Student Loans for People with Bad Credit
There may come a point when you are trying to finance your education that you find that you need private student loans for people with bad credit. Trying to get no cosigner private student loans may be hard if you don’t know where to look, but not an impossible feat to accomplish. Getting such a loan is attainable, but it isn’t easy, and there are several things that you need to know first. What you do need to understand is that there is always a way to get your education paid for, and no matter what, you must not give up on finding that funding – it is out there.
Before you apply for any type of loan, regardless of your credit, you need to tap out all other sources for paying for your education. This includes all grants that you may be eligible for, scholarships, and funds offered by your employer, your parent’s employers, and any organizations that you or your parents may belong to. Look everywhere you can think of for college funding that you will not have to pay back.
Once you have done that, you need to apply for guaranteed student loans, such as the FFEL Stafford Loans. They are essentially no cosigner private student loans, which means you do not need a cosigner even though your credit is bad. These loans do have to be paid back until starting six months after you graduate, but your credit does not matter when applying for these loans. Also note that these loans do have maximums that cannot be exceeded, and typically, if you find that you need bad credit private student loans, it is because you have maxed out the amount that you can borrow from the Stafford Loan program.
Once you have arrived at the place where private student loans for people with bad credit are necessary, start with your bank. If you have sufficient collateral to secure the loan; they may extend you the credit that you require, regardless of your credit. Of course, they will typically charge a higher rate of interest for the loan as well, because of your credit. If you are a member of a credit union, this is better than a bank. Credit unions tend to only focus on your credit with them, as opposed to your credit with other creditors. Failing that, you may still be able to get a student loan, but only if you have a cosigner. A cosigner agrees to pay the loan, in the event that you do not. Generally, a cosigner must have good credit. Parents, grandparents, aunts, uncles, and friends should all be considered as cosigners for your loan. Talk to them personally before applying for the loan to see if they are willing to cosign the loan for you.
Your next option is to borrow the money from an individual. If you do this, make sure that you have a written agreement with them which clearly states when the loan will be repaid, and how much you will be paying every month. If the person wants interest, don’t be opposed to paying reasonable interest rates on the loan, remembering that they could invest the money for themselves and earn interest, instead of helping you to finance your education.
Your final option for bad credit private student loans is to go to a company that specializes in bad credit loans, such as small finance companies. Unfortunately, these companies generally do not loan more than a few hundred dollars, and this won’t be much help. If you cannot get the financing that you need; you need to talk with your financial aid officer to see if there are any other options open to you. If there are not, you may have to take a semester off to work in order to save the funds that you require, or sign up for a work study program through the college you will be attending.
Of all the options above the FFEL Stafford student loans – private student loans no cosigner required; is an option that should work for ‘no cosigner student loans for people with bad credit’. It’s a federal loan program and rates, terms, and payment choices are attractive.
Related Articles
- Most all Federal Student Loans are no cosigner student loans, but these Federal Loans are NOT student loans with no cosigner involved.
- First steps before a No Cosigner Student Loan
- Alternative Student Loans should be a first look before No Cosigner Student loans
- Have a smart Student Loan Repayment Plan
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