How to get a student loan without a credit check

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A student loan can be a great tool to pay for a bachelor’s or master’s degree, it can also include a credit check. But there are also selling payday loans no credit check.

Here’s a look at which student loans require a credit check (and other options if your credit score isn’t that high):

The only loans that are available without a credit check are federal loans

Federal student loans are the only student loans that don’t come with a credit check. These loans are supported by the US government and you can apply for them by filling out the form Free application for federal study grants (FAFSA).

Here are the types of federal student loans that don’t require a credit check:

  • Direct sponsored loans: Subsidized loans are available for students in need in the bachelor’s degree program. With these loans, the state pays the interest during school days. After graduation, interest rates are kept low by the government.
  • Direct unsubsidized loans: Unsubsidized loans are available to both undergraduate and graduate students and do not take into account financial need. In contrast to subsidized loans, interest is charged immediately on unsubsidized loans. But they can still be good business if you need to borrow for school.

Subsidized and unsubsidized federal loans do not require a credit check. Instead, your school’s grant office will offer you a grant package based on your FAFSA results.

While you don’t need one credit-worthiness To qualify for most federal student loans, there are other important requirements that you must be aware of. Here’s what you’ll need to qualify for federal student loans:

  • A valid social security number
  • Selective service registration (male students aged 18-25)
  • Eligible citizenship or legal residence status
  • High School, GED, or equivalent
  • Enroll in an eligible accredited college, university, or business school program
  • Signed and completed FAFSA
  • Satisfactory academic progress (meets school grade requirements)
  • In good condition with existing credit

PLUS loans are another type of federal loan for college students and parents. In contrast to subsidized and unsubsidized loans, PLUS loans require a credit check. Remember, PLUS loans can be more expensive than private student loans if you have great credit.

Finally, remember to look for free financial aid like scholarships and grants College scholarships. Unlike student loans, you don’t have to repay this type of grant.

Learn more: 7 of the best student loans for bad credit

Most private student loan lenders require a credit check

While most federal student loans do not require a credit check, private student lenders will check your credit before issuing a new loan. Here’s a quick look at how your credit is being used to build one private student loan:

  • How to get your loan interest: You can usually check your interest rate by filling out a short form that will allow the lender to quickly check your credit as well as other factors. This usually includes a gentle credit check that doesn’t affect your credit score.
  • Full underwriting: If you like the price and conditions that you get when completing the short application, you can submit a full application. The lender will then check your creditworthiness, income, and repayment ability to make a final decision.

Danger! If you see a deal on a personal student loan with no credit check, it is likely a scam. There are plenty of cyber criminals out there who want to quickly attack hard working students like you, so be sure to only work with a reputable lender.

It is a good idea to consider as many lenders as possible in order to find the right loan for you. Credible makes it easy to check your rates with multiple lenders by filling out a single form. Plus, there isn’t a tough credit check when you check rates, which means your credit score won’t be compromised. Once you’ve decided to go ahead with a lender and apply for a loan, the lender will run a tough credit check that will affect your credit score.

Check your prices

Do you have bad credit or no credit? Time to get a co-signer

When federal loans, grants, and scholarships aren’t enough to cover all of your educational expenses, private loans could help fill the void. Even if you have poor or no credit, you can still qualify for a personal student loan with a creditworthy signer.

Tip: If you have to find a co-signer, you might consider asking a parent or other close relative. Remember that whoever co-signs is also responsible for the loan.

You may also be able to qualify for a Student loan without co-signer. However, getting an unsigned loan may take longer as you will likely need to repair or build up your credit first.

Whatever your decision, remember to compare as many private lenders as possible so that you can end up finding the right loan for your situation. With Credible, you can see your multiple lender interest rates – including co-signed and unsigned loans – in just three minutes.

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About the author

Eric Rosenberg

Eric Rosenberg is a credible personal finance professional. His work has been featured on Business Insider, Investopedia, The Balance, The Huffington Post, MSN Money, Yahoo Finance, Mint.com, and others.

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