Private Student Loans for Weak Credit

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If a student needs additional funding beyond federal Stafford loans, they can apply for unsecured loans at a private lending agency. Find out why weak credit can limit the amount of a loan with help from a financial aid officer in this free video on student loans.

Part of the Video Series: Student Loans
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Video Transcript

Hi, my name is Brooke Kramer, and I am the financial aid officer with Argosy University in Salt Lake City, and today I'm going to talk about private loans for students with weak credit. There are some options available to you if you need additional funding beyond the federal Stafford loans and federal loans available to you. Pretty much these loans are called unsecured loans. You're going to want to go to a private lending agency, like a credit union or a bank, and see what they have to offer you. You will fill out an application with them, as well as answer many, many questions as to your background, as to your credit, as well as to any type of collateral that you may have. Once you apply, that private lending agency should be able to tell you what you will be awarded. Usually the amount is less than twenty thousand per year, so do realize that you will be limited on the amount that you will be able to qualify for when you do have weak credit. If you have any other questions, please feel free to check out our website at www.argosy.edu.

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