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How To Get Student Loans Regardless Of Your Credit

Jan 22, 2008
A student loan for those with bad credit is not as bad as one may think; after all, most students don't have stellar credit to begin with. There are a vast amount of banks and private institutions that are willing to lend to students with a poor credit history, all whilst having appealing rates and terms. If you are a student with not-so-good credit, but you need to pay for those hefty tuition costs, here are some tips that you may want to consider:

* Before applying for bad credit loans that may have high interest rates, ask a friend or family member with good credit to co-sign for you. However, before signing they should be aware of the risks involved with co-signing.

* Contact your local bank that you hold a savings or checking account with. In many cases, they will still lend to you, especially if you have a good reputation with them. You can also constant other private lending institutions. They may lend to you if you have bad credit, however the interest rate may be higher. Be aware of the terms and conditions before accepting a loan this way.

* A combination loan that consolidates your debt is also an option. These loans usually have favorable terms, but may require a co-signer.

* Before applying for a higher interest private loan, fill out a FAFSA form and apply for a Stafford or Perkins loan. The Perkins loan is great for those with bad credit because there is no credit check involved. It is a low interest, federally sponsored loan that both graduate and undergraduate students can apply for. Loan amounts vary from $1,000 to $4,000 per semester, and don't exceed $20,000 in overall amount. Each loan type comes in subsidized or unsubsidized flavors, and you can apply for either or both. Both the Stafford and Perkins loans will generally always be a lower interest rate than an alternative loan from a private bank or institution, and are much easier to consolidate once you've graduated. Always choose these options first before trying anything else.

* Browse the internet for deals. Often times you can find great incentive deals aimed at struggling students with poor credit. Using the power of the net, you can efficiently find and compare the best student loan to fit your individual needs. Be very careful of private institutions that trick you into getting a high interest loan. These loans can be disguised by rewards, gifts, or extremely low monthly payments.

* If you happen to be in a health major you can apply for a health related loan, such as the Nursing Student Loan Program, or the Primary Care Loan Program. These loans are low interest offers that don't require a credit check. The Nursing Student Loan Program offers up to $4,000 per school year with a 9 month grace period for nursing students that qualify. The Primary Care Loan Program is a non-credit based loan for those pursuing medical degrees. This loan offers a much greater amount per year with a 12 month grace period.

The last thing you want to worry about when going to college is money, especially if you have bad or poor credit. Using these tips, coupled with sound money management, you can stop worrying about how to pay for your education. As always, be sure to read all the loan terms and conditions before signing the dotted line. Be responsible and manage your debt wisely.
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StudentLoans-101.com is a site fully invested in presenting you the very best information regarding poor credit student loans in addition to providing you personal student loan information.
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