Many students plan on attending college. Arranging financing can be a very stressful time. When a student has bad credit, it can add to the stress.
A student with good credit should not have any problem finding the financing that he or she need, while a student with bad credit may find it to be very arduous. The U.S. Department of Education offers several different student loans so that every student is given the opportunity to attend college, there are different qualifications for each of the loans, and some do not conduct credit checks.
Federal student loans were developed to assist students with the rising costs of higher education. The financial guidelines have fewer restrictions than those of private lenders. The only way that a student can be turn down for a federal loan is if they have defaulted on a federal loan in the past. A student with bad credit cannot be denied for that reason. A Stafford loan is one of the most popular student loans because the process of credit checks is omitted. It is assumed that the student is going from high school into college right away, therefore they will have a very limited credit history if any at all. A Perkins loan is similar to a Stafford loan, the only difference being that a Perkins loan is granted to students who need it the most.
Another type of student loan that is available is called a PLUS loan. This type of loan is available to parents of the student with bad credit as long as the parents have better credit than the student. Since parents assume some of the cost of the tuition, the PLUS loan covers what the parents would have to pay.
A federally funded bad credit student loan is an option for many students. However, if the field in which you choose is one of medical or the practice of law, you may want to consider a private lending institution. They are more likely to grant a bad credit student loan because of the field that you have chosen.
Depending on the field that you choose, it may be necessary to apply for several of these loans to cover the cost of tuition. It is important to remember that a bad credit student loan usually comes with a very high interest rate. Therefore, it is in your own best interest research all of your options before you make your final decision.
By Alan King
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