With a bad credit score it is quite difficult to be successful when applying for conventional student loans. This reality should however not hamper your aspirations to get a college education; it is very possible to get or secure funding for college whether you have bad credit or even no credit.
There are a number of student loans for bad credit for which you can apply. Among these options are the federal Stafford Loans, Perkins Loans, Pell Grants, a number of government loans that are non-credit based, and an assortment of various grants and scholarships. A bad credit score shouldn’t necessarily bar you from obtaining credit-based loans. In this case you can use a co-borrower to access the funds and get to repair the state of your credit simultaneously. Read on to get a description of the alternatives you can pursue:
There are two types of Stafford Loans: the unsubsidized and the subsidized, and both of these are applicable to all students regardless of whether their credit health is good or bad. This type of loan is by far the most disbursed form of funding for students at both undergraduate and graduate levels and is ideally not influenced by credit. You can reapply for Stafford loans every school year.
The subsidized Stafford Loan is offered to students who are financially needy. For those who qualify for its award, the federal government settles the loan interest due monthly while they are in school and also during the grace period of six months between graduation and reimbursement.
On the other hand, the unsubsidized Stafford Loan is made available for every student without consideration of the financial need. It is insufficient to rely on the Stafford Loan solely as a result of your credit because the funding provided is regularly meager. For this reason many college students are compelled to take out several different college loans, including some credit-based ones, if only to cater for their auxiliary expenses.
Yet another option for loans for students with bad credit is the federal Perkins Loan. As compared to Stafford Loans which are more popular, a lesser number of Perkins Loans disbursements are made and these are awarded to students with exceptional levels of financial disadvantage. Perkins loans, just like the Stafford loans, don’t require any credit checks for their award and they are made available to both graduate and undergraduate students. The sum of funding awarded for each school year is typically $1000-$4000 and does not exceed $20,000 in total.
Also available are field-specific loan programs that are provided to students in specified fields of study and especially those studying to be teachers, nurses and doctors. As compared to conventional student loans thes...