Q: I have pretty poor credit, and will be returning to college soon. I have heard from some of my friends and family that it will be next to impossible for me to obtain student loans because of my current credit situation. Is there any way to obtain no credit check student loans, or am I just out of luck?

A: The good news is there are student loans that are not based on credit. Federal Stafford and Perkins Loans are student loans that require not credit check and are not based upon your credit history. The first thing you will want to do, is file a FAFSA. The FAFSA is the Free Application for Federal Student Aid, and it is your “one stop shop” when it comes to applying for federal student loans (such as Federal Stafford and Perkins Loans) and federally funded grants.

Shortly after filing FAFSA, you will receive a Student Aid Report detailing what you have been awarded in federal financial aid for college. If the amount you receive in federal financial aid for college is not enough to cover your college costs, you do have other options. Please visit our free eGuide “89 Financial Aid for College Tips” to learn the different options you have for covering college costs.

After you have exhausted all of your federal financial aid options and free money options (scholarships and grants) for college, you can start looking into private student loans. However, keep in mind that private student loans are based upon credit and will require a credit check. If you have poor credit, you will most likely not qualify for private student loans without the help of a creditworthy cosigner.

TheStudentLoanShark:
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Tags: applying for student loans / credit / federal student loans / private student loans / student loans

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