subject: Paying For College Even When You Are Broke [print this page] Paying For College Even When You Are Broke
Holding off on going to college because you don't know how you will pay for it? Many people mistakenly believe that they cannot afford to go to college. But paying for college is not as impossible as it may sound, even when you are broke. You may be pleasantly surprised to know it is possible to even get student loans without a cosigner and with no credit check.
There are currently about 17.5 million students enrolled in undergraduate or graduate programs in the US. Most of these students are paying for college tuition and sometimes even paying their living expenses with student loans. Surprisingly, almost all of these students are receiving some type of financial aid.
You might think that your credit is not good enough to qualify for such student loans, especially without a cosigner. While this might be true of loans from private lenders, the vast majority of student loans issued in the United States are actually what are commonly called federal student loans. These are readily available for most students in the US through the federal government.
The difference between private and federal loans is that private lenders typically require excellent credit and often may even require a cosigner. But federal student loans are issued primarily based on financial need and almost anyone can qualify.
Although the amount of federal financial aid you may qualify for will be based at least in part on your financial situation or your family's financial situation, a credit check is not required and a cosigner is not required. In fact, you may find it easier paying for college the worse your financial situation is.
So if worries about paying for college are keeping you from going to school, put those worries aside and start planning your education today. According to the US Census Bureau, on average you will make twice as much (almost a million dollars more!) during your lifetime with a Bachelor's degree than with a high school diploma. So don't delay, start making your college plans today!
