Student loans with no credit checks are available from numerous sources, for those who want to go to college, yet haven't established the necessary financial history to obtain traditional financing. Many people going to college don't even having a checking account, let alone a charge card or established financial history. Perhaps the best place to start a search is the federal government's Federal Student Aid (FSA) program, which is the largest source of education funding in the country, providing more than $60 billion dollars a year in grants, traditional financing, and work-study opportunities. A person must meet certain eligibility requirements, but a solid financial history is not one of them.
One of the most common options offered by the government is Stafford financing. Private lenders generally administer this, but the money is guaranteed against default by the federal government, so interest rates are low. With some Stafford student loans with no credit, the government pays the interest while in school; others simply defer all interest, which will be paid upon graduation. Unlike other federal options, the Stafford is available to everyone regardless of parental income or financial need, but a student must be able to demonstrate financial need to be eligible for this student loan with no credit.
Perkins financing is another government opportunity that is available to college scholars who demonstrate significant financial need. The individual college runs this program, which decides how much will be awarded based upon personal needs and the costs at the college. For this student loan with no credit, the college acts as the bank, using a pool of money provided by the lender. The government, while in school, pays the interest on this student loan with no credit. The interest rate on Perkins loans with no credit is 5%, there is no origination fee, and there is a 10-year repayment period.
With the growing cost of a college education, sometimes federal financing is not enough to meet the expenses. Private education monies are available from private lenders and can help provide funds to supplement the limited funding the government grants. Although private lenders do not require that the student has established credit, they require that a parent cosign, and a parental credit check will be a part of the process. Luke 6:38 says ""Give, and it shall be given unto you; good measure, pressed down, and shaken together, and running over, shall men give into your bosom. For with the same measure that ye mete withal it shall be measured to you again." With any financial business done in life it is important to focus on God's financial plan for earthly living.
Another option for parents with less than perfect financial history are home equity loans. Because home equity loans use a home as collateral, lenders often overlook bad financial history. If a person is hoping to fund college pursuits but can't figure out how to get a student loan with no credit history established, don't worry. Numerous federal programs can provide the money needed to fund educational pursuits. Private funding with the help of a parent cosigner can also make student loans with no credit a reality.
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