grants. You need to have your parent’s income tax returns ready, or have yours as well – if you’re a working student. You can choose to apply for:
1. Federal Perkins Loans – which is only open for those students with the highest financial needs. Are you truly that needy? This option will work best for you. It comes with a fixed rate of only five percent, and your loans may even be forgiven if you work for the public sector after graduation.
2. Subsidized Stafford Loans – which is open for all, whether you are in great need or not.
3. Unsubsidized Stafford Loans – is the most popular of them all, which is open to those who belong to a lower-income family. Interest rates come at a fixed rate, where flexible payment terms can be had and you can start paying 6 months after you graduate.
Find Yourself a Co-signer
If your parents have a good credit history, or you know someone who does, you can get him or her to cosign a student loan with no credit check for you. He or she must also have a stable job. Know that your cosigner will take the responsibility of paying your loan if ever it goes to default and that’s the first thing you should avoid. Some banks will release your cosigner from the deal after 6 months of payment, and some won’t. Having a credit-worthy cosigner can lower your interest rates and get your chances for loan approval higher. If you’re likely to borrow more money, try getting a new credit card. Once you have a willing soul to cosign for your student loans, you can already fill out an online application and get results within the day.
Whether you go for federal student loans or get a cosigner for private student loans, you have to work hard to make sure you attend school and get that college diploma to help you in the global marketplace, where only the best and the fittest survives. Watch out for fly-by-night deals and those who will take advantage of your needs. Don’t get caught in the trap of having to repay a skyscraper of an interest rate. Always keep in mind that there are plenty of options and you don’t have to sacrifice your future simply because you have no credit history to boot. Catch that Student Loan… While You Can!
READINGS:
http://student-loans.suite101.com/article.cfm/how_to_find_student_loans_with_no_credit_history
http://student-loans.suite101.com/article.cfm/where_to_get_non_credit_based_student_loans
http://www.gocollege.com/financial-aid/student-loans/bad-credit/no-credit-check.html
http://www.fairloanrate.com/in_loan_rates/no-credit-check-student-loans/
