How to Get a Student Loan With No Credit History or Co-Signer?
Contrary to the normal feeling that no student loans are available unless the prospective student has a credit history or a co-signer for loan, students can avail of loans in the absence of both these documents. Though, in such cases the options available for student loans are very limited. Here’s how to get a student loan with no credit history or co-signer.
Except for the non-traditional students, the options of getting federal loans are quite limited, of which the Perkins and Stafford loans are most frequent. None of the two insists on credit checks.
Go online to visit FAFSA (Free Application for Federal Student Aid) website and get a free copy of loan application. FAFSA is the principal source for obtaining education loans from the government. Apart from putting you on road to obtaining loans, FAFS also helps you securing grant money, provided you qualify for that.
Stafford loan is a good option for obtaining student loans. This loan is designed for the deprived students falling in low income bracket and having no credit or co-signer. Such students stand a good chance of getting qualified for this loan. Though the offered loan is rather small, it’s a good starting point for collecting funds for your education.
Students can try getting Perkins loan. Generally, it is available to students who most need financial assistance. This loan comes with an interest rate of five percent and compared to Stafford loan it can be paid back over a longer duration of time.
Though non-traditional students qualify for only Perkins and Stafford loans, they do get quite a few other options. A number of grants and scholarships are offered to students keen to continue their education at college. Usually, all such information is available on the website of their college and students can learn different options regard how to get a student loan with no credit history or co-signer.