Getting Student Loans With Bad Credit
Do you plan to attend college but you worry that your credit is too bad to ever qualify for a loan? Do not despair; there is good news for you. There are options for students with bad credit because there are some loans that don't look at your credit history to decide if you qualify.
Two of the options you have available are Stafford loans and Perkins loans. There are also various grants that are available even if you have bad credit. Pell grants are one such option. Your credit history isn't considered during the Pell grant approval process.
Out of all of the loans that the government offers, Stafford loans are the most commonly used. They are available based on the need of the applicant, as determined by the school they are attending.
The subsidized version of the Stafford loan is only available to individuals that have financial need. These loans are great because the federal government takes care of the interest on the loan while you're still in school and also for the first six month after you finish school.
The unsubsidized version of the Stafford loan is available to even individuals that don't have financial need. Since the government doesn't pay for the interest on the loan while you're in school, these loans can be significantly more expensive.
A Perkins Loan is another alternative for someone with bad credit. There are fewer Perkins loans issued in comparison with the more popular Stafford loans. Like the subsidized Stafford loans, Perkins loans are issued based on financial need. However, qualification is not contingent on past credit history. Both undergraduate and graduate students can qualify for Perkins loans.
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.
Two of the options you have available are Stafford loans and Perkins loans. There are also various grants that are available even if you have bad credit. Pell grants are one such option. Your credit history isn't considered during the Pell grant approval process.
Out of all of the loans that the government offers, Stafford loans are the most commonly used. They are available based on the need of the applicant, as determined by the school they are attending.
The subsidized version of the Stafford loan is only available to individuals that have financial need. These loans are great because the federal government takes care of the interest on the loan while you're still in school and also for the first six month after you finish school.
The unsubsidized version of the Stafford loan is available to even individuals that don't have financial need. Since the government doesn't pay for the interest on the loan while you're in school, these loans can be significantly more expensive.
A Perkins Loan is another alternative for someone with bad credit. There are fewer Perkins loans issued in comparison with the more popular Stafford loans. Like the subsidized Stafford loans, Perkins loans are issued based on financial need. However, qualification is not contingent on past credit history. Both undergraduate and graduate students can qualify for Perkins loans.
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 bad credit student loans if they are in need. He also helps them to learn about avoiding the wrong bad credit student loans.
posted by Debt Consolidation Loan at
7:29 AM
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