No credit is better than bad credit so this condition will not preclude your from getting a loan for study. Before looking at just any student loan, here are a few loans that require absolutely no credit checks:
Federal Stafford Loans, Federal Perkins Loans, some other Government and State-funded loans, Pell Grant and other Government grants, some private grants and scholarships.
Federal Student Loans
Although the amount given is small and may need supplementing with a private type of loan, it is your first step and is an essential part of any Student Loan credit package. Why? Because it is government financed and has the best terms available.
There are two types – Subsidized and Unsubsidized.
Subsidized Loans are for only very financially needy students and the government pays for all your interest payments – not bad eh! – until the student has graduated. You also have a 6 month grace period before paying back the loan.
Unsubsidized Loans are available to all students and are much easier to obtain. The interest rate is still low – around 6-8 percent and also provides a six month grace period.
The Perkins Loan – this loan type is the hardest to get and is for only the most financially needy of students. It therefore has the best terms – a nine month grace period and you have 10 years to pay it back.
As with most federal student loan programs, having no credit should not be a problem.
Grants and Scholarships
Grants and scholarships are not loans, so of course require no credit checks. Scholarships are normally awarded on merit where as grants are provided more on need – check out the Federal Pell Grant.
A lot of states also have many grants and scholarships so check with your state's government education fund. There are also many professional societies. If there are a shortage of teachers for example the government will provide more funding to these related professional teachers so so is more likely you can get a grant or scholarship from these places.
Alternative and Co-Signer Loans
You need a credit worthy co-signer to get this type of loan – typically your parents will be the co-signers. The downside is that if you can not make your loan repayments then your co-signer are up for the bill. This can be very awkward and should be considered carefully. There are a few terms between you and the co-signer agreed upon before taking out the loan. For example if you are starting to fall behind you need to let them know and maybe take out a part-time job to help get back up to date. Good credit can lower your repayments amounts.
Keeping away from bad credit
You want to avoid defaulting on your student loans at all cost, this may mean consolidating your loans or changing terms, you could ask about reducing your monthly payment, you will still have to pay it back in the future but it could help you get over a rough financial patch you may find yourself in.