Bad credit student loans
There are a number of people who wish to study further and obtain a college degree but are hesitant to do so because of their bad credit history. Education has become an expensive deal and hence it becomes necessary for people to take student loan either from private or government sources. However, most of the times these options seem to fade for the student because of the bad credit mark.
But, bad credit does not mean that you cannot live your dreams. There are options available for you in the form of bad credit student loans that you can apply for and meet your college expenses.
Types of bad credit student loans
When you wish to apply for bad credit student loans you can either go in fir government loans or private loans. Most of the times the government offers these loans in the form of government grants and this, does not take into consideration your credit history. Some of the options available for you are mentioned below.
Stafford Loans: These loans are offered by the Department of Education and do not take into consideration the credit history of the student. You can avail these loans either as subsidized or unsubsidized loans. The subsidized loans are given based on the financial needs of the student and the government pays the interest that accumulated on the loan. The unsubsidized loans are made available regardless of the financial needs. Both these types of loans can be availed by students wit bad credit.
Perkins Loans: These are also made available by the government and can be taken both by graduate as well as undergraduate people. With the help of these loans you can borrow an amount ranging from $1000-$4000 every academic year but the total amount should not exceed $20,000.
Other options:Among the other options you can take up Nursing Student Loan Program, Loans for Disadvantaged Students and Primary Care Loan Program. These loans are specially made available for students who are pursuing studies in the field of health sciences. These also do not take into consideration the credit score of the student.
Private loans: These loans can be obtained from private lenders who give out student loans. However, when you approach private lenders you would have to pay a higher interest rate and the terms of the loan would be strict.
Deciding between private or government loans
The lenders for bad credit student loan understand the condition of the student and hence would make these loans available according to the needs of the student.
The bad credit student loan sponsored by the government is made available by the school or the college and hence it depends on the administration as to whom, they would provide these loans to. The Stafford loans are given out at low interest rates that are decided every year on the 1st of July and are usually in the range of 3-5%. The Perkins loans are given out at around an interest rate of 5%.
The amount of loan that you would get through a bad credit student loan sponsored by the government depends on the requirement. Most of the times, the loan amount is not sufficient to meet the needs of the student. But they prove o be beneficial in the long run.
In case you are unable to qualify for the government bad credit student loan then you can opt for the private bad credit student loan. Moreover, you can also opt for these loans if your financial requirement is not fulfilled by the government loan. There are also conditions where the school or the college that you wish to attend would not be a part of the government loan program.In al these cases you can go in for a private bad credit student loan.
The private lenders offer a range of products for bad credit student loans. However, they face a risk, as the government does not guarantee these loans. Hence, the lenders charge high interest rates on these loans. But, with these loans you can have an advantage of borrowing the amount of money that you wish to have for your education. Besides, there are many lenders who would give out loans even to students who wish to apply for non-degree courses.
Lenders for bad credit student loan
You can find a number of lenders for bad credit student loans. Some of these are mentioned below.
One Simple Loan: They are experts in getting you the right kind of student loan finance according to your needs. You can call them or apply online to talk to a representative who would understand your problem and get you the right solution. You can contact them at One Simple Loan; 4023 Tampa Road, Suite 2400; Oldsmar, FL 34677; Phone: 1-877-663-7467; Fax: 813-436-5550;
They provide student loan for bad credit people also and make it simple for you to continue your education."> You can fill out their online application to see whether you qualify for their loans or not. You can contact them at 6230 Stoneridge Mall Road; Pleasanton, CA 94588; Main Phone: (925) 847-6200; Main Fax: (925) 847-0831.
Citibank: They provide student loans even to bad credit options. You can apply online for their loans and get the benefit of interest rates that are comparative. Whether you\'re looking to finance an undergraduate or a graduate education, or even grades K-12, they can offer competitively priced loans that can help you get there. U.S. Service Center; Citi Inquiries; 100 Citibank Drive; San Antonio, TX 78245; phone: 1-800-374-9700 (TTY: 1-800-788-0002).
Other Articles
