Student loans are ready to those looking to additional their education, even if they have limited or no credit. In addition to paying for your education, student loans are a good way to build credit once they are paid off.
Student loans for those with limited credit are backed by the government and can be obtained straight through your school. Stafford loans are an example of these. When lenders settle to award Stafford loans they regularly do not check a borrower's credit history.
How to Get a student Loan
Another example is the Perkins loan. Your credit history is not checked for a Perkins loan either, the government backs the loan but it is awarded to those with the many need so you may or may not qualify.
Perkins and Stafford loans are regularly limited to a set estimate each year. Plus loans, which are offered to parents of students, are another government-backed loan option to pay tuition.
With these government-backed loans, lenders do not look at the applicants credit score. The lenderer could be a financial practice or the government itself. The lenders do take in observation your credit history. They check to see if you have been late on any payments or are in default. This may prevent you from receiving a loan.
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