no credit check student loans
No Credit Check Student Loans
No credit check student loans are a boon for students, especially those who have less impressive credit or no credit at all. Both federal and private student loans that require no credit check are available today.
- Federal Stafford loan is one of the best options for these loans.
- With Stafford loans, you have the flexibility to repay the loan amount within a grace period of six months after you earn your graduate degree.
- For obtaining this loan, you need to fill up FAFSA (Free Application for Federal Student Aid) form. All undergraduate and graduate students can apply for this loan.
- There are two types of Stafford loans, namely, subsidized and unsubsidized.
- The former is designed for financially needy students, whereas the latter can be applied for by students of any economical background.
- Subsidized Stafford loan charges no interest until the completion of the grace period, while in the unsubsidized type, the student has to pay the interest charges.
- Federal Perkins are given to students who are in great need for financial help.
- Apply for this loan by filling up the FAFSA form.
- Perkins loan is offered in collaboration with the government and college funding.
- It is provided on a 'first come, first served' basis. Hence, for securing Perkins loan, you are required to fill up the necessary form as soon as you secure an admission in the college.
- Another option for no credit check student loans is to take help from a trustful cosigner.
- It is a mandatory procedure for many of the institutions to have cosigners for securing student loans with no credit history or bad credit.
- The cosigner is taking the responsibility of repaying money, if the actual borrower or student fails to repay the loan.
- With such a condition, the student gets educational financing at a very low-interest rate.
- Apart from the federal routes for getting educational financing, there are also private student loans with no credit check, either as secured loans or unsecured loans.
- However, make sure that you check the annual percentage rates (APR) and the loan facilities prior to signing for the particular loan.
- Do not fall prey to private lenders who provide loans with a higher interest rate or lesser features.