How To Get Bad Credit Student Loans
If you are seeking to further your education by attending college, most likely you can't afford the tuition costs on your own. You might need some assistance to make ends meet and realize your dream of attending college. But what if you have bad credit or even no credit history at all?
Do you have to wait to establish your credit or improve it before you can hope to qualify for a loan? No, you don't. Fortunately, there are bad credit student loans available for people with bad credit or no credit who are interested in continuing their education.
Most student loan programs offered by the federal government are based on need. The government backs these loans and that makes them available for people, even if their credit is poor. As long as you have financial need, you can probably qualify for Stafford loans and you credit history isn't considered when you apply for Stafford loans.
Another loan type that's offered by the federal government is Perkins loans. This loan is extremely cheap over time and is intended to be used only by individuals that have extreme need. In order to qualify, a person must show that they have need, but credit history isn't part of the approval process.
If you're able to qualify for Pell grants, they will never have to be paid back. As long as your education is in good standing, you should be able to get a Pell grant each semester for as long as you qualify.
If you aren't able to qualify for the federal subsidized loan programs, there are still some options out there for you. Take a look at unsubsidized Stafford loans, because they are probably still available to you, even if you have bad credit.
With unsubsidized Stafford loans, the government doesn't assist at all with the repayment. However, these loans generally have pretty good interest rates. Bad credit history won't disqualify you from getting this loan type.
Do you have to wait to establish your credit or improve it before you can hope to qualify for a loan? No, you don't. Fortunately, there are bad credit student loans available for people with bad credit or no credit who are interested in continuing their education.
Most student loan programs offered by the federal government are based on need. The government backs these loans and that makes them available for people, even if their credit is poor. As long as you have financial need, you can probably qualify for Stafford loans and you credit history isn't considered when you apply for Stafford loans.
Another loan type that's offered by the federal government is Perkins loans. This loan is extremely cheap over time and is intended to be used only by individuals that have extreme need. In order to qualify, a person must show that they have need, but credit history isn't part of the approval process.
If you're able to qualify for Pell grants, they will never have to be paid back. As long as your education is in good standing, you should be able to get a Pell grant each semester for as long as you qualify.
If you aren't able to qualify for the federal subsidized loan programs, there are still some options out there for you. Take a look at unsubsidized Stafford loans, because they are probably still available to you, even if you have bad credit.
With unsubsidized Stafford loans, the government doesn't assist at all with the repayment. However, these loans generally have pretty good interest rates. Bad credit history won't disqualify you from getting this loan type.
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Dave educates students about private student loans bad credit and other bad credit student loans online.
posted by Credit Counseling at
1:39 PM
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