Ha- that got your attention, didn’t it?! We know that many students are out there looking to apply for a guaranteed student loan regardless of credit. Students are a different breed of person because they have such high financial needs with school tuition, books, housing, and every now and then they have to eat.
Add to that the fact that it can be nearly impossible to hold a full time job on top of a full load of classes and still have a social life, and then you start to see the real picture. Low income. High costs. No time to make an income.
That means they need loans. But guess what- the down turn in the economy has made it hard for any lender to confidently lend out money to even successful people, much less college students with no income. That leaves lots of students hoping to find and apply for a guaranteed student loan regardless of credit.
We know what you are thinking- sounds impossible. Sounds way too good to be true. Well, you’re wrong- mostly. While we can’t necessarily guarantee that you can find a student loan, there are some pretty great federal loans out there that you can look into and apply for. We are willing to bet these three loans are as close as you will get to a chance to apply for a guaranteed student loan regardless of credit.
Subsidized Stafford Loan
This is first on the list, because if you want to apply for a guaranteed student loan regardless of credit, then this is your best bet! This is a federally funded loan that needs no credit check or co-signer. That is great for students with bad or young credit, and good for students with a parent has bad credit can not get college loan.
This does not affect your credit until the repayment process begins, which doesn’t happen until you are no longer in school. This means it is a free credit report financial aid option. This loan can be applied for every year, and while it will not give you the full amount you will probably need for college, it can help, and for something like an apply for a guaranteed student loan regardless of credit, it is worth looking into.
The qualifications of this loan are easy to meet- which is why it is almost guaranteed. However, it is the hardest loan on this list to qualify for, so if this one doesn’t work out for you, try the next one. This is the preferred government loan, because the amount you pay in interest over the life of the loan is much less than the other student loan options out there.
Unsubsidized Stafford Loan
This is a lot like the Subsidized Stafford Loan, but is different as it is not federally subsidized, which just means that you won’t be saving on interest payments like you would with the prior option. If you want to apply for guaranteed student loan regardless of credit, then you best put in the paper work for one of these.
These loans are easy to qualify for, and do not require a credit check or a co-signer. Just like the subsidized Stafford Loan, it is not meant to cover every cost- but it can definitely bridge the gap for you and make you feel a little less like a starving college student. If you are going back to school with bad credit, then apply for one of these loans to help you, as your bad credit will not be a factor at all.
That is why we feel it belongs the list for apply for a guaranteed student loan regardless of credit.
This loan is even easier to qualify for than the Subsidized Stafford Loan, but if this still doesn’t work out for you, then head to the next loan on the list which is the easiest of all the government student loans to get.
This is another government funded student loan, and is the easiest of all the government loans to apply and qualify for. However, it is not as popular as the Stafford loan options because while you can apply for a guaranteed student loan regardless of credit through a Perkins Loan, it does not offer very much per semester.
The cap per year on a Perkins Loan is $4,000 and you are limited to $20,000 total to take out in Perkins loans. Now, $20,000 is definitely not something to sneeze at, but we all know 5 years or more of college will cost a lot more than that. Perkins Loans can lighten the loan, but they can’t take away all the financial stress.
This is an easy way to apply for a guaranteed student loan regardless of credit, but you will need to add to this amount with other items as well. Perkins loans are also nice as they give you a grace period of 9 months after your last college class to start the repayment process.
There you have it
The three ways to pretty much apply for a guaranteed student loan regardless of credit. All three of those loans are easy to apply for. All three of those loans do not require credit checks. All three of those loans do not require a college loan and parent cosigner.
All three of those loans allow you to wait until you are no longer in school to begin the repayment process- which means you will have time to find a source of income before the creditors start beating on your door. They are not completely guaranteed, and not every student who applies for them will get them. Those are rare cases however. Very rare!
If you really want to apply for a guaranteed student loan regardless of credit, then get to your nearest student aid office, and start the application process.