Bad credit student loan is no problem
At one time a history of bad credit might have meant that it would be near impossible
for a student and/or their parents to quality for necessary loans in order to fund an advanced education.
Fortunately, a number of factors regarding the education system have changed and the ability of students
and/or parents with a poor credit history to obtain the loan funds necessary for an education is now possible
through a variety of bad credit student loan tools.
For students with bad credit, two of the best options available are actually provided
for under the U.S. federal system. They are the Federal Stafford Loan and Federal
Perkins Loan; both of which are low interest loans.
With the Federal Stafford Student Loan
all students are eligible for this loan and while the interest rate will be determined at the time the loan
is made; students can be reassured by the fact that the rate is capped at a modest 8.25% This is a tremendous
advantage over a private bad credit student loan; where students may be penalized with
higher interest rates due to their poor credit rating. The amount of money that a student can borrow depends
on two major factors:
The Federal Perkins Loan is also a low interest loan with interest
rates offered at around 5%. This type of loan is actually made through the college the student attends;
however it is partially funded by the government.
If a student should find that their school does not participate in the student loan
programs provided by the government, private lenders also offer their own bad credit student
loan program. The one disadvantage to a private student loan for individuals with
poor credit is that they normally come attached with a higher interest rate. Since these loans are not
guaranteed by the government, the lenders typically raise the interest rate in order to provide protection in
the event that the borrower defaults on the loan.
While this can be a major downside when it comes time to pay back the loan,
private bad credit student loans are not without many advantages:
It is best to investigate all of your options first before electing one. One very
good one; which most people don't know about, is to first see if your eligible for a free college
scholarship. There is no cost to do this and credit does not matter. After all,
if you secure a free college scholarship you may not need a bad
credit student loan. You can go here to most likely the best site to do
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