Bad Credit Student Loans That Actually Exist
If you're a typical 19-25 year old, paying for college can be extremely difficult. Many schools cost tens of thousands per year and that is probably more than you make at this point in your life. Without help from parents, life can be pretty tough. Bad credit can make meeting financial obligations even harder unless you can find help.
Getting loans for school is a great way to move ahead. If you can get an education, you can increase your earning power. Student loans are classified two ways. One section is given by need and the other isn't.
The subsidized Federal Stafford Loan and Perkins Loan are two loans that use financial need as a qualifier. In the case of the subsidized Stafford Loan, the government pays the interest as long as you are in school and for the first six months after you leave school. The Perkins Loan is also issued based on financial need, although there are less of them given out compared with the subsidized Stafford Loan. However, if you can qualify for one, it is a really great thing as it will save you money in the long run.
If you have an unusual amount of financial need, you may also be able to qualify for grants that don't need to be paid back. Pell grants are considered gifts and will never need to be paid back to the government. If your Pell grant doesn't give you enough money, you can still consider getting loans to pay for your education.
For people who cant qualify for one of the need based loans, there are still other bad credit student loans that are not based on financial need. The unsubsidized Stafford loan doesnt use financial income as a qualifier for the loan. With this type of loan, it will accrue interest once you receive the loan. The government doesnt pay any of the interest on the loan.
There also isnt any grace period on the loan so once you are no longer in school; you will be expected to begin repayment immediately. Still, with this kind of loan, you will probably get a lower interest rate than another loan. So even if you have a bad credit history, or no credit history, you can still finance your college education.
Getting loans for school is a great way to move ahead. If you can get an education, you can increase your earning power. Student loans are classified two ways. One section is given by need and the other isn't.
The subsidized Federal Stafford Loan and Perkins Loan are two loans that use financial need as a qualifier. In the case of the subsidized Stafford Loan, the government pays the interest as long as you are in school and for the first six months after you leave school. The Perkins Loan is also issued based on financial need, although there are less of them given out compared with the subsidized Stafford Loan. However, if you can qualify for one, it is a really great thing as it will save you money in the long run.
If you have an unusual amount of financial need, you may also be able to qualify for grants that don't need to be paid back. Pell grants are considered gifts and will never need to be paid back to the government. If your Pell grant doesn't give you enough money, you can still consider getting loans to pay for your education.
For people who cant qualify for one of the need based loans, there are still other bad credit student loans that are not based on financial need. The unsubsidized Stafford loan doesnt use financial income as a qualifier for the loan. With this type of loan, it will accrue interest once you receive the loan. The government doesnt pay any of the interest on the loan.
There also isnt any grace period on the loan so once you are no longer in school; you will be expected to begin repayment immediately. Still, with this kind of loan, you will probably get a lower interest rate than another loan. So even if you have a bad credit history, or no credit history, you can still finance your college education.
About the Author:
Trinity teaches people to find different types of bad credit loans including bad credit student loans.
posted by Debt Consolidation Loan at
4:13 PM
1 Comments:
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