Many people get discouraged when they decide to go to college and then find out that due to their bad credit they can not qualify for some of the standard student loans. Although it is understandable that you would be discouraged don't worry, there is a good chance that you will still qualify for loan that was designed for students with 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.
After looking for a co-signer your next step should be to contact several banks and student loan companies. Many of them have divisions that deal specifically with students with bad credit. While the terms of the loan will likely be less then ideal, the option is there and you should look into it.
One of the great things about student loans is that in most cases the money is not due until you have finished school. This helps you for a few reasons but the two best are because when you are done with school you can likely get a good job. And the second best reasons is that while your original loan may have been with a high interest rate you can likely apply for and be accepted for a cheaper better financed loan if you make your payments on time and have good credit for the four or five years you are in school.
Yet another option to get a loan for students with bad credit is to apply for a combination loan. When you apply for a combo loan you will end up consolidating your existing debt and then applying for a new loan for the entire amount. While this option will typically require some more work it can also save you more money in the long run. The only real drawback to this approach is that sometimes you will need a co-signer as well.
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.
So don't be shy and register for every possible loan and grant. You will get denied on several but you only need one or two to go to college. In fact if you really want to go to college and yet you have bad credit you should search online for scholarships and grants. There are literally thousands of options available to you and many that go unused each year. If you don't mind filling out some paperwork you may be able to go to school at no charge.
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.
After looking for a co-signer your next step should be to contact several banks and student loan companies. Many of them have divisions that deal specifically with students with bad credit. While the terms of the loan will likely be less then ideal, the option is there and you should look into it.
One of the great things about student loans is that in most cases the money is not due until you have finished school. This helps you for a few reasons but the two best are because when you are done with school you can likely get a good job. And the second best reasons is that while your original loan may have been with a high interest rate you can likely apply for and be accepted for a cheaper better financed loan if you make your payments on time and have good credit for the four or five years you are in school.
Yet another option to get a loan for students with bad credit is to apply for a combination loan. When you apply for a combo loan you will end up consolidating your existing debt and then applying for a new loan for the entire amount. While this option will typically require some more work it can also save you more money in the long run. The only real drawback to this approach is that sometimes you will need a co-signer as well.
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.
So don't be shy and register for every possible loan and grant. You will get denied on several but you only need one or two to go to college. In fact if you really want to go to college and yet you have bad credit you should search online for scholarships and grants. There are literally thousands of options available to you and many that go unused each year. If you don't mind filling out some paperwork you may be able to go to school at no charge.
About the Author:
Bob gives advice to tons of students about bad credit private student loans through government programs. He also shows students how to secure and find student loans bad credit if they can't qualify for other types of educational funding.
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