Student Loans for Bad Credit
If your credit is bad, you can still get into college. Here we’ll go over what options you have for student loans with bad credit even if you’ve let your credit slip or even worse have no idea what your credit history is like. We’ll work on that later too, btw.
Student loans for bad credit really aren’t that hard. The reason is because that federal student loans have nothing to do with your credit scores.
Federal Student Loans
When you’re facing the obstacle of bad credit, the federal student loans are by far your best route to take. The Stafford Loans come in subsidized and unsubsidized and are the single most popular and widely distributed student loan undergraduates AND graduates. These loans don’t require a credit check to qualify unlike the Parent and Grad PLUS loans.
Stafford Loan Quick Facts:
Subsidized – is awarded to the financially needy students. If you qualify for this type of loan, the federal government will pay the interest on the loan that is due every month while you are in school and will even give you a six-month grace period after your graduation.
Unsubsidized – regardless of need, this type of loan is available to anybody. The only problem with this is, that sometimes this type of loan doesn’t cover very much so I wouldn’t be so dependent on it to handle all of your needs. This is why that so many students graduate with numerous student loans and can get out of control quickly.
Perkins Loans
The Perkins Loan is another type of student loan for bad credit. The main difference between this one and the Stafford Loan is that it’s for those in extreme financial difficulty. But, this one also doesn’t require a credit check and is available for both undergraduate and graduate students. These loans usually award in amounts of one to four thousand dollars for each school year. This amount is not to exceed $20,000 total.
Scholarships and Grants
Since we’re talking about student loans for bad credit, we’ll touch on scholarships and grants. I’ll be going into more detail on another section but it’s important that you keep this in mind and make sure you place importance on doing more research on this topic.
The Pell Grant is a federal grant that is available only to the neediest of students. This type of grant is a gift, no repayment, nodda! There are many available sources for grants and scholarships and nearly every state offers something. What I’d like to recommend to you is if you are going into a specialized field, sometimes that field has professional organizations of past graduates or business’s that will have their own grants and scholarships to help continue their existence and will NEVER look at your credit scores. So, student loans for bad credit are out there, they just take a little bit more patience to obtain.