How to Get a Student Loan With Bad Credit

Having bad credit isn’t the end of the world, even if you are looking to get some school loans. Getting an education should not be postponed just because you have bad credit. Luckily, there are several ways in which you can get a college loan with bad credit.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Co-Signer (Maybe)
• FAFSA Form
• computer

1. Consider getting a co-signer. A family member with good credit can help you get loans with favorable rates and terms, despite your bad credit.

2. Contact banks and other private lending institutions and describe your situation. In many cases, they will still lend to you, but at a much higher interest rate. The interest rate will be determined by your credit score, the amount of the loan and the repayment period.

3. Apply for a combination loan which consolidates existing loans while applying for a new tuition loan. It may be necessary to have a co-signer in order to get approved for the loan.

4. Fill out a FAFSA form and apply for a federal Perkins loan or Stafford loan. The Perkins loan is a low interest loan for both the undergraduates and graduates who qualify for financial aid. Each individual school is its own lender for the Perkins loan. Perkins loans are made up of government and school funds.

Tips & Warnings

• Do not put tuition on credit cards. Their rates are much to excessive.
• Bad credit loans allow students to further education, regardless of bad credit.
• Your credit score will improve once repayment begins.
• The student must start paying on the loan when it is time, to keep from lowering their credit score.

Who Can Help Sponsored

• Thinking about getting your degree? Find financial aid from top online colleges and find the perfect program that meets your needs.

[rsteel30]

on 6/12/2009 My friend had a hard time getting student loans for school because of her bad credit. I forwarded her to this great website: http://backstage.wellsfargo.com/
It helped me pay for college and I just wanted to help her out.
I highly recommend it
Check it out!
http://backstage.wellsfargo.com/
Enjoy!

[itsnickmo]

on 10/16/2008 This was a pretty good post. It can be very tough to acquire a decent loan when your credit is not exactly great. I have had the same problems. My buddy sent me the link to this site. Try it, it may help if you folks find anything similar can you let me know?
http://www.creditreports.com/Credit_Reports_Student_Credit_Report

[piyush1414]

on 9/20/2008 Bad credit student loans ? Facing problem ? Ask us.. Take advice from experts
http://www.studentloans-withoutcosigner.info/
http://www.studentloanswithoutcosignerforu.info/

[BarefootStudent]

on 5/14/2008 Of course you might want to just try working you way through schoo. Try http://barefootstudent.com. Works for some!

[jackknive]

on 4/8/2008 Same here, I'm married and me and my husband are both full time students. My mom cosigned last year, but doesn't like my husband so won't. His parents don't have the credit to sign or they would. No one else will, there is no magical loan for people with out credit. I called banks, companies, and nothing worked. I tried talking to financial aid at my school, they said if you can't afford tuition after what you get from aid, we don't want you to be a student here. Thanks everyone. The system is set up to keep as many people down as possible. Our combined tuition is $85,000. Before living expenses. They said get a job. Well get a job and we lose the little aid we do have, and we couldn't hardly afford to live, let alone to pay the tuition. I hate this country. You know, other countries, good countries pay for medical care, the pay for tuition or at least you are pretty much gu