Student Loans, No Credit

Started by mitrieD
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M

mitrieD

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So I'll be going to a university which will cost me about 23 K a year. I cannot pay this kind of money so obviously I'll be taking out loans.


The problem is, I don't have any credit. I am 20 years old. Is there a way I can get a low interest student loan even though I don't have credit?


If you have experience with this please help...


Thanks
 
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FAFSA Loan is $12,500 a year I believe and SELF loan is $8,000 per year. I think when I was in my first undergrad I got a Perkins loan for about $4,500 per year. This amounts are from my memory, but I believe they should be at least that still. I also was able to take an interest free loan from the city I am from so check into that. I don't believe these loans take credit into account, but I could be wrong. Take as little out as possible while keeping your grades up, I made some bad decisions with student loans when I was 18 (I.E. buying a car haha) and it sucked to pay them off!
 
Also, as far as being low interest...I don't think you will find much below 6.5%. It's bad now compared to my first time in school, I remember 1.5% interest loans.
 
I was looking into this issue myself, and I remember reading somewhere that you can get just around $40k/year in federal (non-credit based) loans.

This is from UNLV's site :

Aggregate Stafford loan amount for
educational expenses from undergraduate
through dental school is $189,125
Click to expand...

I believe this document is a few years old too, so the amount may have changed... although probably not by much.
 
You can look into what is called a "Grad Plus Loan". Go to studentloans.gov and you can find that information there. For some of the more expensive schools you have to take those out or you can't pay for school (unless your parents are going to). It is like what was mentioned that the interest rate is going to be up around 6%. No such thing as a 1 or 2% loan anymore. 🙁
 
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