Is there a place where someone with bad credit can get a student loan?
Nov 13th, 2008 by admin
i am 28 and have bad credit and was wondering if there is a place where i can get a student loan…i have tried for grants but because i was born and raised here i guess i don’t qualify…..
It’s pretty difficult to find without having a cosigner. Look around and talk to the financial aid department, but you’re likely to run into some high interest rates.
Financial Aid eligibility for a “true” student loan, otherwise known as a Stafford, Perkins, etc, will never be affected by your credit rating. Speak with your Financial Aid counselor at your college for further information. Non-Government Subsidized loans however are affected by your credit rating, as they are not really student loans, but consumer or private loans, and are only marketed as a student loan to get your money.
I am 29, and have a terrible credit rating…I can’t even get a gas card! But, I did get Stafford loans…for the max possible. That’s where I would check first. If you can’t get anything else, you will have to tough it through the first term or to in school. Do well in your classes and the other lenders may take you more seriously if you need to go back to them.
University Credit Unions are great for low-interest, private student loans.
Federal loans (both subsidized and unsubsidized) are the best because you can consolidate them for a VERY low interest rate. And, if you go back to school, your loans are frozen in time until you graduate–no interest incrued, no payments.
Grad student? Apply for grants! Ask your advisor for help writing a grant proposal.
There may be something of use here.
Bad credit is one of the worst problems to have… however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
if it helps kindly remember me in your voting!.. cheers!