I Need Money for College but I Have Bad Credit
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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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