No Credit Student Loans

When students are applying for college admission, they are usually either 17 or 18 years old and have not had the option to establish credit. Obtaining appropriate and reasonably-priced funding is one of the major issues that must be addressed by students and parents alike. With college costs soaring, a careful funding strategy is essential.

Funding Sources

First and foremost, parents and students should look at the types and amounts of funding available through Federal and state programs. These programs offer the lowest interest rates and long-term repayment options with a grace period of six months after graduation before the student must begin to make payments.

Applications for government backed or government funded loans can be found in local libraries, at colleges, or online. Applicants with no credit should also check out grants and scholarship options. Spending some time on a computer researching grants and scholarships may not pay for four years of college, but, if the student meets the necessary criteria, these can be of great help since they do not require repayment.

It is important to look for funding around the same time that the student is applying to colleges since funds are generally provided on a first-come basis.