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Do you have bad credit and you want to go to college? If the answer is yes, do not worry because there are options. With the economy and rising price of college, it is almost impossible to go to college without some sort of loan. Before doing any type of searching for a college loan of any type there are some key points to remember. First, know your options, look around at all the different types of student loans. Next you want to make sure you know the language of applying for a loan. If you do have bad credit and you don’t know what the total cost of the loan is or what APR stands for, you could lose a lot of money. Also, make sure you know how the student loan money is going to be disbursed. One of the best ways for individuals with bad credit to get a loan is to have someone else co-sign for the loan with them. A family member or friend with good credit is a viable option as a co-signer. Not only will this help you get a loan, but it can help you get a lower bank fees or interest rates. If you do get a loan without a co-signer your rate could be in the high teens, as opposed to under 8% with a qualified co-signer. Of course, it may not be easy to get a family member to help you out as it puts them at risk and can damage the relationship. If you have a bank account and you still have credit that is questionable, it doesn’t hurt to try contacting your local bank branch about a loan. In a lot of cases you may pay a higher interest rate, but you may still be able to get a loan because you are an existing customer. It really pays off to talk to your bank or local credit union. The Perkins loans are a federally backed loan that is a good solution for students with bad credit. Basically this loan program does not require a credit check and it is available for both under grade and graduate students. The Perkin loan can be in amounts between $1000 and $4000 per year. The one problem with this loan program is that is not given out as easily as some other programs. Having bad credit does not have to mean not going to college. Most of the time there is a federal program available that can offer some financial assistance. By doing your research and asking around, a student with bad credit should be able to get a college loan. Find out more about Financial Aid For School and Minority Women Scholarships.
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