Have Bad Credit or No Credit? Student Loans Are Available With No Credit Check

People who are interested in pursuing a higher education know that there is nothing easy about that proposition. College is a lot of work and a lot of money. Many students with bad credit or no credit at all may worry about their ability to finance their education through loans. Is there a good way to get a student loan with no credit check? Is higher education off limits to those with bad credit?

Why a Credit Check Matters

Generally, lenders perform a credit check on a potential borrower to determine whether or not the actions of that borrower's past predict success or failure in repayment of the loan. Borrowers with good credit are considered a minimal risk. Borrowers with bad credit are the opposite. Therefore, having bad credit can severely hurt you when a lender performs a credit check.

However, student loans are an entirely different animal. In contrast to traditional loans, student loans are not granted based on your current ability to repay, but rather on your future ability to pay. The idea is that you are going to school in order to finance an education that will land you a job which will enable you to repay your loan. In that respect, your past is of no concern and therefore no credit check is required for many student loans.

Government Help First

The best news for any student looking for a loan with bad credit is that the federal government is the number one student lender and there is no credit check required for federally subsidized student loans. Though these loans are given by private banks, they are insured by the federal government, which allows for no credit check and a low, fixed interest rate.

Government loans are given out once you complete the FAFSA (Free Application for Federal Student Aid) form upon your admission to college. The government will then tell you how much money you may borrow each year according to your level of education (undergraduate and graduate). Those in especially tight financial spots will qualify for additional money through programs such as Perkins Loans, but all college-going students qualify for Stafford Loans.

Private Lending Options

If the money that you receive from the federal government is not enough to finance your full college education, then you will still have other avenues to explore with private and online lenders. These lenders cannot offer no credit check student loans, but they are much more willing to work with bad credit and no credit borrowers for college financing purposes. Ask the lenders that you look at about the programs that they offer for students and see if you can negotiate a repayment plan that is conducive to your student lifestyle, such as only paying interest on your loan until graduation.

You Can Go to College

Do not let financial worries impact your decision to pursue a higher education. Even with bad credit or no credit, student loans are available, and many student loans require no credit check.

Student loans are essential in this day and age, but they are also attainable. Follow the advice in this article to figure out which loans are best for you and your situation.

Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loan and Student Loans with Bad Credit. For more information about his services please visit him at AccessMyLoan.com

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Student Loans Available Directly From The Federal Government

Federal Direct Student Loans are available to assist those vocational, undergraduate, and graduate postsecondary students (or their parents) and allows them to borrow money directly from the Federal government. It's done this way so that these students or their parents do not have to take out loans through private or other commercial lenders that oftentimes have much higher mortgage rates or simply will never provide a loan.

There are different variations of a Federal Direct Student Loan available; they are determined by whether or not the student is eligible for government assistance. Need based programs include the Stafford Loan and the Direct Subsidized Loan; while non-need based programs will be the Direct PLUS program, and the Direct Unsubsidized Loan.

Federal Direct Student Loans are overseen by the Department of Education. In order to be qualified to receive Federal Direct Student Loans the student needs to be a United States citizen or an eligible non-citizen (therefore those with Alien Registration Cards or those with Arrival Departure Records with specific designations). To qualify for Federal Direct Student Loans the student must be accepted or currently already enrolled in a degree or certificate program. The student must be at least a half-time basis undergraduate, graduate, or professional student at a postsecondary that participates with Federal Direct Student Loans. Students usually are not allowed to owe a refund on another a Title IV grant, and cannot currently have a Title IV loan that is defaulted. The student may also have to get a certification of eligibility from their school.

For students that are already signed up for college to remain eligible for Federal Direct Student Loans they have to maintain satisfactory academic progress in their course of study. Whenever they neglect to do so, it is grounds to start the repayment plan. If this were to occur though the student would be notified before the loan simply went into repayment.

Before acceptance, the school that the student is attending/enrolled in must certify that the borrower is eligible to be given the funds from the Federal Direct Student Loan. Schools can grant the students the money by issuing a cash or check, transferring the money electronically, or applying the sum directly to the student account at the school.

Repayment on Federal Stafford loans begin around six months after the student stops being enrolled in at least one-half the normal full-time academic course load. This can be either graduation or termination of the program by the student or school. For the other loans that are available under the Federal Direct Student Loans, repayment starts within 60 days after the student is no longer enrolled.

