What is non credit based student loans? When I first determined that I wanted  to go to college I realized that I would have to resort to taking out to a large amount of student loan financing to fund the cost of tuition and the accompanying educational expenses for the university I was intending on going to. This was primarily because my folks didn’t have any extra money that they could give to me for my educational expenses, and because I did not have any sort of special talents that would allow me to either get an academic, or athletic scholarship. I determined that I would have to pay for school with private college loans in conjunction with some federal student loan funding. My plan of taking out an wealth of private loans before I applied for any sort of federal aid I thought was a good idea, boy was I incorrect in a big way!

My main problem revolved around my inability to get approved for a private student loan all due to my poor credit. What I needed was some non credit based student loans. My folks were not able to cosign, and because I could not find a cosigner somewhere else I was completely out of luck when it came to this kind of funding. I started to have a lot of stress about his,  and thought to myself that I would not be able to afford going to university. My intentions were to attend a very expensive four-year private college that would be priced over forty grand per year, and I knew that this would be out of the realm of possibility without the help of private college loans.

Once I was finished stressing out, I began to relax and take control of myself. The first thing I knew I had to do involved going to one of my backup schools that cost much lower in terms of tuition costs than the expensive four-year college I was planning on going to. I would cut costs by not living at school, and I would instead commute there and budget very wisely.

My primary issue was still acquiring  the funding I would need to pay for my college expenses and tuition costs. I filled out a FAFSA application in February to make myself eligible to receive federal aid, and in June I received my award letter. I was truly shocked when I opened my award letter and came to the conclusion that I was approved for an extraordinary amount of federal student loans, and later found out that federal loans are non credit based student loans that are not reliant upon things like your personal credit for an approval. The federal financing I received would easily provide for the costs of attending my backup school due to the fact that I was not going to be living there.. The point of this rant is that it is never smart to look beyond the type of money you can obtain from these kinds of federal, non credit based student loans, and by filling out a FAFSA for these types of loans you just may have the capacity to pay for your tuition costs and other expenses without having to resort to any private financing at all.