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Loans For College Students With Bad Credit

Dwight Said:

Bad credit can I still get a student loan for college???

We Answered:

Federal student loans (through the government) are not normally dependant on your credit history or score. If you apply for a private loan, however, they will conduct a credit check and may ask you to have a co-signer apply also on your behalf.

Beth Said:

How do I obtain a loan for college with bad credit?

We Answered:

Federal student loans have no credit check. Go to www.fafsa.ed.gov and apply!

Vickie Said:

Home loan programs for students with bad credit?

We Answered:

a real answer is you should NOT buy a house.
college students move after grad, you have more bills than cash, you have no understanding of how much a house really costs. you have no means of increasing your income as your house expenses go up .
do you have enough for insurance , transportation costs, taxes, empty house syndrome, yard upkeep , gas , electric, sewer, water, and unknown repairs? can you live on less than 1 weeks income(food school costs car expenses clothes etc)?
get a copy of 'house buying for dummies' learn before you get the house shaft.
visit daveramsey.com to learn what bankers pray you never ever learn and apply the info.
bankers would love to qualify you cause they will win the house back in next 5 yrs. Oh you get stuck with the bills.
be a smart student stay in an apartment , focus on your studies, graduate on time.
you do not need a house as an albatross around your neck.

Kristin Said:

How good does your credit need to be to be accepted for college loans?

We Answered:

Beg to differ - it depends who the loans are from. I was denied a student loan b/c it was hefty and I had credit errors (to no fault of my own). I was also denied a scholarship b/c of defaulted student loans.

But your situation sounds fine. Just don't ever default on a student loan b/c you won't be able to get another one until it's fixed.

BTW, schools aren't allowed to look into your files so they won't be able to tell you why you didn't get one if you didn't. You'd have to contact the lender.

Gladys Said:

I have very bad credit, how can I get money for college, I already have two student loans?

We Answered:

First, file the FAFSA (http://www.fafsa.ed.gov ). Two of the major Federal Student loan programs -- Stafford and Perkins -- are unique in that they require absolutely NO credit check. In fact, Financial Aid Administrators are forbidden from checking your credit as a condition for receiving these loans. You don't even need to show financial need to obtain an Unsubsidized Stafford Loan -- as long as your school is accredited, you are enrolled at least half-time as a regular student, and your other financial aid doesn't exceed your Cost of Attendance, you will be offered a Stafford Loan.

If you have "maxed out" your eligibility for Federal loans, there are private companies that will lend you money even if your credit is bad (which you're fixing, I hope?).

Since you don't have a co-signer, you will need to be selective. Don't apply for loans indiscriminately -- every inquiry into your credit is another "hit" on your credit score. First, review the huge list of private loan lenders on FinAid's website: http://www.finaid.org/loans/privatestude… ... Go to each lender's site and read the terms and credit criteria of their loans until you find one that focuses more on one of your credit strengths (job history, perhaps). Some companies you might want to focus on: Access Group, Campus Door, Wells Fargo.

Be careful when searching online for companies that specifically claim to offer loans to people with bad credit (companies like Astrive are questionable because they bypass the school). Make sure the company has a good track record before you commit to a 10-30 relationship with them.

Scholarships are always the ideal solution, and I would still recommend applying for as many as you can, but if the application processes won't net you any money before your bill comes due, you should consider either getting a second (or first?) job, either as part of a co-op or work-study program or at an outside company (i.e. Walmart, the Gap, or a temp agency).

Another good option might be a payment plan. These are usually offered through the school, but you may be able to arrange something privately. Examples include http://www.afford.com or http://www.tuitionpay.com

Scholarship search sites:
* http://www.fastweb.com/
* http://apps.collegeboard.com/cbsearch_ss…
* http://www.scholarships101.com/
* http://www.srnexpress.com/
* http://www.scholarships.com/
* http://services.princetonreview.com/defa…
* http://www.finaid.org/scholarships
* http://www.collegeanswer.com/paying/cont…

Armando Said:

College student personal loan with bad credit (around a score of 600)?

We Answered:

Your strategy reveals why you have poor credit. Stop getting into more debt, start getting out of debt. It's probably a good thing for you right now that money lending standards are getting tougher. If you learn how to manage your money now, if all goes well, you will be wealthy someday, wealthy enough to have what you want.

Make it your first goal to not go into more debt. Work your way through school. Drive a klunker, because it's what you can afford.
If you don't change your behavior with money, you will never get out of debt and you will not have enough to even think about retiring at 65 or even 70.

Don't take advice from your father, who clearly doesn't get it either. Check out daveramsey.com and check out his syndicated radio show,

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