Many kids going to college don’t even having a checking account, let alone a charge card. But you need to find out how to get private bad credit student loans with no credit check.
With the growing cost of a college education, sometimes federal financing is not enough to meet the expenses. Private education monies are available. Private lenders do not require that the student has credit, But they require that a parent cosign, and a parental credit check will be a part of the process.
Stafford financing can be the answer. Private lenders generally administer this, but the money is guaranteed against default by the federal government, so interest rates are low. So essentially the government is cosigning for you.
Some Stafford student loans with no credit, the government pays the interest while in school; others simply defer all interest, which you pay on graduation. The Stafford is available to everyone regardless of parental income or financial need, but you have to demonstrate financial need to be eligible for this student loan with no credit. That is the only glitch.
Perkins also works if you demonstrate significant financial need. 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.
How to get private bad credit student loans with no credit check is a solvable problem. You just have to piece together the monies from various sources. But persevere. It is doable and possible.
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