You are not going to be able to get college financing with bad credit or no credit history from your bank. Not without a cosigner anyway. The federal government offers two types of cheap student loans to help meet the cost of getting an education. If you are able to pass a means test, you can even get a subsidised Stafford or Perkins loan.
Types of no credit check student loans
Unsubsidised Stafford loans
Easy student loans are available without passing a credit check or means test. The Stafford loan is by far the most popular way of paying for college. You you can borrow up to $20,500 per annum and you will pay a fixed-rate of interest of just 6.8%. You are not expected to repay the money you have borrowed while you are still at college. Subsidised Stafford loans
If you do qualify under the means test, you will pay a subsidized rate of just 3.4%. Unlike the unsubsidised equivalent, your loans will not start to accrue interest until you leave college. If you decide to defer repayment, you are not required to pay interest on the balance. The money can be repaid by a standard, graduated, extended or income-based repayment plan. Subsidised Perkins loans
These are means-tested cheap APR loans for graduates and undergraduate students who have an exceptional need for financial assistance. You will need to submit the Free Application for Federal Student Aid (FAFSA). If accepted, you will pay a fixed rate of just 5% for the full duration of the loan. Applicants must not have defaulted on other federal student loans.
Are there any other ways of funding college?
Federal PLUS loans
If you are unable to meet the cost of attending college with a Stafford or Perkins loan, there are ways to bridge the shortfall. PLUS loans are taken out by the parent to help a child to pay tuition fees and associated expenses. The parent, not the student, will need to pass a credit check. The interest rate is fixed at a competitive 7.9% APR. Private student loans with cosigner
Provided that a friend, partner or relative has a good credit history, he can cosign the student loan agreement. The fact that you have bad credit or no credit history will not affect the outcome of your application. However, if you default, your cosigner takes over responsibility. Unlike other unsecured debts, college loans cannot be eliminated.