Find out more on Debt Consolidation Credit Counseling In Phoenix Now!
Saturday, February 21, 2009
In this day and age there are a lot of students who can't qualify for a regular loan due to having bad credit. But do not worry because there are other options available to you so that you can still go to college and get a better job.
If you haven't tried yet then it is time to go to your family and friends and try getting a co-signer on your loan applications. Having a co-signer gives the lenders another person to rely on to make sure that they get their money back. If your family wants you to go to school then it is only fair that they help you to get in and pay for it. If you get a great job when you are done then you will be able to pay them back alter.
Once you are able to get a good co-signer the student loan applications should go fairly well and you will likely get approved. One of the great benefits aside from being approved is that you will get a very low interest rate as well.
After looking for a co-signer your next step should be to contact several banks and student loan companies. Many of them have divisions that deal specifically with students with bad credit. While the terms of the loan will likely be less then ideal, the option is there and you should look into it.
This isn't as bad as it sounds however. Since college usually takes four to five years you will have time to rebuild your credit history and when it is time to pay off your loans you can likely refinance them at a lower rate. And since you will have a better job it will be that much easier.
Another option at your disposal is to apply for a combination loan. Combo loans allow you to consolidate your existing debt and then apply for one big loan to pay all of it off. Most of the time consolidating loans will help you pay a lower monthly rate as well as pay on time. If you qualify for a combo loan you can usually go to school and repair your credit history.
In case you missed it you should also apply for Stafford and Perkins loans. They are usually relatively easy to get if you have financial need. They are great because they usually have low interest rates and if you meet the qualifications then you will get it.
So don't be shy and register for every possible loan and grant. You will get denied on several but you only need one or two to go to college. In fact if you really want to go to college and yet you have bad credit you should search online for scholarships and grants. There are literally thousands of options available to you and many that go unused each year. If you don't mind filling out some paperwork you may be able to go to school at no charge.
If you haven't tried yet then it is time to go to your family and friends and try getting a co-signer on your loan applications. Having a co-signer gives the lenders another person to rely on to make sure that they get their money back. If your family wants you to go to school then it is only fair that they help you to get in and pay for it. If you get a great job when you are done then you will be able to pay them back alter.
Once you are able to get a good co-signer the student loan applications should go fairly well and you will likely get approved. One of the great benefits aside from being approved is that you will get a very low interest rate as well.
After looking for a co-signer your next step should be to contact several banks and student loan companies. Many of them have divisions that deal specifically with students with bad credit. While the terms of the loan will likely be less then ideal, the option is there and you should look into it.
This isn't as bad as it sounds however. Since college usually takes four to five years you will have time to rebuild your credit history and when it is time to pay off your loans you can likely refinance them at a lower rate. And since you will have a better job it will be that much easier.
Another option at your disposal is to apply for a combination loan. Combo loans allow you to consolidate your existing debt and then apply for one big loan to pay all of it off. Most of the time consolidating loans will help you pay a lower monthly rate as well as pay on time. If you qualify for a combo loan you can usually go to school and repair your credit history.
In case you missed it you should also apply for Stafford and Perkins loans. They are usually relatively easy to get if you have financial need. They are great because they usually have low interest rates and if you meet the qualifications then you will get it.
So don't be shy and register for every possible loan and grant. You will get denied on several but you only need one or two to go to college. In fact if you really want to go to college and yet you have bad credit you should search online for scholarships and grants. There are literally thousands of options available to you and many that go unused each year. If you don't mind filling out some paperwork you may be able to go to school at no charge.
About the Author:
Bob helps high school kids who are looking for a bad credit student loan lender so that they can pay for school. He also teaches people about finding student loans for people with bad credit through private lenders, if they aren't able to qualify for other options like Stafford loans and Pell grants.
posted by Credit Counseling at
1:38 PM
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