Bad Credit Student Loans Really Do Exist
If you're anything like most people, the cost of college is a little outside your price range. Paying $15,000+ each year as a 19-24 year old is definitely outside the reach for most people that don't have help from their parents. If you're struggling to meet financial obligations while attending college, having bad credit can magnify your difficulties. However, student loans for people that have bad credit are available and finding the right ones can help you to pay for school.
Student loans can be classified in two different categories; ones issued according to financial need, and ones that arent based on financial need. Many of the loan options are supported by the Federal Government.
Stafford loans are available through the government and are supplied based on need. Those with poor credit can still qualify for Stafford loans, assuming that they need is there. In other words, if you don't have the money to pay for school it's very likely that you can qualify for a Stafford loan.
Those that have little money and whose parents have little money can often qualify for special grants provided by the government. Pell grants are provided to thousands of people every year and are considered gifts. They never have to be paid back. Those that receive Pell grants can still take out Stafford loans if they are needed.
If you don't have enough need for financial aid, you won't be able to get Pell grants or subsidized Stafford loans. However, you can still get bad credit student loans that are unsubsidized. Interest will start to accrue right away, but you will be able to pay for school. This option is more expensive than most subsidized loan options.
There also isnt any grace period on the loan so once you are no longer in school; you will be expected to begin repayment immediately. Still, with this kind of loan, you will probably get a lower interest rate than another loan. So even if you have a bad credit history, or no credit history, you can still finance your college education.
Student loans can be classified in two different categories; ones issued according to financial need, and ones that arent based on financial need. Many of the loan options are supported by the Federal Government.
Stafford loans are available through the government and are supplied based on need. Those with poor credit can still qualify for Stafford loans, assuming that they need is there. In other words, if you don't have the money to pay for school it's very likely that you can qualify for a Stafford loan.
Those that have little money and whose parents have little money can often qualify for special grants provided by the government. Pell grants are provided to thousands of people every year and are considered gifts. They never have to be paid back. Those that receive Pell grants can still take out Stafford loans if they are needed.
If you don't have enough need for financial aid, you won't be able to get Pell grants or subsidized Stafford loans. However, you can still get bad credit student loans that are unsubsidized. Interest will start to accrue right away, but you will be able to pay for school. This option is more expensive than most subsidized loan options.
There also isnt any grace period on the loan so once you are no longer in school; you will be expected to begin repayment immediately. Still, with this kind of loan, you will probably get a lower interest rate than another loan. So even if you have a bad credit history, or no credit history, you can still finance your college education.
About the Author:
Trinity teaches people to find different types of bad credit loans including bad credit student loans.
posted by Credit Counseling at
5:27 AM
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