The overall loans were $13,022,000,000 in 2007; approximately $14,103,000,000 in 2008; and approximately $14,867,000,000 in 2009. There were over 2.9 loans in 2007 alone.

For additional info on Federal Direct Student Loans, the student can contact the Department of Education or the school that they attend/are enrolled in. Applications for the Direct Subsidized and Unsubsidized loans are extracted from the school. Direct consolidation loan applications are obtained from the Department of Education.

Michael Saunders is an editor of TopGovernmentGrants. He maintains Websites providing resources on small business grants and children grants.

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College Money With No Cosigner - Student Loans Are Available

Trying to afford a college education in the 21st century is not easy. We are in a depressed economic time which simultaneously makes college a necessity for getting a secure job while making affording that education nearly impossible. The worst part about this is that the tuition costs for every school from community colleges up to Harvard just keep rising.

Potential college students who lack personal savings or a family with the means to help finance an education traditionally need to turn to student loans. However, these loans are hard to obtain for some people who have bad credit and no cosigner. Student loans are available, however, if you know where to look.

Government Option

The most popular way to finance a college education with no cosigner on your student loan is through government-sponsored programs. Many people have heard of Stafford Loans and Perkins Loans, which are those offered by the federal government to help pay for college. You apply for federal money through your college's Financial Aid Office. These student loans offer some distinct advantages:

1) No Cosigner Required - many private lenders will ask you to find a cosigner on your student loan, especially if you have bad credit. Government loans do not require this.

2) Credit Is Less Important - the government's standards for issuing student loans are much more relaxed than most private lenders. They may not even require a credit check and if they do, they are generally much less strict as to what qualifies as acceptable credit.

3) Delayed Repayment - the number one benefit of most government-sponsored student loans is that you do not need to make immediate repayment on them. Instead, you begin to pay for them only after graduation. Some loans, such as Subsidized Stafford Loans, do not even accumulate interest as long as you are in school full time.

The best way to figure out which government-sponsored student loans are right for you is through contacting your school of choice. There are several educational lending professionals there that will help you determine what you need and what you can get.

Going to Private Lenders

Once you have exhausted your options in terms of government loans, there are still other ways to get the money you need to pay for school. Several online alternative lenders specialize in granting educational loans and other bad credit lending solutions that you can use to meet your school payment requirements. However, there are some key differences between private lenders and the government:

1) Immediate Repayment - since the private loan that you take does not have government subsidization, it is likely that you will begin to make payments on your tuition money immediately. However, even a part time job can suffice in terms of the monthly payment needed. Some lenders may even work out that you only need to pay interest charges as long as you are still in school.

2) Credit Is More Important - when working with private lenders, your credit history will be more important than with the government. Though many lenders do offer bad credit college loans, you will need to be prepared to pay slightly higher interest rates due to your poor credit in the past.

3) Cosigner May Be Required - in the event that you cannot qualify for a college loan on your own, many private lenders will ask you to find a qualified cosigner. Often a parent or older relative with a stable job is a good candidate.

You Can Go to College

Even though the prospect of finding several thousand dollars to finance a college degree can seem impossible to you now, it is by no means that way. There are options for funding your college education, even with no cosigner. Student loans are available in many shapes and forms. You just need to know where to look.

Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loan and Student Loans with Bad Credit. For more information about his services please visit him at AccessMyLoan.com

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Even With Bad Credit, Student Loans Are Available

Many Americans are increasingly finding that it is essential for them to earn a college degree in order to advance in the workplace in the 21st century. Whether you are a recent high school graduate or simply an adult looking to expand your working skills and resume, getting a Bachelor's degree or continuing on to graduate study, will make a huge difference in your earning power over the course of your life. In fact, just earning a two year Associate's degree is said to increase your yearly earnings, on average by $10,000 per year. Over your lifetime that $10,000, which increases exponentially with higher degrees, can make the difference between a comfortable middle class lifestyle and living paycheck to paycheck.

Bad Credit Barriers

The problem that many Americans simultaneously face when it comes to college, however, is a struggle affording tuition payments. Many young students have no credit history and therefore fear they cannot obtain a student loan. Older students may have made credit mistakes in the past and ended up with a bad credit score. Either way, financing your college education through student loans can seem challenging.

However, there are many options available to college students that provide specialized help. These loan programs recognize the importance of an education and will allow you to borrow money to be able to afford college regardless of your credit score.

