How to Get a Student Loan with No Credit

High school students often wonder how to get a student loan especially if they have no credit. The beauty of student loans is that while they are available through private lenders who base eligibility on credit score, the majority of student loans are offered through government programs, which are based on the student's financial need, rather than credit scores.

Federally subsidized student loans have flat interest rates, and these are generally low enough to ensure students can afford to repay them. Stafford loans are the most common government student loans, and the best way to go about securing these loans is through the Free Application for Federal Student Aid, otherwise known as the FAFSA. This application should be filed prior to enrollment each year, regardless of whether or not income taxes have been filed, to determine the student's need for aid. The school will work with the results of the application to find the appropriate funds to cover tuition, possibly with excess to cover things such as room and board and books.

The government programs are based upon the fact that everyone deserves a chance to get a college education regardless of financial status, and therefore do not base any requirements upon credit score. Some students may have to turn to private loans, which will be based on credit score, to secure the remaining funding. Parents and other family members may be eligible to cosign for the student to help them get the funding they need.


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