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.
The Perkins Loan is another loan that is issued based on financial need. Fewer of them are issued than the subsidized Stafford loan, but if you qualify, you will be glad that the loan is less costly over time. If you do have a financial need, you'll want to check to see if you qualify for a Federal Pell Grant. This would be the best deal for anyone who can qualify because it is a grant from the government.
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 don't qualify for loans that are issued to those with financial need, there are still options for bad credit student loans. There is another kind of Stafford loan that is unsubsidized. This means that once the loan is issued, it begins accruing interest and you are responsible for repaying that interest in full.
With this type of loan, the government doesn't pay the interest for you, so you will have to start making payments right after you take out the loan. However, interest rates are quite low on these loans so most people can handle the payments without too much trouble. - 15432
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.
The Perkins Loan is another loan that is issued based on financial need. Fewer of them are issued than the subsidized Stafford loan, but if you qualify, you will be glad that the loan is less costly over time. If you do have a financial need, you'll want to check to see if you qualify for a Federal Pell Grant. This would be the best deal for anyone who can qualify because it is a grant from the government.
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 don't qualify for loans that are issued to those with financial need, there are still options for bad credit student loans. There is another kind of Stafford loan that is unsubsidized. This means that once the loan is issued, it begins accruing interest and you are responsible for repaying that interest in full.
With this type of loan, the government doesn't pay the interest for you, so you will have to start making payments right after you take out the loan. However, interest rates are quite low on these loans so most people can handle the payments without too much trouble. - 15432
About the Author:
Dave talks to people about how to get private student loans for bad credit and also guaranteed student loans bad credit.
