College When You Have Bad Credit
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People of ages, incomes and life situations can run into credit problems. Unfortunately, if you’re looking to pay for your college education, these credit problems can make it difficult to get approved for a loan, and afterwards to consolidate nonfederal student loans. Fortunately, many lenders have loan programs for potential students with bad credit. Moreover, there are federal loan programs for students available regardless of credit history. Here are some tips:
The first place to visit (if you haven’t yet been there) is the Free Application for Federal Student Aid (FAFSA) website. The application process is easy and it’s definitely worth a shot; if you’re approved, it’s free money, and you won’t have the to hassle and consolidate nonfederal student loans after your education! If you don’t receive a FAFSA grant, you may be eligible for a Stafford or Perkins loan, which are federal loans offered to students regardless of credit rating. Visit your financial aid department for more information. Stafford and Perkins loans are available in amounts ranging from $1,000 to $4,000. These loans are offered on an ‘as needed’ basis and don’t require a credit check. One watchout: if an organization is advertising a loan that requires a credit check, it probably isn’t backed by the government, and will require that you consolidate nonfederal student loans in the future to avoid being swamped in the resultant debt.
Always apply for federal loans before going to the private market. Federal student loans have several advantages: they offer lower credits, deferred interest payments, no credit check required and they are very easy to consolidate when you have complete your schooling. There are also private loans, which are not federally subsidized. This means that you will need to pay interest on the loans while you are still in school. However, private loans often have a higher limit while still offering low interest rates. To apply for a private loan with bad credit, you may need to find someone with good credit to co-sign on the loan. Another type of loan is the Parent Loan for Undergraduate Students (PLUS) program. This is another type of federally backed loan but is taken out by parents for their child. Unlike Stafford or Perkins loans, however, these loans are not need-based (meaning that they are available for higher income families) but they do have credit requirements. As with any loan make sure you investigate your options thoroughly and read all of the terms and conditions before signing. There is no sense in getting locked in to a high interest loan or one with terms that make it difficult to pay off on time.
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