Federal Student Aid

The federal government is one entity with a vested interest in helping students to get the money they need for college. Through several popular loan programs, the government provides low, fixed interest student loans that will not take credit into consideration. The most popular among these loans is the Stafford loan program which is easy to qualify for and does not require a credit check. Almost anyone can qualify for a Stafford loan, but there are two issues that may cause a barrier to getting the money you need.

1. Default on previous student loan payments - if you took a student loan in the past and failed to repay it, the government will not lend to you again until you settle that debt and/or become current in your repayment.

2. Criminal history - if you have a felony on your criminal record, there are also barriers to being able to obtain federal dollars for student loans. However, the government does offer counseling services for those with a criminal background that will help you to qualify for their student loan money.

Other than these two issues, all college students, regardless of their level of education, will receive Stafford loan money without hassle.

Private Lenders Also Provide Options

Once you look into the possibility of getting money through the federal government's programs, your next option is to look towards private lending options. Though bad credit will have an impact on the interest rates that you pay, private lenders are willing to work with you to fund your college education. There are many online lenders who specialize in bad credit student loans who will help design a repayment plan that takes your student status into consideration.

The benefits of college over your lifetime are too great to count. Earning a college degree has a huge impact on your job prospects as well as your ability to earn money. Making the choice to go to school is one of the best ones you can make for your future and, as a result, there are several ways to finance those dreams, even with bad credit. Student loans are available for anyone who has the desire to learn.

Donna Hammond is the author of this article. For more information about Bad Credit Unsecured Loan and Mortgages for Bad Credit please visit her website at QuickBadCreditLoans.com

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Student Loans for Bad Credit Borrowers Are Available for Those Who Know Where

With the economic difficulties that abound, there seems to be no shortage of people with bad credit ratings. Financial troubles tend to create payment problems, which in turn reduces credit scores and places honest people in the bad credit bracket. So, when it comes to getting financing for college, student loans for poor credit borrowers are often seen as the only realistic option available.

But the truth is that there are other options, and other loan forms, available to students who have such a negative financial overview. Thanks to the full range of student loans with bad credit, available from traditional and governmental lenders, the right financing aid is there for the right applicant to access.

Still, getting the money to pay for tuition fees can be complicated if the options are not fully known. So, for students with poor credit seeking loans, it is important to take a look at what is on offer.

The Colleges Option

A visit to the Financial Aid Offices on any college campus can reveal a great many more loan and financing options to a student, not just student loans for bad credit borrowers. Many of these options are provided by the colleges themselves, through scholarships, grants and even fee payment schedules.

Colleges want their students to stay and live in good conditions, even if it means making tailor made student loans with poor credit available. If an educational institution were not to look after their students, then word would spread quickly and enrollment each new year would begin to fall. Looking after their own makes good sense in every respect.

Students with bad credit seeking loans, and other forms of funding, may find they can avail of special schemes to lessen the pressures on paying fees, or may qualify for a part scholarship or student grant from the college itself. However, the Financial Aid Offices can also advise on loan options outside the college too.

The Federal Option

Turning to the government or federal financial help is another viable option, and one that is considered the most affordable amongst student loans for bad credit borrowers. This is because of the fact that loans are guaranteed by the government, and therefore come with lower interest rates. What is more, some are subsidized, which means that the government pays the interest on the loan while the borrower is at college.

There are two principal student loans available, the Stafford and the Perkins loans, with the only real difference being that the Perkins loan is available to those students in particular financial need. The Stafford loan can be subsidized and unsubsidized, but payments on the principal can be deferred until after graduation. Most students with poor credit seeking loans are pleased with that aspect, certainly.

The Private Option

Of course, the traditional or private loan option is also a viable choice, though the problem is that the terms of student loans for bad credit borrowers are generally quite poor. However, there are lenders that specialize in student loans, and who offer better terms that general banks and credit unions.

Unfortunately, then student loans with bad credit require credit checks, but given the purpose of the funds is college fees, they are easier to get than for a personal loan, for example.

Finally, online lenders are another option for students with poor credit seeking loans, and provided sufficient searching is done, and the lender is checked out with the Better Business Bureau, the option can be a good one.

Online lenders generally have lower rates of interest than traditional lenders, making it preferable as a student loan for bad credit borrowers. Still, who would not prefer an all-inclusive scholarship?

Hilary Bowman is the author of this article. She works successfully as a financial advisor with years of expertise on Military Loans for Bad Credit. Hilary publishes informative articles about Bad Credit Loans and other financial topics at FastGuaranteedLoans.com.

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