Being a student it usually gets a difficult thing to afford the cost of your education and the condition get worse when you have a poor credit score. If you’re in such a situation then we are here to help you to out by providing you information that you will help you in paying for your education.

There are certain poor credit student loans but loans backed by the federal government are considered the best. Government backs three types of loans and all three are very much student friendly. We are providing you with some valuable information about all three types of loans.

Perkins loans are the best loans for students those with a poor credit record. These loans offers lower interest rates than almost all other loans and you need not to make payments while completing your school. Moreover you are not even charged interest rate while you are in school and what else can be better than this. The interest rate is taken care of by the federal government while you are studying and until your grace period ends.

Perkins loans are provided on the basis of a student’s need and credit score is not considered before approving your loan application. And if you have any alternates from where you can pay for your school (like your own money or parents with money), in that case these loans won’t be available to you.

Perkins loans can give an amount up to $5,500 a year for undergraduate courses and upto$8,000 a year for graduate students. Your maximum loan amount depends on your financial need, other aid received, and availability of school funding.

These loans are specially designed for undergraduate and graduate students. These loans are similar to Perkins loans but the rate of interest charges is little higher. As like Perkins loans these loans are backed by government and interest is also taken care by it while you’re in school. These are need based loans and do not consider the credit record for loan approval. But there are certain credit limits ranging from $5000 a year for freshmen to over $20,000 a year for graduate students. These loans can be a great alternative for you in case it’s becoming hard to pay your education cost.

Unsubsidized Stafford Loans are also backed by the government but are these are not approved on need basis. Here also credit record is not a part of the qualifying process. But the government doesn’t take care of the interest with these loans. It is the responsibility of the borrower to pay the interest charges.

Start making payments while you’re in school as you aren’t paying much interest.     Start making payments after finishing your school. But this is not a good option as this way your interest will accumulate and be added to the loan and it will become a huge amount. Once you finish your school then the loan principal will be recalculated and the loan will start over.