I Need Money for College but I Have Bad Credit

Free Money to go to School

I need money for college, but I have bad credit due to making so many unsound financial decisions. Having a bad credit can make one postpone their studies, and this temporarily sets back somebody on their personal development goals. Any college going person requires a lot of determination and willpower to stop their education due to lack of funds, and thereafter, come back after a few years to complete once they have funds.

Bad credit reduces ones chances of getting a loan from a financial institution when required. Making your payments on time improves ones credit records. This is one of the ways a person can use to have a good record. These may include paying your credit cards and all debts on time and in full, avoiding bankruptcy and also living in one residential area for a long period without moving from one neighbourhood to another.

However, there are some financial organizations that can still give you a loan despite your having a bad credit. The only disadvantage in such situations is that these institutions are usually out to exploit those who need money but are in debt. They do this in many ways, and one of them would be to issue the loan, but demand very high interest rates.

This may not solve the problem, because the student may end up spending most of their lives paying back the interest accrued on this loan, even before they can start paying for the principal. Debt wears one out and in such a situation a student may hate studying, which should not be the case.

Visit the Director of Finance at the college and presenting him with a formal letter, requesting for assistance to waive the college fees, may sometimes work. Alternatively, you can offer to work in the school compound and pay back the loan as you study.

Another option would be to apply for a loan from the government. You may be fortunate and get funded. This is because such loans are usually reserved for the under privileged and one may be lucky and not have to be scrutinized before approval of their request.

Parents should make it their responsibility to educate their children as they grow up on financial matters, so that they do not get bad credit score. Good and bad credits are critical issues and all children should grow up knowing how one attains each of them.

Even though, I need money for college, but I have bad credit, am determined to work hard and get out of this debt.


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Comments 4 comments

vocalcoach profile image

vocalcoach 5 years ago from Nashville Tn.

I like your attitude. You will become debt free and I see success in your future. Rated up on his hub!


AlexK2009 profile image

AlexK2009 5 years ago from Edinburgh, Scotland

We had trouble teaching our son how to manage money. However he seemed to learn it all (well almost) three months after leaving home.

As to credit score, the companies are unwilling to publicise their methods so you cannot teach that. In some companies never having borrowed is a red light.


che gilbert 4 years ago

hello

people with good heart all over the world i need help to continue my education please help me i beg you in the name of god here is my number 0023776828496 and my email chegilbert27@yahoo.com


Nabunnya Patricia Luyombo 4 years ago

I greet you all in the name of our Lord Jesus Christ; my name is Nabunnya Patricia, Iam 6 years old, studying at Joy Nursery & Primary school in Wakiso District in Uganda, with my two sisters. Our father can't afford to pay for our school fees, He is a low income earn, we really need you help to study, Please wellwishes, We need you help to study and prayers, so that we can get financial assistance to study and so that in future we can be able to help our parents. We shall appreciate you help and prayers; Contact us at our aunt's Email; bennanakawooya@yahoo.com.

God Bless in the Lords work.

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