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Grants and Scholarships Require No Credit Check

  • Direct Unsubsidized Loans are available to undergraduate and graduate students, and there is no requirement for demonstrating financial hardship. Interest is the responsibility of the borrower at all times; any unpaid interest will be capitalized.

Qualifying for Direct Loans does not require a formal credit check, so this is your best avenue for borrowing if your credit is bad or non-existent. Interest rates are low, currently 3.4% for subsidized and 6.8% for unsubsidized loans, and rates are fixed-so there won’t be any surprises during repayment.

Applicants for federal aid do so as dependant’ or independent’ students, which is determined by whether or not parental information is included on the FAFSA. Independent students enjoy higher borrowing limits. As of Direct Loan maximum borrowing limits range from $5,500 to $12,500 annually, depending on your individual situation.

Perkins Loans-Credit-free Campus Based Aid

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Perkins Loans are federally funded student loans, which are administered directly by the Institution of Higher Learning you are attending. Perkins funds are reserved for undergraduate and graduate students exhibiting the greatest need for financial assistance during college. Typically, families with annual incomes below $25,000 are eligible for relief under the Perkins Loan program.

Not all schools participate in this lending program, so it is important to consult with your financial aid office for availability.

Because Perkins Loan funding is limited, and money is issued on a first-come first-served basis, it is imperative that you file your FAFSA as early as possible if you are counting on this type of aid. Three important factors influence the amount of your Perkins award:

  1. When you apply
  2. Your demonstrated need level
  3. The amount of funding available at your school

Maximum annual borrowing limits for undergraduates currently stands at $5,500, with a lifetime limit of $27,000. Continua a leggere