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Do
not feel like you are the only person in the world who
is struggling with bad credit and needing a student
loan. The term "Bad Credit Student Loans"
is searched several hundred times a day. That
simply means their are plenty of other college students
in your shoes and many of them have graduated from college.
We have plenty of student loan secrets up our
sleeves to help you and they all come from our own personal
experiences. Make sure and read our "Alternate
Bad Credit Student Loans" section.
Here
are Two Important Secrets for Bad Credit Student Loans
1.
Do not let bad credit stop you from pursuing
your dreams. Start working on repairing your credit
even while you are at college. The easiest way
can also be the most vicious trap you could ever walk
into, if you are not disciplined. This link 5
simple and easy steps college students can follow to
repair their credit report before they graduate)
will show you what we are doing for to help our son who
has found himself in a mess.
2.
If you don't have a source of income or not willing
to get a part time job, stop reading now. Because
you are a bad risk and most creditors will walk away
from you. Give them an strong reason why they
should support you and show them you are willing
to "walk the walk" and not all talk.
4
Steps you should have already completed when applying
for "bad credit student loans".
1.
FAFSA, submit a free application online
ASAP. Read more about FAFSA
2.
Once you receive your SAR (student aid
report) seek these bad credit student loans first
3.
Stafford Loans- specifically unsubsidized
(usually you only receive partial monies and that was
our case as well.)
4.
Applied for a Perkins loan -government
subsidized student loans that requires no credit
check. Perkins loans are based on a first come first
served basis. Get your application turned in quickly
so you can be one of the first to get the loan.
All
4 of these principals are explained in much greater
details on our home site: Student
Loans Secrets
***Student
Loans Secrets***
Keep
applying for student scholarships. A lot of people
think for whatever reason that scholarships and grants
are only for high school graduates. That is far
from the truth. Discuss your options with the financial
aid advisor at school. They will guide you towards
the best places for you to apply and the most successful
grants and scholarships.
If you did not have any luck getting these student
loans the next obvious and easiest solution is finding
a co-signer. Using a co signer will instantly
give you good credit providing they have a good credit
report.
Who
could be your co-signer?
To
help you make the sale to a co-signer tell them you
will be looking for a student loan repayment schedule
that allows the co-signer to be dropped from the loan
after you have made several on time loan payments. These
types of repayment student loans allows you to break
free from your co-signer ad allow you to start repairing
or building your own credit report.
Remember,
the co-signer is vouching for you and telling the lender
that you are worthy of repaying the student loan and
that is why they will sign promissory note on your behalf.
If you default the repayment of your student loans
falls on their shoulders.
Alternative Non-Credit Based Loans
Many
different programs in various educational fields offer
specifically designed student loans in exchange for
your time commitment. The nursing field is a very
good example. If you qualify for one of their
nursing student loans program, they will wave
your payments if you are willing to work in one of the
areas of the world that are short on nurses. The
time commitment will vary but rest assured you never
have a loan repayment.
Another
option is a loan for disadvantaged students.
The department of Health and Human Resources sponsors
loans to students who fall into this category. The
loans are awarded to students regardless of their credit
score and you can expect a low interest rate. To
apply for these loans you will need to visit your financial
aid office and speak to your advisory.
Credit
based private student loans is probably going to
be the absolute toughest student loan you can find.
Private institutions like banks and savings and
loans have to be accountable to their shareholders and
they hate taking on risks. If they do take on
a risky loan their fees and interest rates might eat
you up. Without a cosigner who has a great credit
rating this loan will probably be out of your reach.
However, if this is your only option discuss it
with a financial aid councelor, parents before you visit
a private institution. Two companies that you
might want to consider is Chase and Astrive. Do
a search and look at the options they provide for students
with bad credit.
Similar
to the nursing or medical field teachers might also
be able to secure a bad credit student loan in exchange
for teaching so many years in specific area. If
you stay long enough they will wave your student loans,
but tread lightly these places can be some of the most
difficult teaching situations in America. And
the last thing you need as a new teacher is teaching
students who care less if they graduate or not.
Sallie
Mae offers a student loan program they call "Career
Training Loan". This alternative loan offers
some really good features and the most important aspect
is that you don't have to have a perfect credit score
and students with no credit history are still eligible.
It's
not a bad credit student loans, but it could possibly
save you a ton of money and that is called Pell Grants.
These grants have helped millions of students
in financial need. With a grant there is absolutely
zero credit check and you don't have to pay it back.
It is designed for low income students which makes
it limited but if you have bad credit, you're probably
an independent so you should ask and apply for a Pell
Grant application.
Now
you have enough information to help guide you down the
right path. We were fortunate to secure both of the
Stafford Loans. My nephew who was late on several payments
had to consolidate his loans and he is making payments
in the neighborhood of $500+ per month.
The
only advice we can give you when it comes to bad
credit student loans is, there is a bad credit loan
waiting for you, just get out there and find it. And
once you graduate MAKE YOUR PAYMENTS and never be late.
My nephew found out the hard way and I don't want
to see anyone go through that again.
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