Hopes of seeking a higher education should never be extinguished due to no credit or bad credit. While finding a student loan with decent interest rates is made simpler by having a good credit history, getting a student loan for those with bad credit is certainly plausible for most seeking a higher education. Of course, having no credit history, in the eyes of some lenders, is pretty much the same as having a poor credit history.
Stafford and Perkins Student Loans for Those with Bad Credit
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Many young adults have simply not had time to make a credit history. Guessing that most students will graduate from high school and then go right on to university or college, the Stafford Loan is the most used. It assumes that a student, following that usual course, will have no credit rating at all. A credit check is not even considered in the approval process for a student loan for those with bad credit. Set aside for students in dire financial need, the Perkins Loan makes the same givens about credit in its approval process. Both these loans could be called student loans for those with bad credit. Having defaulted on a previous government loan is about the only reasons a student could be denied either of these loans.
Parents with Good Credit Can Help Students with Bad Credit
Despite your age, you may have already finagled to invoke a poor credit rating, however short the time. Your parents can lend assistance in landing a student loan for those with bad credit, if their credit scores are reasonably good. Financial instruments called PLUS loans aim to help in this situation to finance a college education. Department of Education PLUS loans assume that parents are willing to foot at least a part of the bill for educating their children. PLUS loans are engineered to give parents the wherewithal to do so.
Other Routes Beside Federal Student Loans for Those With Bad Credit
Federally funded programs are the best choice as qualifications are not as tight as the student loans for those with poor credit offered by credit unions or banks. They are constructed that way to ensure that the majority of those who apply for them, get them. The are made to get otherwise insolvent students into the circles of higher education. But, if a student somehow is rejected for those sorts of funding, some private lenders may be willing to step up and foot part of the bill. Perhaps a student is seeking a higher education in the fields of law, medicine, or other disciplines with potential for high earnings. These students stand a good chance of getting a student loan for those with bad credit, regardless of credit standing, from private lenders.
Combining Resources Is Often the Only Way
The opportunities for funding a higher education are many. Not only are loans available, but there are also scholarships, grants, work-study programs among these opportunities. If part of the funding comes from a high-interest student loan for those with bad credit from a private lender, be optimistic. Most loans can be deferred until studies are completed and then a way could be found to consolidate that loan with a few others at a lower interest rate and reduced monthly payments.
Student Loans for Those with Bad Credit Can Pay Off
According to the Department of Education, with a higher education a students potential earnings over a life time are far better than for those with just a high school diploma. Any high financial cost for a student loan for those with bad credit may be covered by those earnings. And as credit scores are built or rebuilt, there is always the opportunity for refinancing to escape egregious expense. At any rate, never should a lack of funds stand in the way of pursuing a higher education.
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