Is There a Poor Credit Student Loan Program For You
Even though you feel your poor credit history makes you ineligible for a student loan, there are many lenders with poor credit student loan programs for students in your same situation. You just need to do your homework to find them. Some of them have families of their own, and may be returning to college to prepare themselves for a new career path. And in the process of supporting a family, might have incurred lots of debt which damaged their credit history. But regardless of the past, these students need financing too.
Believe it or not, there are many lenders who will be willing to work with you to get your poor credit student loan, and to achieve your educational goals. As you begin the search for a poor credit student loan, you should become acquainted with all of the options. There are non-credit based government loans such as Perkins, Stafford, and other types of loans.
With a Perkins loan, your credit rating will not be a factor. But these poor credit student loans are much harder to obtain. The challenge is to demonstrate financial need. They are given to eligible students that are disadvantaged. They are available for undergraduates and graduate students.
Another type of poor credit student loan is the Federal Stafford Loan programs. There are many significant benefits to this type of loan. The program allows you to reapply each year, as necessary, as an undergrad or graduate student. They can be subsidized or unsubsidized, and do not require a credit check. The only problem with both types of Stafford funding is that it tends to be small, thus requiring that you get additional funding.
The Perkins loan and the Stafford loan programs are clearly for low income or disadvantaged students. But there are also poor credit student loan programs for those students whose incomes are too high to qualify, but still fall short of the funds needed to cover their living expenses and the cost of a laptop and books. If you find yourself in this category, private student loans may be a source of additional funding.
For students hoping to become teachers, doctors, nurses, etc, there are many poor credit student loan programs associated with these specific fields of study. If you have decided on a major or field of study, it would be a good idea to do an online search, as well as checking with your student aid department to see if any special programs are available in your field of study. This category of poor student loans may be referred to as field-specific programs.
By no means are these the only sources of poor credit student loan programs, but is meant help you get going on successfully pursuing your funding. You will find that many well known lenders, as well as major financial institutions, have programs that may work for you. It is a matter of research, educating yourself on what's available, and shopping for the best interest rates and terms. And because many of these lenders are available online, it makes it much easier to gather info, get your questions answered, and to even apply online.
As a final word of advice, make sure you understand the terms, conditions, and interest rate. As you apply these tips along with other information you have, it should give you greater confidence and renew your hope in obtaining your funding. Even though your credit history may be poor, there is a poor credit student loan program waiting for you.
Article Title : Is There a Poor Credit Student Loan Program For You
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Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.
If your monthly debt burden for your federal student loans collectively equals or exceeds 20% of your total monthly gross income, you likely will be eligible for forbearance on your consolidation loan.