Very few college students have any established credit when starting out in higher education. This does not mean there are no loans or grants available. You have several choices of no credit check student loans to choose from. There are also grants and scholarships available both from the federal government and the respective colleges and universities.
Perkins Loans
One of the most popular no credit check student loans is the Perkins Loan. This is a combination of a government and college based loan that is approved through the college or university. The student receives up to $4,000 from this loan. It is awarded to those that show they have the greatest need for the educational funds. Once the student graduates repayment does not begin for nine months. This gives the graduate time to find a job or look consolidating and refinancing educational debt. Because this loan is granted on a first come first serve basis it is best to apply early.
Stafford Loans
The Stafford Loan is another federally subsidized loan available based on financial need. The key feature of this no credit check student loans is that the government pays the interest until graduation. There is also an unsubsidized Stafford Loan available to those students who are not as desperate for funds. In this case the student is responsible for all the interest and loan payments start immediately after graduation. These loans do not award the borrower a large sum like the Perkins Loans do and usually additional funding is required.
Pell Grant
This is one of the best known no credit check student loans. Millions of students a year receive funds from this grant. Technically this is a grant and not a loan so there is no credit check. A student qualifies based on their income level. As long as the student remains in school there is no repayment on this grant.
Along with the aforementioned loans and grant there are several other loans and grants available at the state level. Of course colleges and universities also have loans and scholarships available to their students. There are also federal and state loans for specific fields of study such as nurses and teachers.
