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.
One of the first things that you should look into is getting a co-signer. Many parents and close relatives may be hesitant to co-sign for a car but if you are trying to go to college they are usually more receptive. Go to them with your career plans and ask them if they will co-sign on your loan applications.
Co-signers help students with bad credit because the lenders look at not just you but the co-signers payment history and decide if both of you are credit worthy. If your co-signer has a long and established credit history then you should have no problem. The co-signing option is a good one due to the excellent terms under which your loan will be approved.
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.
This isn't as bad as it sounds however. Since college usually takes four to five years you will have time to rebuild your credit history and when it is time to pay off your loans you can likely refinance them at a lower rate. And since you will have a better job it will be that much easier.
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.
In case you missed it you should also apply for Stafford and Perkins loans. They are usually relatively easy to get if you have financial need. They are great because they usually have low interest rates and if you meet the qualifications then you will get it.
One of the best things you can do is to not be afraid of getting denied. If you go online and find every student loan and scholarship application and then fill them out you will be approved for at least a few of them. There are thousands of different scholarships available to you and if you apply to enough of them you may get to go to school for free regardless of your financial situation. Don't be discouraged and keep applying until you are able to attend school.
One of the first things that you should look into is getting a co-signer. Many parents and close relatives may be hesitant to co-sign for a car but if you are trying to go to college they are usually more receptive. Go to them with your career plans and ask them if they will co-sign on your loan applications.
Co-signers help students with bad credit because the lenders look at not just you but the co-signers payment history and decide if both of you are credit worthy. If your co-signer has a long and established credit history then you should have no problem. The co-signing option is a good one due to the excellent terms under which your loan will be approved.
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.
This isn't as bad as it sounds however. Since college usually takes four to five years you will have time to rebuild your credit history and when it is time to pay off your loans you can likely refinance them at a lower rate. And since you will have a better job it will be that much easier.
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.
In case you missed it you should also apply for Stafford and Perkins loans. They are usually relatively easy to get if you have financial need. They are great because they usually have low interest rates and if you meet the qualifications then you will get it.
One of the best things you can do is to not be afraid of getting denied. If you go online and find every student loan and scholarship application and then fill them out you will be approved for at least a few of them. There are thousands of different scholarships available to you and if you apply to enough of them you may get to go to school for free regardless of your financial situation. Don't be discouraged and keep applying until you are able to attend school.
About the Author:
Bob gives advice to students and shows them how to find a bad credit student loan through government programs. He also shows students how to secure and find private student loans bad credit if they can't qualify for federal loans.
posted by Debt Consolidation Loan at
12:57 PM
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