Getting Student Loans With Bad Credit
Are you getting ready for college? If you are, you may be worried about getting financial aid, especially if you have bad credit. There is hope, there are many different programs available that allow people with bad credit to get loans and grants. You simply have to know where to look.
Perkins loans and Stafford loans are two of the loan options that are available for individuals that have bad credit. There are also grants such as Pell grants that don't consider credit history as part of the approval process.
The most commonly used loans are Federal Stafford loans. There are two different kinds of Federal Stafford loans. There is the subsidized loan and the un-subsidized.
The subsidized version of the Stafford loan is only available to individuals that have financial need. These loans are great because the federal government takes care of the interest on the loan while you're still in school and also for the first six month after you finish school.
The unsubsidized version of the Stafford loan is available to even individuals that don't have financial need. Since the government doesn't pay for the interest on the loan while you're in school, these loans can be significantly more expensive.
A Perkins Loan is another alternative for someone with bad credit. There are fewer Perkins loans issued in comparison with the more popular Stafford loans. Like the subsidized Stafford loans, Perkins loans are issued based on financial need. However, qualification is not contingent on past credit history. Both undergraduate and graduate students can qualify for Perkins loans.
A Federal Pell grant is only available for students with significant financial need. Your past income and possibly the income of your parents will be examined to determine if you qualify for a Pell grant. Pell grant awards can range in size from just a few hundred dollars to amounts that would cover all of tuition and expenses.
Pell grants are great because they don't need to be paid back. As long as you complete the semester for which you are granted the funds, the money will be yours. They are a great way to fund your education, even if you have bad credit.
Perkins loans and Stafford loans are two of the loan options that are available for individuals that have bad credit. There are also grants such as Pell grants that don't consider credit history as part of the approval process.
The most commonly used loans are Federal Stafford loans. There are two different kinds of Federal Stafford loans. There is the subsidized loan and the un-subsidized.
The subsidized version of the Stafford loan is only available to individuals that have financial need. These loans are great because the federal government takes care of the interest on the loan while you're still in school and also for the first six month after you finish school.
The unsubsidized version of the Stafford loan is available to even individuals that don't have financial need. Since the government doesn't pay for the interest on the loan while you're in school, these loans can be significantly more expensive.
A Perkins Loan is another alternative for someone with bad credit. There are fewer Perkins loans issued in comparison with the more popular Stafford loans. Like the subsidized Stafford loans, Perkins loans are issued based on financial need. However, qualification is not contingent on past credit history. Both undergraduate and graduate students can qualify for Perkins loans.
A Federal Pell grant is only available for students with significant financial need. Your past income and possibly the income of your parents will be examined to determine if you qualify for a Pell grant. Pell grant awards can range in size from just a few hundred dollars to amounts that would cover all of tuition and expenses.
Pell grants are great because they don't need to be paid back. As long as you complete the semester for which you are granted the funds, the money will be yours. They are a great way to fund your education, even if you have bad credit.
About the Author:
Dave helps people by teaching them about using a bad credit student loan if they feel like it's necessary. He also helps them to learn about getting the right bad credit student loans.
posted by Credit Counseling at
8:16 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home