Do you need money for college? Some college students are fortunate and they don’t have to pay a dime for college. They either have parents who are willing to pay the cost, or they received a scholarship or grant. However, if you’re like the majority of college students, you don’t have parents paying for your college education, and you didn’t receive free money. Thus, you need to apply for a Federal student loan.

A Federal student loan is different from a private student loan, which are issued by banks, credit unions, and other non-Federal lenders. Qualifying for a Federal loan is easy, which is why many college students choose these types of loans.

1. No credit check: It doesn’t matter if you have a 750 or 500 credit score, everyone can qualify for a Federal student loan. Of course, your credit score will impact your interest rate. But, there’s always the option of improving your credit and refinancing the student loan.

2. No repayment until after graduation: You don’t have to make payments on a Federal student loan until after graduation. What’s more, you’ll receive a six months grace period.