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Student Loans For People With Bad Credit And No Job

Aug 21, 2008
Contrary to what you might think, you do not have to have great credit in order to get the funding you need to go to school.

First, fill out the paperwork for FAFSA. FAFSA is the Free Application for Federal Student Aid. The application makes people cringe because it seems so long and complicated, but what is an hour or two of your day compared with not having the money to go to college?

When you fill out your FAFSA, you are applying for a Federal Stafford Loan. These types of loans are given without a credit check so your bad credit won't be a factor when it comes to applying for these loans. If you are a citizen, have little or no income, and have not defaulted on any federal student loans, then you are sure to be approved.

Next, apply for a Perkins Loan. Perkins Loans are given to students who can demonstrate a real financial need. They are funded by the college as well as the government. Perkins Loans are given out on a first come, first served basis, so don't waste any time in applying for one!

More often than not, the money received from these loans will not pay for everything you need so you should be prepared to apply for a private student loan. These DO require a credit check so if you have bad credit, you must have a cosigner in order to be approved.

When you ask someone to be a cosigner for you, you are asking to use their good credit as a means of getting a loan. The person you ask must have a decent credit score, otherwise you are wasting your time. This is the score the loan company will use to give you a loan and if it is not good, they won't loan you the money.

When someone cosigns for you they are literally accepting responsibility for the repayment of your loan if you do not make timely payments or if you default on your student loan. They take the risk of ruining their credit if you shirk your responsibility, so don't shirk it! Keep that person in mind and always make timely payments.
About the Author
Learn how to get ACS Student Loans fast. Find out the best tricks for your student loan approval at http://www.acs-studentloans.net/
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