Do you plan to attend college but you worry that your credit is too bad to ever qualify for a loan? Do not despair; there is good news for you. There are options for students with bad credit because there are some loans that don't look at your credit history to decide if you qualify.
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.
The most commonly used loans are Federal Stafford loans. There are two different kinds of Federal Stafford loans. There is the subsidized loan and the un-subsidized.
Stafford loans that are subsidized are given only to individuals who are in need, but are extremely helpful if you can qualify. The federal government takes care of the interest on these loans through school and for up to six months afterwards.
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.
For those that have heavy financial need, Perkins loans are also available. While they are harder to qualify for, they are a great option. Only those that have the most financial need can qualify for these loans, but can qualify even if their credit is poor.
Those that have bad credit can also qualify for federal grants such as Pell grants. These grants are given based on your income, and sometimes be the income of your parents. They vary in size according to the needs of the applicant.
The best part about a Federal Pell grant is that they are an award from the government that does not require repayment in the future. If you do not meet the criteria for a Pell grant, there are still a lot of scholarships and grant options that exist that don't care if you have bad credit. The best way to find scholarships and grants that fit your needs would be to meet with your college's financial aid department or even search the internet. - 16003
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.
The most commonly used loans are Federal Stafford loans. There are two different kinds of Federal Stafford loans. There is the subsidized loan and the un-subsidized.
Stafford loans that are subsidized are given only to individuals who are in need, but are extremely helpful if you can qualify. The federal government takes care of the interest on these loans through school and for up to six months afterwards.
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.
For those that have heavy financial need, Perkins loans are also available. While they are harder to qualify for, they are a great option. Only those that have the most financial need can qualify for these loans, but can qualify even if their credit is poor.
Those that have bad credit can also qualify for federal grants such as Pell grants. These grants are given based on your income, and sometimes be the income of your parents. They vary in size according to the needs of the applicant.
The best part about a Federal Pell grant is that they are an award from the government that does not require repayment in the future. If you do not meet the criteria for a Pell grant, there are still a lot of scholarships and grant options that exist that don't care if you have bad credit. The best way to find scholarships and grants that fit your needs would be to meet with your college's financial aid department or even search the internet. - 16003
About the Author:
Dave helps people by teaching them about using private student loans for people with bad credit to fund their college educations. He also helps them to learn about wrong bad credit student loans in general.
