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Student Loans For Students With Bad Credit

Harry Said:

Are there any student loans out there for students with bad credit and their parents with bad credit also?

We Answered:

Look into Stafford Federal loans through your schools financial aid office.

Leona Said:

are there any student loans out there for students with bad credit and no credit check?

We Answered:

You should always start with federal loans first such as a Perkins or Stafford loan. Both of these are student loans that you can access by filing a FAFSA (Free Application for Federal Student Aid) at Neither will require a credit check.

The Perkins will only be available to you if you are low income. The Stafford loan has two versions: a "subsidized" and "unsubsidized." The government pays the interest for you while you're in school on the subsidized Stafford loan. You will have to show "financial need" at your school, meaning your family's Expected Family Contribution will need to be less than your school's total cost of attendance.

If you don't show financial need, you can still access the unsubsidized Staffrord loan where Interest accrues while you're in school. By the way, both the subsidized and unsubsidized Staffords allow you to defer payments until 6 months after graduation.

Try to stay away from private loans as their interest rates are typically variable and much higher than the federal loans with less consumer protections. The Stafford has a maximum fixed rate of 6.8%. 80% of the colleges allow you to shop around for a lender where you can find interest rate discounts up to 2%-2.5%.

Gail Said:

Bad Credit Student Loans?

We Answered:

It shouldn't take 2 and a half months for you to find out if you qualify for a grant. Go on-line and file your FASFA. You can even go to a bank and try to get a student loan with them but your rate will be really high.

Heather Said:

What are the best student loans for bad credit/no credit.?

We Answered:


No, Stafford loans are not based on income or credit. That's why the Stafford lending program is such an important part of the financial aid system, and why so many students rely on them.

To become eligible for a Stafford loan, all you need to do is complete the Free Application for Federal Student Aid, better known as the FAFSA. You will only be denied a Stafford loan if:

You are not a "regular" student (as opposed to conditionally enrolled)

You are not working on a degree or certification granted by your school

Your school is not a participant in the federal student aid program

You are not a US citizen, or eligible non-citizen

You are in default on a previous federal student aid loan

You owe an overpayment on previous federal student aid

You were convicted of certain drug offenses that occurred while you were receiving federal student aid.

If none of those things apply to you, you will automatically be offered an opportunity to borrow from the Stafford lending program. The catch is that the Stafford program has annual borrowing limits.

A financial aid dependent freshman can borrow a maximum of $5500 for the entire academic year. Sophomores can borrow $6500, and juniors and seniors can borrow up to $7500.

The Stafford loan has THE lowest interest rate of any educational loan (other than the Perkins, which is only offered to the neediest of financial aid applicants). You'll pay a 6.8% fixed rate for the entire life of the loan - and you'll have 10 years to repay. The repayment obligation does not begin until 6 months after you leave school.

The Stafford application asks no questions about your income, your debts or your credit history, and the loan is entirely in your name. There are no questions about your parents, and you will never be asked for a cosigner.

The government offers another lending program that complements the Stafford, the PLUS loan program, but that program is only available to the parents of undergraduates. If your parents are looking for a way to help you with the costs of school, they can borrow up to the full cost of your attendance with a PLUS loan. The PLUS program is different in that it IS a credit-and-income loan - your parents' application would be subjected to traditional lending analysis, to determine whether they qualify for the loan.

If the Stafford (and possibly the PLUS) is not going to solve your financial need, you have a significant problem. The only other type of loan is the so-called "private" or "alternative" loan - educational loans that are offered by banks outside of the government's programs. First of all, these loans are almost always far more expensive, with higher interest rates and higher fees, second of all, these loans are all credit-and-income loans, which are only approved for applicants who can satisfy the bank's conservative lending criteria, and finally, there are a small handful of banks that are still making this kind of loan at the present time. If you go to Chase or Citi or Wells Fargo, it is nearly 100% likely that you will be required to provide a cosigner if you are going to be approved for a "private" educational loan.

I hope this information helped you - good luck!

Jennie Said:

Are there any student loans for students with bad credit besides the stafford?

We Answered:

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :…

if it helps kindly remember me in your voting!.. cheers!

Jeremy Said:

Student loans for adult students with bad credit?

We Answered:

You need to apply for Stafford Loans subsidized or unsubsidized, either would be better than a private loan. I don't recall they require cosigners. Here is the link regarding min and maximum loan amounts. You prob just need to talk to the fin aid office and tell them you want one or to increase the loan you have. I wouldn't go through CHASE or a private lender, interest rates will be higher and fees will be more.

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