Student Loans for Bad Credit
Going to college with bad credit
College can be a very expensive thing and when you have bad credit you might be really stressed about how you're going to pay for your classes. While bad credit as a student can really make your life really hard, there are many ways to get loans for college that aren't based on your credit history. The government provides several loans that you can use that don't check your credit and can help you pay for some or all of your schooling. So don't worry, you can get your college paid for if you have bad credit.
Non-credit based student loans
Federal Stafford Loan
Stafford loans are federal loans that come as either subsidized or unsubsidized varieties. These loans are some of the easiest available to get and can definitely get you on your way to paying for you schooling if you're disadvantaged financially. When looking at Stafford loans, students with bad credit can apply for them for both their undergraduate and graduate studies.
So what are differences between subsidized and unsubsidized Stafford loans?
- A subsidized Stafford loan is only for poor, disadvantaged students. Basically how it works, is the government pays for any interest that your loan accrues while you're in college, and once you graduate, you start paying for the interest and the principle you were loaned.
- Unsubsidized loans on the other hand, are just like any other loan you can get. Any student, regardless of their financial standing can get a unsubsidized Stafford loan and can be good for you if you're looking for a non-credit based loan.
The negative part about the Stafford loan is the meager amount of money you can get from the government. Often times the Stafford loan amount is so small that students with bad credit end up getting other loans which can get them in trouble and in worse debt in the long term.
option if the Stafford loan isn't enough to pay for your schooling, the
Perkins loan provided by the federal government can be what you're
looking for. You can get the Perkins loan without a credit check,
however, it is much more difficult to get. The Perkins loan is only
available to the exceptionally poor students and so not very many
people qualify for it. The loan's value is also fairly meager and
usually ranges $1,000 - $4,000 per school year.
So is that it?
Nope, there are many other ways for poor students to get financial aid for college, even if they have bad credit! You can investigate scholarships, private funding, or other available loans. One thing you should remember though if you're thinking about college, is don't give up! Even if you don't have the money, keep on pursuing you college degree. Hard work and perseverance always gets rewarded and if you look long enough in the right places, you will find the money you need to get through college.
Another article you may be interested in:
-The embarrassing list of how to get school supplies when you're a broke (and cheap) college student
No comments yet.