In order to receive any of the loans offered by the federal government that do not require a credit check, you must complete the Free Application for Federal Student Aid, or FAFSA. The FAFSA requires information about your finances and, if you are still a dependent on someone's taxes, their finances as well. Based on the information you submit, the government will determine your eligibility for special loans and you will not be required to have your credit checked.
Stafford loans are backed by the federal government and come in two types: subsidized and unsubsidized. Subsidized Stafford loans are given to those who have shown financial need based on their FAFSA and these loans have their interest paid by the federal government as long as the student is in school. The amount of subsidized Stafford loans is limited based on what year you are in school. For 2009, first-year students can receive up to $3,500, $4,500 for the second year and $5,500 each year after that.
Unsubsidized loans do accrue interest while the student is in school so the student has the option to either make interest-only payments or to let the interest build up until after graduation when payments begin. There is a cumulative limit for Stafford loans, regardless of whether they are subsidized or not. If you are a dependent on someone else's taxes, you can take a total loan of $5,500 the first year, $6,500 the second year and $7,500 each year beyond that. For students not claimed by someone else as a dependent, Stafford loans are limited to $9,500 the first year, $10,500 the second year and $12,500 for each additional year.
Perkins loans are very similar to subsidized Stafford loans in that the federal government will pay the interest on the loans as long as you are still in school. The major difference is in who distributes the loans. Each year, the federal government allots a certain amount of money to each college or university to give to its students in the form of Perkins loans so rather than the government determining how much you get, your school's financial aid office determines your Perkins loan amount.