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Student Loans for Bad Credit

August 23, 2012 By admin

do you need a student loan but have a bad credit history? student loans a re loans that are made for students who need to borrow to further their studies. these loans have flexible terms to make it easier for students to repay the loan easily. the two main sources of loans for students are the federal government and private institutions. how do these two stack up?

as a rule, you cannot get a student loan with bad credit without a co-signer. this will offset whatever bad credit history you have. your fico score is not the only basis but also your credit history when evaluating.

federal student loans

these do not require a credit check since these are student loans for bad credit. subsidized and non-subsidized loans are open to students. these have extremely low interest rates and subsidized by the government. this means that the interest accrued on the loan is paid for by the government during the time the student is in school.

  • private student loans

    you will need a co-signer with an excellent credit like a parent or guardian for this private source of student loan. the credit history of the co-signer will be the primary guarantee for this loan. the co-signer could be a relative or a friend. with this scenario, you will be able to negotiate with private lender to give you funds even with bad credit.

  • as a rule, it is better to have good credit so that you will be of good standing with creditors. however, as discussed above, bad credit does not discount you from realizing you dreams of going to a good university. just make sure that after graduating, you’ll honor the loan and pay off the debt in a timely fashion. this is a mark of maturity for those who have learned their lessons.





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