Even with bad credit, a student loan should be still within reach. Get the financial information you will need to help you get through school even with a poor credit rating.
A bad credit student loan can be extremely helpful if your credit history is not up to scratch. It is disappointing to think that not having good credit can stop you from attending college. Whilst it can be difficult to find a loan with a competitive interest rate if your credit history isn't the best, it is certainly not impossible.
One way to get a student loan is with the help of your parents, if they have better credit than yours. A PLUS loan is actually given to the parents rather than the students.
Then there are the US Department of Education student loans which cover as much as the parents are required to contribute towards their child's college expenses. Stafford and Perkins loans are two examples of this type of student loan.
You may also be required to have someone co-sign on your loan. It can be a relative or a friend, but make sure they realize that they are under responsibility to pay the loan for you if you are unable to do so.
What to Use a Student Loan For
You will use the loan money for a variety of purposes:
– Living expenses
– Travel costs to and from college
– College tuition fees
As mentioned, it may be hard to find a suitable loan with a low interest rate. But don't despair because some student loans will allow you to defer payment until your college degree is complete. You could even then look at the option of consolidating your loan.
Internet Student Loans
You may be able to find lending institutions online that offer student loans for bad credit. You complete an online application and have the money mailed to you via check.
With the cost of education continually rising, a bad credit student loan might be your only option if you wish to pursue studies.