When it comes time for you to start college, you really do not want your bad credit to get in the way. The good news, too, is that it does not have to. You still have access to a number of loans - and at reasonable rates. Here is some information to tell you about what kind of student loans are available to you.
One thing that should help you to relax some is that a number of available college loans from the government do not even look at your credit rating. They tend to make the assumption that applicants are fresh out of high school and have not had any time to even think about their credit rating - let alone build a decent one. One of these is the Stafford loan, which allows anyone to apply.
The Stafford loans come in two different types - subsidized and unsubsidized. The subsidized version of this loan is based entirely on the need the student has for that year. If you get the loan, you must also apply each year that you need the benefits. One nice thing about this loan is that it pays your interest while you are in school. The unsubsidized version is available to any student - regardless of your need.
Another Federal loan that does not require good credit is the Perkins loan. This loan is made available to students through their entire college years. It can be provide amounts up to $4,000 per year, for a total of $20,000.
Both of these loan programs should be looked at before you look anywhere else. When it comes to interest, any Federal loan program will be lower than anywhere else. This means it will provide you with the most savings over the years that it will take to pay it back.
One school loan that could also help you to subsidize that education, even if you have bad credit, is an OSL loan. These private loans are more expensive than the Federal schools loans, but remain less expensive than your more standard traditional personal loans. They are not backed by the Government, but at the same time, will give a higher percentage toward your education goals than the Federal loans.
Another way to get a loan for your education, even though you have bad credit, is to get a PLUS program. This loan actually needs to be made by the parents of the student. Since the student is not actually applying, the basis of the interest rating will be on that of the parents and not on the bad credit of the student.
Other loans are available to those with bad credit. Some of these will apply to the special field of education, such as medical, etc., which can be obtained as personal loans. When it comes to getting any other kind of loan, other than Federal, be sure to do some comparing to see which one is the best. In many cases, it will be necessary to get loans from different sources in order to complete your education.
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Certegy
By: stella41 | 29-07-2007
I received a letter from Certegy signed by Renz Nichols, about consumer data that was stolen and sold. Have you received a letter like this? What would you do in this situtation?I want to protect my credit and avoid identity theft. But I'm worried about contacting Certegy.
Where in the bible does it talk against going to ...
By: musician901 | 26-07-2007
Where in the bible does it talk against going to loan companies?
I was reading all there was to read on backgammon ...
By: pascal1234 | 25-07-2007
I was reading all there was to read on backgammon strategiesbut still can't win a single game.I wonder if backgammon is not just a game of chance...
Who pays the bill when going out as a group?
By: Dawn | 09-07-2007
Last Friday we celebrated the birthday of a friend. We're a regular group of about 6 couples and a couple of odd ones, and we celebrate in similar fashion almost every birthday (different places of course).We always split the bill equally (including tax and service), but is this really fair? Do you split equally, or does each pay their own? How do you deal with the communal stuff like drinks or appetizers?
Vegetarians
By: gurds | 08-07-2007
What type of vegetarian are most students?
Breaking exams period routine
By: Ilan22 | 02-07-2007
Any tips on how to break the ultra boring routine of the exams period ?
Q&A Powered by:
Latest Non-Fiction Articles
Book Marketing: the Day That is Different for Your Career Strategy
By: Rosey Dow | 06/10/2008
Make an informed decision about the direction of your writing career--print or online, or both.
In the Lap of the Gods 22
By: Steve Morgan | 05/10/2008
For those who have read the other 21 chapters
A Week in the Life of the Single Working Mother
By: Karen Dosw | 03/10/2008
A humorous article about a week in the life of one South African, single mom with two adult children and two little ones.
Why You Should Write for Free
By: Deborah Owen | 01/10/2008
Write for free? I can hear you saying, “Are you nuts?” Write for free, so you can get paid. Read more inside.
Why You Should Write for Free
By: Deborah Owen | 01/10/2008
You asked if they had a job opening. They said no. They told me “no”, too, but I got the job anyway. Read more inside.
Becoming a Reporter is Easy
By: Deborah Owen | 01/10/2008
Do you want to be a reporter? It’s a great way to break into print, and the jobs aren’t that hard to get. Read this article to learn more.
Writing it Down
By: Galina Nemirovsky | 29/09/2008
Lately I’ve developed a compulsion to write everything down. Stringing words together and composing sentences in the shower, I want to write it all down – remember it – capture it. I stare at people in the subway and craft their character descriptions in my head...
The Modern Lily Tomlin
By: Galina Nemirovsky | 29/09/2008
I’m waiting in a conference room that smells like the corner of career aspiration and stale office carpet. The overly heavy and overly bitter receptionist has a voice that is piercing through the makeshift conference room with walls that only go up about 7 feet. Like an annoying hiccup, she keeps repeating “Good morning, Hudson. Your name? Hold please.” Over and over again. She is an extra large version of what the rest of the world has automated already.
More from Joseph Kenny
Debt Consolidation - Getting A Loan To Solve A Problem
By: Joseph Kenny | 22/05/2007 | Non-Fiction
When you find yourself with your finances just about out of control, then it is time for you to consider debt consolidation. One workable solution to the problem of just too much debt is to take out a personal loan.
Do You Need A Personal Loan And Have Less Than Perfect Credit?
By: Joseph Kenny | 22/05/2007 | Non-Fiction
Many lenders are in serious competition with each other to be able to give you a loan. This means that it may be easier than it has been in the past to get a personal loan. Competitive pricing and interest rates may make it nearly an ideal time.
How To Get An Instant Approval Credit Card - Fast
By: Joseph Kenny | 22/05/2007 | Non-Fiction
Many things in our lives these days are fast, and that makes for great convenience. We like our food to be fast, our lines to be short, our cash to be instantly accessible at an ATM, and service to be quick. Our TV programs need to be solved in an hour, or two for a movie.
How Can You Assume A Mortgage?
By: Joseph Kenny | 22/05/2007 | Non-Fiction
Finding a house with an assumable mortgage these days could prove to be a real find - but it is not very common. Typically only the FHA and the VA uses assumable mortgages, which basically means that another person can simply take over the house and payments.
A Home Equity Loan Or A Home Equity Line Of Credit?
By: Joseph Kenny | 22/05/2007 | Non-Fiction
When you need the cash out of the equity in your home, you may find that there are a few choices that are before you. Should you go with a home equity loan, or would a home equity line of credit (HELOC) be better?
Have An Adjustable Rate Mortgage - Need To Remortgage In A Hurry?
By: Joseph Kenny | 15/05/2007 | Non-Fiction
Most people are probably aware that interest rates have been on an upward trend. For those who have fixed rate mortgages it does not really matter. But if you have an adjustable rate mortgage, then you may already have seen an increase in your payments.
Unsecured Personal Loans - A Loan For Everyone
By: Joseph Kenny | 15/05/2007 | Non-Fiction
Unsecured personal loans may be the way for you to get the money you need - especially if you do not have a good credit rating. Lenders are available who will be glad to give you the money you need - and it is possible to get a sizable loan, too.
What Information Is Needed To Apply For A Payday Loan?
By: Joseph Kenny | 13/05/2007 | Non-Fiction
Payday loans are very convenient. You can easily apply for one online in just a few minutes or at your local payday loan store - which may go by one of many names. While still easy to get, you will want to have the necessary information handy to make the process go much smoother.
Writing 
