By Stewart Pelto on July 1, 1010
.jpg.aspx?width=75&height=75) You are looking for ways to finance your higher education but feel marginalized because of your poor credit score. Here’s how to dig deep and qualify for student loans.
All your problems can be solved in just a matter of minutes if you put your trust in websites like www.speedybadcreditloans.com. Stay away from places like this – they are designed for consumers who haven’t realized that the recent recession was triggered in part by overzealous lending to unqualified applicants.
Instead, ask for help from the federal government. College Scholarships.org points to the subsidized Stafford Loan as the first place to find support. This type of loan is ideal for students with bad credit because it’s reserved for the most needy and comes with government repayment of loan interest until graduation. The unsubsidized Stafford loan is available to all but you’ll be in charge of interest – even while still enrolled. Apply for both Stafford loans using the Free Application for Federal Student Aid, or FAFSA, at www.fafsa.ed.gov.
The Perkins Loan is a different option that combines federal and university funds to provide you with up to $4,000. It’s first-come, first-serve, so maximize your potential by completing your FAFSA early.
Get creative with your research and get comfortable with the idea of financing your college education by pooling funds from a variety of sources. Sometimes there are discipline-specific systems that allow loans to be repaid through post-graduation service, like for nurses or teachers. State governments complement federal programs with their own subsidized and unsubsidized loans (NC residents can head to the College Foundation of North Carolina at www.cfnc.org). All scholarships and grants of ANY kind do not require repayment and do not require a credit check to qualify – fantastic for students with bad credit. Try the Federal Pell grant.
Do NOT skirt the issue by dumping your tuition costs onto your credit card and do NOT skip out on higher education because of bad credit. There are options that can be had with a bit of extra effort. Remember that college degrees increase your earning potential, which helps repay your debts, which ultimately improves your credit.
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