How to Get Student Loans with No Credit History

Discover how to get student loans with no credit history.

With the cost of education growing every day, getting through college can be pretty costly. Many students cannot afford thousands of dollars to pay their way through college.

Because of this it has almost become a requirement for students to get student loans just to get themselves through college. Luckily, student loans with no credit history required have been established for young adults who are starting out in school and have no past financial background.

Many students going into college do not have a credit history. They haven't had a car loan, a credit card or anything to show that they are credit worthy. Many students who have no credit history may have a hard time finding a student loan by themselves.

However, there are a couple options for young people to get a student loan without a credit history. One of the most common ways for a college student to get a student loan is to have a credit worthy co-signer. This could be a family member or close relative that is willing to help your student get through college.

Below is a list of different types of loans that you can apply for as a student.

Difficulty: Moderate

Instructions

1. Stafford Loans
   
   This is a loan with the lowest interest rate and can be obtained by filling in FAFSA (Free Application for Federal Student Aid). The subsidized Stafford Loan is designed only for the most financially needy students.

2. Perkins Loans-Credit-free Campus Based Aid
   
   The Perkins Loan is awarded directly from a college campus to students who prove the greatest financial need. Awards provided by Perkins Loans are typically a combination of government funds and funds from the college to which you are applying.

3. State Student Loan Offers
   
   Another federal loan strategy, check out if your state extends any state-based federal loans. In some cases state governments partner with student loan providers to offer even better deals on federal and private student loans. Don't miss out on these potentially valuable offers.

4. PLUS loans
   
   Parent loans for Undergraduate Students are taken out in parents name and certified by the school and it will cover the rest of the cost of attendance.

5. School Certified Private Loans
   
   This requires at least a 620 FICO score and it will cover the rest of the cost of attendance. If you didn't meet that requirement you would need a co-signer.

6. Direct to Consumer Private Loans
   
   With this program the money is sent directly to the student for education related expenses. The credit qualifications are hardest.

7. Scholarships and Loans for Specialty Fields of Study
   
   For pursuing a special degree such as business or health sciences many organizations and professional societies offer valuable grants and scholarships for students. Special low-interest no credit check loans for nurses and teachers come straight from the federal government and state-based sources.

8. Loan via Co-signer
   
   A co-signer is someone you can trust and he/she trusts you in turn. They would be willing to be your responsible co-borrower in the case you default on your student loan. Many students ask parents to co-sign for them.

9. Career Training Loan through Sallie Mae
   
   This is a good example of an alternative loan that offers attractive features and is still available for borrowers with no credit or less than perfect credit with a co-signer.

10. Now that you have a better idea on how to get a student loan with no credit history, you need to start researching which will work best for you. To help you in that search, take a look below in the resources area for links to companies that can help you to find student loans and scholarships.

Resources

• Search for student loans from competing lenders at SimpleTuition
• Need money for college? Use FastWeb's free scholarship search to find information on more than 600,000 scholarships.