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Friday, December 19, 2008
Are you getting ready for college? If you are, you may be worried about getting financial aid, especially if you have bad credit. There is hope, there are many different programs available that allow people with bad credit to get loans and grants. You simply have to know where to look.
Perkins loans and Stafford loans are two of the loan options that are available for individuals that have bad credit. There are also grants such as Pell grants that don't consider credit history as part of the approval process.
Out of all of the loans that the government offers, Stafford loans are the most commonly used. They are available based on the need of the applicant, as determined by the school they are attending.
Subsidized Stafford loans are only given to those who are financially needy and therefore qualify for the loan. If you are awarded a subsidized Stafford Loan, the government will take care of the interest accrued on the loan while you attend school and for the first six months after you graduate.
The unsubsidized version of the Stafford loan is available to even individuals that don't have financial need. Since the government doesn't pay for the interest on the loan while you're in school, these loans can be significantly more expensive.
Perkins loans are also available for students that have bad credit. Perkins loans are harder to qualify for in that you must have more financial need than those who can qualify for Stafford loans. You can qualify for Perkins loans even if you have a bad credit history.
If you have financial need, you may be able to qualify for Pell grants, even if your credit is bad. Credit history isn't considered for the grant approval process. These grants may be large or small. The amount you can get is determined by how much need you have.
Since Pell grants are a reward from the federal government, they don't need to be paid back. Not everyone can qualify for them, but those that can should definitely get them, even before they take out loans. Credit history is not considered for the grant approval process.
Perkins loans and Stafford loans are two of the loan options that are available for individuals that have bad credit. There are also grants such as Pell grants that don't consider credit history as part of the approval process.
Out of all of the loans that the government offers, Stafford loans are the most commonly used. They are available based on the need of the applicant, as determined by the school they are attending.
Subsidized Stafford loans are only given to those who are financially needy and therefore qualify for the loan. If you are awarded a subsidized Stafford Loan, the government will take care of the interest accrued on the loan while you attend school and for the first six months after you graduate.
The unsubsidized version of the Stafford loan is available to even individuals that don't have financial need. Since the government doesn't pay for the interest on the loan while you're in school, these loans can be significantly more expensive.
Perkins loans are also available for students that have bad credit. Perkins loans are harder to qualify for in that you must have more financial need than those who can qualify for Stafford loans. You can qualify for Perkins loans even if you have a bad credit history.
If you have financial need, you may be able to qualify for Pell grants, even if your credit is bad. Credit history isn't considered for the grant approval process. These grants may be large or small. The amount you can get is determined by how much need you have.
Since Pell grants are a reward from the federal government, they don't need to be paid back. Not everyone can qualify for them, but those that can should definitely get them, even before they take out loans. Credit history is not considered for the grant approval process.
About the Author:
Dave shows students how they can use private student loans bad credit to fund their educations. He also provides further instructions about bad credit student loans.
posted by Credit Counseling at
12:22 AM
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