Everybody has now big aspirations. In order to make him or her, a valuable asset for the country, government is trying to facilitate and aid those dreams. This fact is the bases of the trend we are witnessing around us. Student loans are becoming more common these days as compared to past. Generally, loans are given to those with a decent credit history, backed by a guarantor or cosigner. For such people, there are many options for loan. The same goes with the students if they are looking for a loan for education. On contrary to this, it is not this easy with students with no credit or co-signer. Along with that, they have very limited options they can look in to.
It is not like that college students with no credit or co-signer to back them can’t get a loan. They surely can get the loan, even though the options are extremely limited. You must undertake a fare amount of research of federal loans for student if you are one of them. Your options will certainly include Stafford and Perkins Loan even if they are not extendable to some other loans. These are the two loans that do not require a credit check to be able to qualify for them.
Filling out an application form to avail the loan is the first step to this process. The form is Free Application for Federal Student Aid, abbreviated as FAFSA. It will initiate and aid your securing a government loan, when qualified.
Stafford Loan is basically small in terms of amount but surely the kick you need to get moving on your path. This loan is meant for truly needy students, so low-income, credit score and absence of co-signer are not the issues. Do not forget to apply for it.
Perkins Loan is for the students who are in great need of the money to accomplish their studies. With 5% of interest rate on loan, it also gives the facility of longer payback time and a bigger amount than that of Stafford Loan. So, when you apply for it, you know that you have longer time to repay student loan debt.
You have fewer things to worry if you are a non-traditional student as you have many more option in your hands. Besides both of the above loans you can still avail many scholarships or other kind of grants to further your studies and take it to the next level. Just don’t forget to regularly check with your school or college counsellors as well as website for information on them. You need not worry about credit reports for that, even their absence, to peruse educating yourself n the field that matter most to you!