If you’re a student looking for money to pay for college, you’ve likely heard about federal student loans. One of the best things about federal student loans is that they don’t require a credit check. But not all students qualify for federal aid, and many who do may need more than what they can get from the government. If that sounds like you, then no-credit-check loans are an option to consider!
The first step to getting federal student aid is filling out the Free Application for Federal Student Aid (FAFSA®). You can fill out the FAFSA form online at www.fafsa.gov or visit your local college or financial aid office to get help completing it.
Once you submit your application, it will be processed by the Department of Education and an electronic copy of your Student Aid Report (SAR) will be sent to your school(s). Your SAR includes a summary of your income and tax information from last year’s taxes and any other information requested on the form. The SAR also includes a projected amount that you might be eligible for in federal student loans based on this information; this number isn’t necessarily what you’ll receive if approved for student loans because other factors affect how much money is available for lending.
The federal government does not guarantee private student loans, so they’re not free. In fact, they can be quite expensive: interest rates fluctuate and can hover around 13 percent for borrowers with poor credit who have no collateral to back up their loan requests. This means that, even if you have good credit and/or a co-signer willing to help you pay back your private student loans after graduation, it’s still important to consider your options before taking out any financing.
Private student loans aren’t just for college students; graduate students may also qualify for these types of debt products as well. However, parents cannot get private loans to fund their child’s education at an accredited school or university—they must take out federal Parent PLUS Loans instead (if eligible).
If you don’t qualify for federal student loans or Perkins loans, there are still options to consider.
You can also use private student loans if you have poor credit or no credit history at all. These types of loans offer better average interest on student loans than federal options and typically have fewer restrictions on eligibility requirements like employment status or income level. As per the experts at Lantern by SoFi, “The higher the risk posed by the person seeking a loan, the higher the interest charged, in general.”
This guide has covered some of the most common questions about no-credit-check student loans. By now, you should understand what these loans are, why they are useful and how to apply for one with minimal hassle. For more information on other types of student loans, please look at our other guides on this subject.
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