Low interest loans no credit check

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low interest loans no credit check

For many families, the economic impact of the so-called “Great Recession” left behind damage that’s slow to abate. In June of 2013, for example, median household income in the United States was still 6 percent lower that the level seen in December of 2007, according to the The New York Times . It’s just taking a long time for the economy to fully recover.

As a result, many families are desperate for low-interest student loans. These are the loan products that will allow students to get the education they’ll need in order to compete in the workforce, but loans like this won’t come with the high price tags that can keep some families out of the loan market altogether.

Typically, when students obtain a loan, they defer their interest payments while they’re in school. This allows them to focus on their education and their courses, rather than getting jobs and paying bills, but all of those interest bills pile up during the time in which students are in school. When these students graduate, some companies wrap the interest owed into the principal amount the student owes, and that bigger amount is used as the base the interest fees are applied to. It’s a bit like paying fees on top of fees, and it can make a loan immensely expensive. Direct Subsidized Loans just don’t work this way.

Most students looking for funding for school don't realize that there are nearly two dozen foundations and state programs that will lend money without requiring a penny in interest.

Of course, there are nowhere near enough of these no-interest loans to go around. And they aren't always easy to apply for—many require essays and interviews.

But for those who do qualify, the time spent on applications "can really pay off," says Jessica Lee, 28, who is starting her career as a dentist in Colorado this fall. Lee spent dozens of hours filling out applications for such loans, and was rewarded when two charities fronted her a total of about $52,000 at 0% to fund dental school. That saved her at least $10,000 in interest, she figures.

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