It is safe to say that there are very few students out there today who have great credit and money management skills. The majority of students through the USA today are struggling with student debt and interest payments that they can barely afford. This is how many students spend years of their lives until it is time to graduate and even at this point, the student debt has not disappeared, only enhanced in size. Of course this type of financial struggle can either bring on bad credit or maybe you have no credit at all, either way this does not prevent you from obtaining the student funding you need to complete school.
What is important for students in this situation to understand is that using no co-signer and with bad credit, your number of loans is very limited that you will be approved for, but there are options. The first step towards finding student loans with no co-signer or credit history is to research your options. This means take a look at your community scholarships and federal and state loan options like the Stafford Loan Program. This is a great way to really learn what is out there and what is required of you in order to be approved. The Stafford and Perkins loans are by far the most common and they do not require credit checks in order for you to be approved.
Filling out your Free Application for Federal Student Aid is the next important step to secure your federally funded loan programs. This application can be found online and is simple to complete for anyone. The FAFSA is an application that will not only help you achieved federal loans to help you through school but grant money as well. The third step in this process would be to apply for the Stafford Loan. This is a loan targeted towards needy students who can not afford to go to college or university. If you have low or zero income, no co-signer and no credit history you can still see success with this loan. Although the amount awarded for this loan can sometimes be small, every little bit helps.
Next you will want to try to apply for the Perkins Loan. This loan is designated for the students with the greatest financial needs. This loan offers 5% interest rates and a longer payback period than the Stafford loan which makes it a great choice if you are approved. If you are a non-traditional student, or someone returning to school to complete or further their degrees there are many different state and federal scholarships that can be utilized in this case, giving you more options than traditional students.
Even if you find that you are not eligible and have not been approved for any of the above federal loan programs, by choosing to fill out your FAFSA forms you will find that the government is aware of your situation and will send you grants and scholarships occasionally to help offset the expenses of school. From here your last option is to check with the financial aid services within your school to make sure you have not missed any possible avenues and have looked into every possible option to help you pay for school.
It can be very frustrating knowing that you can not afford to go to school but do not let money get in the way of what you want to do with your life. There are many ways to obtain student loans with no co-signer or credit history, thousands of students do this every day.