Bad Credit Student Loans
In this day and age there are a lot of students who can't qualify for a regular loan due to having bad credit. But do not worry because there are other options available to you so that you can still go to college and get a better job.
If you haven't tried yet then it is time to go to your family and friends and try getting a co-signer on your loan applications. Having a co-signer gives the lenders another person to rely on to make sure that they get their money back. If your family wants you to go to school then it is only fair that they help you to get in and pay for it. If you get a great job when you are done then you will be able to pay them back alter.
Once you are able to get a good co-signer the student loan applications should go fairly well and you will likely get approved. One of the great benefits aside from being approved is that you will get a very low interest rate as well.
Another option for students with bad credit looking for student loans is to contact banks and other lending institutions and ask if there are other ways that you can finance your education. Many times they will have alternative plans for students with bad credit. The downside is that they will likely charge you a higher interest rate.
Luckily if you make your payments on time and watch your finances while you are in school you will likely have a higher credit score when you need to pay off your loans and you can likely re-finance your school debt and get a lower rate later. Time is one of the great equalizers when it comes to your credit history. You can mess up but as long as you make payments for a few years any credit history can be fixed.
Another option at your disposal is to apply for a combination loan. Combo loans allow you to consolidate your existing debt and then apply for one big loan to pay all of it off. Most of the time consolidating loans will help you pay a lower monthly rate as well as pay on time. If you qualify for a combo loan you can usually go to school and repair your credit history.
Finally you can fill out a FAFSA form and apply for a Perkins loan or a Stafford loan. The Perkins loan is a loan for any accredited college program for students who qualify for financial aid. If you have bad credit you likely qualify.
The number one thing to realize when applying for a student loan with bad credit is that if you keep applying you will get the resources you need at some point. There are so many different loans, loan companies, grants, and scholarships that if you are persistent you will at some point get what you need for you to go to college regardless of your current bad credit.
If you haven't tried yet then it is time to go to your family and friends and try getting a co-signer on your loan applications. Having a co-signer gives the lenders another person to rely on to make sure that they get their money back. If your family wants you to go to school then it is only fair that they help you to get in and pay for it. If you get a great job when you are done then you will be able to pay them back alter.
Once you are able to get a good co-signer the student loan applications should go fairly well and you will likely get approved. One of the great benefits aside from being approved is that you will get a very low interest rate as well.
Another option for students with bad credit looking for student loans is to contact banks and other lending institutions and ask if there are other ways that you can finance your education. Many times they will have alternative plans for students with bad credit. The downside is that they will likely charge you a higher interest rate.
Luckily if you make your payments on time and watch your finances while you are in school you will likely have a higher credit score when you need to pay off your loans and you can likely re-finance your school debt and get a lower rate later. Time is one of the great equalizers when it comes to your credit history. You can mess up but as long as you make payments for a few years any credit history can be fixed.
Another option at your disposal is to apply for a combination loan. Combo loans allow you to consolidate your existing debt and then apply for one big loan to pay all of it off. Most of the time consolidating loans will help you pay a lower monthly rate as well as pay on time. If you qualify for a combo loan you can usually go to school and repair your credit history.
Finally you can fill out a FAFSA form and apply for a Perkins loan or a Stafford loan. The Perkins loan is a loan for any accredited college program for students who qualify for financial aid. If you have bad credit you likely qualify.
The number one thing to realize when applying for a student loan with bad credit is that if you keep applying you will get the resources you need at some point. There are so many different loans, loan companies, grants, and scholarships that if you are persistent you will at some point get what you need for you to go to college regardless of your current bad credit.
About the Author:
Bob helps high school kids who are looking for a bad credit private student loan so that they can pay for school. He also shows students how to secure and find student loans for bad credit through private lenders, when necessary.
posted by Credit Counseling at
6:56 AM
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