Getting Aid When You're A Student With Bad Credit
Are you hoping to someday go to college? Many people in your situation find themselves afraid because of poor credit history. Don't be afraid. There are actually quite a few options for individuals that have bad credit. Getting a college education might be a lot easier than you think.
Federal Stafford Loans and Perkins Loans are two loan options. Pell grants and various types of scholarships and grants all are options as well for a college bound student with bad credit.
The most commonly used loans are Federal Stafford loans. There are two different kinds of Federal Stafford loans. There is the subsidized loan and the un-subsidized.
Stafford loans that are subsidized are given only to individuals who are in need, but are extremely helpful if you can qualify. The federal government takes care of the interest on these loans through school and for up to six months afterwards.
The unsubsidized loan doesn't use financial need as a qualifying factor so it is often available to more students. However, the awards may be smaller so you might have to find more than one source to help supplement the loan. The interest accrued on an unsubsidized is not paid by the government so these loans do accrue interest from the time you take one out.
Perkins loans are also available for students that have bad credit. Perkins loans are harder to qualify for in that you must have more financial need than those who can qualify for Stafford loans. You can qualify for Perkins loans even if you have a bad credit history.
A Federal Pell grant is only available for students with significant financial need. Your past income and possibly the income of your parents will be examined to determine if you qualify for a Pell grant. Pell grant awards can range in size from just a few hundred dollars to amounts that would cover all of tuition and expenses.
The best part about a Federal Pell grant is that they are an award from the government that does not require repayment in the future. If you do not meet the criteria for a Pell grant, there are still a lot of scholarships and grant options that exist that don't care if you have bad credit. The best way to find scholarships and grants that fit your needs would be to meet with your college's financial aid department or even search the internet.
Federal Stafford Loans and Perkins Loans are two loan options. Pell grants and various types of scholarships and grants all are options as well for a college bound student with bad credit.
The most commonly used loans are Federal Stafford loans. There are two different kinds of Federal Stafford loans. There is the subsidized loan and the un-subsidized.
Stafford loans that are subsidized are given only to individuals who are in need, but are extremely helpful if you can qualify. The federal government takes care of the interest on these loans through school and for up to six months afterwards.
The unsubsidized loan doesn't use financial need as a qualifying factor so it is often available to more students. However, the awards may be smaller so you might have to find more than one source to help supplement the loan. The interest accrued on an unsubsidized is not paid by the government so these loans do accrue interest from the time you take one out.
Perkins loans are also available for students that have bad credit. Perkins loans are harder to qualify for in that you must have more financial need than those who can qualify for Stafford loans. You can qualify for Perkins loans even if you have a bad credit history.
A Federal Pell grant is only available for students with significant financial need. Your past income and possibly the income of your parents will be examined to determine if you qualify for a Pell grant. Pell grant awards can range in size from just a few hundred dollars to amounts that would cover all of tuition and expenses.
The best part about a Federal Pell grant is that they are an award from the government that does not require repayment in the future. If you do not meet the criteria for a Pell grant, there are still a lot of scholarships and grant options that exist that don't care if you have bad credit. The best way to find scholarships and grants that fit your needs would be to meet with your college's financial aid department or even search the internet.
About the Author:
Dave helps people by teaching them about using private student loans for people with bad credit to fund their college educations. He also helps them to learn about wrong bad credit student loans in general.
posted by Credit Counseling at
1:13 PM
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