Advice on How to Get a Nice Student Loan

If you are returning to college or just getting started, it will not take you long to discover that tuition and books are quite an expense. If you have poor credit or none you may need to find no credit check student loans in order to pay for your schooling. If you have been to college in the past and took out student loans that are not in default, this process is easy. On the other hand, if you have defaulted or are maxed out on the amount you can borrow, it is a bit tougher.

If you have no federal student loans or have one that is in good standing, this will be your best way to get the finances you need since these do not require a credit check. Federal loans are administered and guaranteed by the government; there are two different types, the Stafford and the Perkins loan. Some of the financial aid is based on need, which is determined by the amount of your last year’s income tax return.

Go to to the FAFSA website, which is the government site for the Student Aid Report. Fill out the application online, which begins with basic information, such as your name, United States citizenship, and your valid Social Security number. Carefully fill out the section of your income and tax return; fill in the section with your college’s school code, which allows the report to be sent to your school after processing to prepare your financial award.

If you ever defaulted on a loan or are still in default you cannot take out any until the situation is rectified. Of course, you should make every attempt by contacting your lender and find out what it will take to get your loan out of default status. Once your it is no longer in default, you can immediately take out new ones.

If you can get yours in good standing, fill out a new FAFSA application online. You do not need to wait any length of time since there is no history check on a federal loan. This is why federal they are the perfect solution for people with bad history.

If you have maxed out the number that you can borrow you will need to look for ones that allow a less than perfect history. There are some that are specifically for college tuition and those with bad borrowing history and others that are simply personal where no credit check is performed. These do come with a higher interest rate, so you need to keep this in mind when you are shopping around for a loan.

If you have a parent that can cosign a loan for you, this is also a good option. The bank will bypass your history and focus on your parent’s. This can be the best option if you cannot borrow more due to being maxed out.

Regardless of the reason you want no credit check student loans, you have a few different options to choose from. The best option is the federal student loans, which is always the first place you should start. If this is not an option for you, ask a parent to cosign a loan, or you can look at loans that do not run a credit check.

The author is a financial aid professional who writes about student loans.