You can fund your education with student loans.
The United States government offers three types of student loans that do not require a credit check: subsidized Stafford, unsubsidized Stafford and consolidation loans. According to the University of Colorado at Boulder, "No credit check is required in order to receive Stafford loans." You are eligible for subsidized and unsubsidized loans while you are attending school. Consolidation loans are available both while you are still in and after you leave school.
Subsidized Loan
Subsidized loans depend on the income you claim when you fill out your Free Application for Federal Student Aid (FAFSA). According to the U.S. Department of Education, "no interest is charged while a student is in school at least half-time, during the grace period and during deferment periods." If you are a dependent student under the age of 24, the government will consider your parent's income for this type of loan. The Education Department evaluates your eligibility for this type of loan first, and if you do not qualify for income purposes, they then consider you for the unsubsidized loan. You have up to 10 years to repay both subsidized and unsubsidized loans.
Unsubsidized Loan
Unsubsidized loans are not income dependant, and enrolled students are eligible regardless of their income or their parent's income. The U.S. Department of Education warns, "interest is charged during all periods, even during the time a student is in school and during grace and deferment periods." Unsubsidized loans are added to the amount of subsidized loans awarded to you. Receiving a combination of these two loan types is not uncommon. You can receive an amount up to the yearly limit as long as you are enrolled half time.
Consolidation Loan
According to the U.S. Department of Education, "eligible federal student loans can be combined into one Direct Consolidation Loan." Apply for these loans when you want to combine all your student loans into one. Consolidation loans simplify the loan process. With a consolidation loan you have only one loan payment per month, instead of trying to keep up with several different loans. These loans help students who have taken out several different loans in their academic careers. The Department of Education advises that a consolidation loan may not be right for you: "While loan consolidation can simplify loan repayment and lower your monthly payment, it also can significantly increase the total cost of repaying your loans" because these loans can increase the repayment period to a maximum of 30 years.
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