Is It Possible To Get Private Student Loans With No Credit Check?

Another common question I hear from both student and parent borrowers, and the quick answer is no, you cannot obtain a private student loan with no credit check.

The only exception to this is if you already have gotten a student loan with a particular private lender, as they may be willing to bypass running a credit check if they still trust your most recent application.

This is a rarity however, and almost 100 percent of the time a private lender will always want to run a credit check on both you the primary borrower, and your cosigner, as private student loans are based on credit, not financial need, or merit.

The Real No Credit Check Student Loans

I think student and parent borrowers get confused between the requirements for private and federal student loans, because most federal student loans aren’t based on credit, and therefore don’t require a credit check.

PLUS Loans, and the Direct Consolidation Loan are federal education loans that are in-part based on credit, and do require a credit check.

The following types of federal student aid do not require a credit check:

• Subsidized Stafford Loans
• Unsubsidized Stafford Loans
• Perkins Loans
• Federal Pell Grant
• Other Federal Education Grants—TEACH Grant, FSEO Grant, etc.

I included federal educational grants simply because they are good examples of federal student aid that is solely, based on things besides credit, and therefore require no credit check.

The first three items are in-fact no credit check student loans in the regard that they are not based at all on your credit profile, and therefore will not evey require you to submit to a credit check.

Conclusion

So the final answer to this question is that private student loans do require a credit check virtually 100 percent of the time, while most federal student loans do not require a credit check due to the fact that they are not based on credit.

Be careful not to get lured in by certain types of personal and payday loan products that may state that they are student loans that require no credit check, as these kinds of marketing promises are simply false.

Personal and payday loans are bad credit loan products that are not authentic private student loans, and should never be mistaken as such—buyer beware, and avoid applying for these loans if at all possible.