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 Aug 17, 2008, 11:10:20 AM | #1 |
Every American today knows about the American Dream. You’re told that no matter what your situation, working hard will help you to achieve your goals. But society is changing, and in today’s era of technology and globalization, you absolutely must have a good education. Rising college costs can make this seem unattainable, but you can finance your education by using student loans for those with no credit.
Do you know what the numbers 300 - 850 mean? These are the lower and upper benchmarks that the government and credit lenders use to evaluate how “safe” it is to loan you money. It is determined primarily by your history of purchases, loans and repayment, and credit card use. If you don’t know what your credit rating is, you can find out for free from many sources online.
But many students, especially those who are younger, don’t have any credit rating - they just haven’t needed to establish one. If this sounds like you, don’t worry - you can still get loans to pay for your education. Many choices are available without a credit requirement.
One of the best sources of no-credit student loans is the United States government. Many federal loans are available for students with no credit, like the Stafford Loan, which is available as both subsidized and unsubsidized. The Perkins Loan might be another good choice. Of course, you should remember too that you can apply for grants and scholarships from federal, state, and local governments, and from private organizations.
The subsidized Stafford Loan is limited to students in severe financial need. The federal government pays the interest on this loan until your graduation. The unsubsidized Stafford Loan can be taken out by all students, no matter what their financial situation, but you are responsible for paying interest. Sometimes the value of these loans is small, so you may need to supplement them.
If you’re a student with the most financial need, the Perkins Loan is a truly great choice for you. These loans are usually financed by two organizations: the institution you’re attending and the federal government. They can provide anywhere from $1,000 to $4,000 annually during your entire education. The best part is that you get a nine month “grace period” after you graduate to work on paying your loans.
Don’t forget to apply for other grants and scholarships, which never have to be repaid! The Pell Grant is available from the federal government, but is limited only for students with the most need. Currently, Congress is working on almost doubling how much it will provide for students. You should also look into applying for student loans from local or national private lenders.
Just because you have no credit rating doesn’t mean you can’t get a loan. After all, many lenders prefer no credit to bad credit. There are many choices of student loans for those with no credit.
http://studentloans-101.com is a website devoted to giving you the very best regarding student loans. Whether you’re looking into student loans for those with no credit, or you simply want to know how to apply for student loans, we’ve got you covered!
Article Source: http://EzineArticles.com/?expert=Timothy_Croy
http://EzineArticles.com/?Types-of-Student-Loans-for-Those-with-No-Credit&id=1006347 |
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