How to get a student loan with bad credit? If you have bad credit or no credit, you are going to find it a bit difficult to get the student loan financing you need – in certain circumstance. However, you do have some tangible options you can pursue.
The first thing you can do is look at getting a government student loan. You can apply for one by filling out the FAFSA (free application for federal student aid). Federal student loans don’t require a credit check or a cosigner – so these types of loans are by far the best bet for you to pursue. There are two student loans out there that you will probably be able to get – the Stafford federal loan and the Perkins loan. Both are student loans with no credit check. However, you are going to have to prove that you are financially needy.
The subsidized Stafford loan is generally the most popular of the government student loans without cosigners. The funding will vary from person to person, but the amount given out is generally pretty substantial.
The Pell Grant is actually not a student loan but rather a grant – that is, it’s free money. Only those without a bachelor degree can actually qualify for this. The amount given out in the Pell Grant will depend on a student’s individual needs – so keep in mind there is some variance. In general, you can probably expect between $150-$2500 from the Pell Grant.
The other option is to look at getting a private student loan with bad credit. These are a bit trickier to find because most private lenders don’t like giving out student loans with no cosigner. The reason is quite simple – it’s a high risk. However, there are some lenders that will offer a student loan that does not require a cosigner or a credit check. These lenders are sometimes called bad lenders.
Now, before you get too excited, you need to be aware of the disadvantages. The interest rates you will pay will be higher, possibly significantly higher than federal student loans or a private student loan like signature or chase student loans. You can ensure you get the best of a bad deal by doing some comparison shopping between bad credit student loan offers, however. Some students have no choice but to get a bad credit student loan if they want to attend college – so if you are in this situation, do your research between different lenders.
Now there are a few options you can expect if you want to seek out government financial aid for students. There are other ways to pay for college besides student loans. There are a variety of grants, work study programs, and scholarships that can help reduce your dependency on loans.
In general, if you want access to financial aid, you can apply with the FAFSA (free application for federal student aid).
Here are some ways you can help pay for college without loans.
FSEOG (Federal Supplemental Educational Opportunity Grant(This is also a federal grant for students. However, the government just doesn’t hand free grant money to students with this grant – it’s rather a work study for students.
Work Study
These days, this option is becoming more and more popular. A work study program is a program where you can work while in school but the government pays your tab. Federally subsidized work study programs are great for students because they help reduce the need for college loans.
Co-Ops
You can attend a co-op work program that will help give you the skills needed to attain a job after school. A coop program is one of the best things you can do for your college career. While it’s not “free” money persay, it’s well worth mentioning.
You can certainly get a student loan with bad credit. It’s particularly easy to get government student loans with poor credit