{"id":3679,"date":"2008-08-25T05:18:10","date_gmt":"2008-08-25T10:18:10","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/08\/25\/finding-the-best-no-credit-student-loans\/"},"modified":"2008-08-25T05:18:10","modified_gmt":"2008-08-25T10:18:10","slug":"finding-the-best-no-credit-student-loans","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=3679","title":{"rendered":"Finding The Best No Credit Student Loans"},"content":{"rendered":"
by Donald Saunders<\/div>\n

All too many college students today hit a hurdle right from the start when it comes to getting together the money necessary for college because they have already managed to get themselves a bad credit<\/a> history. Fortunately however there are a number of aid and loan packages available which look chiefly at financial need and are not concerned with your credit record. Therefore, this is where you should begin your search for funding.<\/p>\n

A well established source of funding and one that is principally available on the basis of economic need is the Pell grant. As long as the student and his family are considered to be a low-income family a Pell grant is all but automatic and a grant is made based upon the submission of supporting documentation.<\/p>\n

The student has to submit proof of the cost of his course (including tuition fees and additional qualifying costs) and will also have to provide evidence of the family’s income from which an Expected Family Contribution (EFC) number will be worked out. Against this number a decision will be made and a grant made or refused.<\/p>\n

As the name suggests, a Pell grant is a gift rather than a loan and it does not need to be repaid. Pell grants are currently for a maximum of $4,731 annually (based on an assessment of financial need) and, though this will not usually meet the full cost of attending college, it could help considerably. Nevertheless, the majority of students will have to look for loan funding in addition to a Pell grant and probably the best form of loan funding here is a Stafford loan.<\/p>\n

There are presently two different types of Stafford loan and the first is a subsidized Stafford loan on which the government covers interest loan payments as long as you are studying full-time and for a period of up to six months following graduation. The other form of Stafford loan is an unsubsidized Stafford loan on which you are expected to make all of the interest payments.<\/p>\n

You need to consider unsubsidized Stafford loans with great care because, although you are responsible for making interest payments, you will not be required to do so as long as you are studying full-time and for a period of up to six months following graduation. This said, during this period of time interest will be charged to any loan and will merely be added to the outstanding amount of the loan. This means that during a normal three or four year college course your loan debt can grow substantially.<\/p>\n

Naturally, the majority of students would prefer to have an unsubsidized Stafford loan but loans are granted according to the money available and also against need so that only a few students qualify for subsidized loans. The good news<\/a> however is that almost all students qualify for an unsubsidized loan and, despite the shortcomings, they nonetheless represent one of the very best forms of college loan funding available today.<\/p>\n

Naturally, there are other forms of loan funding available and you have to shop around to see exactly what is on offer and what best suits your circumstances. For students who come from low-income families however both Pell grants and Stafford loans are without doubt the best way to go.<\/p>\n

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About the Author:<\/div>\n
TheStudentLoansCenter.com provides detailed information on college student grants and loans<\/a> and getting US Education Department student loans<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

All too many college students today hit a hurdle right from the start when it comes to getting together the money necessary for college because they have already managed to get themselves a bad credit history. Fortunately however there are a number of aid and loan packages available which look chiefly at financial need and are not concerned with your credit record. Therefore, this is where you should begin your search for funding.<\/p>\n","protected":false},"author":1543,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[77],"class_list":["post-3679","post","type-post","status-publish","format-standard","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1543"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3679"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3679\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}