Bad Credit Student Loans
So, you have bad credit. You know it, I know it, and so does everyone else. Don’t fret, this doesn’t necessarily automatically disqualify you from getting financing to go to college. It just means that you’ll have to try different avenues.
No credit is better than bad, but many institutions require co-signers for either situation. There are college financial aid options that require no credit checks: Federal Stafford Loans, subsidized and unsubsidized, Federal Perkins Loans, other government and state-funded loans, Pell Grants and other government grants, and private grants and scholarships.
Federal Loans: Your First Step
Your best bet for student loans that require no credit check are the Federal Stafford and Perkins Loans. Always apply for these first. They are also low-interest and long-term. The subsidized Stafford Loan is designed for only students who need it the most financially. And the government pays for the interest repayment until the borrower has graduated and assumes normal repayment of the loan.
The unsubsidized Stafford Loan is also a non-credit based loan, but is open to any type of student regardless of financial need. Students are responsible for all interest that accrues. The one major draw back to the Stafford Loans are that they are usually awarded in small amounts.
Although there are sources for college funding for people with no or bad credit, you’re payments would be far more favorable if you did have better credit scores. How do you accomplish that? Simple. Take control of your life. Begin by obtaining all your reports from the top three credit bureaus. Clear up old bad accounts and make sure you pay all current debts on time.
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Christopher Wright, Financial Cancer Specialist
http://Blog.GoodCreditApproval.com
