Zero Interest Student Loans

By: Anna Lempereur Email
By: Anna Lempereur Email

When it's time to take out student loans for college, some might consider one with a zero percent interest rate.

Plenty of charities, foundations and organizations offer these types of loans, but there's a few things to keep in mind.

Some of these loans require students to make payments while they are already in school, and many require a co-signer.

Also, to score one of these loans is competitive - some organizations offer loans with zero interest to only four students, while others offer to nearly 2,000 students, and many require an essay as part of the application process.

According to Senior Associate Director of James Madison University Financial Aid and Scholarships Brad Barnett, if you want to stand out with your essay, be as brief as you can but get all of your points across.

He also said to grab the reader's attention with the beginning and end of your essay, and tailor it specifically to the organization that you are applying to.

"We see this sometimes at the university, where people send in college application essays to JMU but there's another school's name in it. And they've basically just written something and forgot to proofread through it and change the school's name. I mean, that really shows a lack of attention to detail, and a clear lack of interest," said Barnett.

You will find organizations offering zero interest student loans for $1,000, and others for as much as $15,000.

Some organizations that offer student loans with a zero percent interest rate include Military Officers Association of America (MOAA), Leo S. Rowe Pan American Fund, Evalee C. Schwarz Charitable Trust for Education, Bill Raskob Foundation and Central Scholarship Bureau of Maryland.


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