If you’re trying to further your education, the government can help. Several federally backed student loans are available to people with little or no credit. They can help you get an education and build your credit rating as you repay it.

These federally funded are available through your school and credit isn’t normally an issue. The Stafford loan is one such option. Most lenders do not check a student’s credit history when they apply for a Stafford loan.

The Perkins loan is another choice for students, where credit history isn’t a factor. The government backs Perkins loans, which are awarded to those deemed most needy. You may or may not qualify. Perkins and Stafford loans are set amount awarded each year. Students who find they need additional funds can ask their parents to apply for federally funded PLUS loans.

PLUS loans are backed by the government, so lenders who may be the government or a financial institution Ð do not check an applicant’s credit score. They do take into consideration, an applicant’s record of loan payments to see if any were late and/or if they are in default. In such cases, you might not qualify to receive a loan.

With federally funded loans, you have the option of deferring them in case of hardship or other issues. The loans provide very low interest rates, but must be repaid.

If you don’t pay back your student loans, the government doesn’t mess around. They have the option of hiring a bill collector, confiscating your federal tax refunds or go as far as garnishing your wages.

Don’t think declaring bankruptcy will put you out of the government’s reach either. Usually student loans are not forgiven in a bankruptcy. Federally funded student loans are a good option for those looking to continue their education. They have favorable repayment terms and can help students establish credit.

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