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Bad Credit Because Of Student Loans

Ron Said:

Bad Credit, Need Student Loans?

We Answered:

My advice to you would be to find a cheaper school. You can go to any number of decent state schools for under the max you can borrow in federal loans.

Lewis Said:

Private student loans with bad credit and no-cosigner??

We Answered:

Unfortunately, there is no such thing as a private loan that does not require credit-worthiness or a co-signer that is. Here is the reasoning behind this:

Federal Student Loans do not require a credit check or co-signer because the loans are federally guaranteed. This means that the federal government has guaranteed to the lender that, if the borrower defaults on the funds, the federal government will repay the loan instead, in which case you would then owe the government instead (which is not a good thing, by the way!) Because there is no risk involved in lending to you on a federally guaranteed loan, there is no credit needed.

On private loans, the lender is taking a risk in lending to you because they are counting on you to be able to pay it back. On private loans, there will be no one else responsible that will step in and ensure that the lender receives the money back, so they need to be shown your ability to repay through your credit-worthiness or that of a co-signer. And that's the bottom line.

If you do happen to find a loan that claims that it will lend to people will bad credit, I would be extremely hesitant to take out such a loan. This indicates a completely outrageous interest rate or loan terms that are going to make it very difficult to actually repay. This can put you in a lot of financial trouble down the road. Whatever you do, please be sure to read every single word of any promissory note or contract that you sign to ensure that you are fully aware of the loan that you are getting yourself into BEFORE you sign a thing.

Harvey Said:

Student Loans for people with bad credit that take only to co-signers credit into consideration?

We Answered:

I am a retired banker and the answer is yes. Some student loans are guaranteed by government while others are not. If not gov't guaranteed then most likely a guarantor/s (co-signer/s) will be requested. Almost always this will have to be parents with sound credit. This is a requirement because a very great many students after they graduated declared bankruptcy and walked away from these loans. Now the guarantor/s (co-signers) must implement the guarantee and pay the loan. You then have the obligation to pay them back since they will likely be parents.

Edna Said:

what kind of student loans for bad credit?

We Answered: - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

Francisco Said:

Does anyone know a place where i can get a bad credit student loan because i need one now so i can pay for?

We Answered:

Your best bet would be to talk to the financial aide person at your school.

Tracey Said:

How to consolidate my private student loans with bad credit.?

We Answered:

Sounds like you want a chance to get your loans paid back and restore your credit to a healthy level. Have you talked to Sallie Mae to explore all options and help get your monthly payments to a manageable level? Give them a chance to help - they will. Call toll-free at 888-2-SALLIE and provide them with your account number. Tell them exactly what you've blogged here and ask them for help on repayment options, including consolidation for both types of loans.

If you haven't consolidated your federal loans yet, that might help you. You don't need a cosigner to do that. And you can typically consolidate as long as none of your loans have defaulted. If you can consolidate your federal loans, try to get a deferment called "financial hardship deferment." Then you can focus on paying down your private loans. Hope this helps.

Sarah Said:

Does anyone know about a great student loans for people with bad credit?

We Answered:

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Good luck!......

Discuss It!

1 2 3 > said:

well i am agree.if you are taking loan for study then it would be better to go for cheaper school with fine study rather than costly resources.

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Well can typically consolidate as long as none of your loans have defaulted.

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