June 15th 2010 09:47 pm
education loans?
How can i find a loan for my education with bad credit? I made some mistakes so please dont judge me. I am just looking for some wise council. My parents will not cosing for my brothers or I to go to school so therefore I am left to figure out how to pay for it myself. I am wondering if there are any places that help out with education loans especially with bad credit? My score is in the low 500s and I want to go to school badly. I am just afraid I am not gonna get approved for a loan for school. Please help!?
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Tags: bad credit, education loans, parents, score
4 Comments »
travel_nz on 15 Jun 2010 at 9:47 pm #
OK, it has been many years since I took my loans so this co-signer requirement must be a new thing. The way I was under the impression it worked is that your credit does not matter because anyone can get a student loan. That is the excuse the govt used for disallowing student loans to be included in bankruptcies (you didn’t have to qualify). Have you completed the FAFSA? If not, do that and see comes back in terms of Stafford (govt) loans.
However, if there is any way for you to not use loans Do It. Student Loans are pure evil and will haunt you for the rest of your life. They are not just written off like other bad credit, once you have a student loan the govt Owns you and they can take every last dime you have if they so choose. If you do take loans, take the absolute minimum (you will end up paying back 3-times what you take out). Go for grants & scholarships first. Make sure you have applied at both the financial aid And scholarship offices (they are not always the same). Get scholarship books from the library & online sites and apply for everything. Then work and save as much as you can to pay expenses out of pocket, even if this means waiting a few years to go to college. You will be better off for it in the long run.
jeremysgirltami on 15 Jun 2010 at 9:47 pm #
Do you have a bank? Go to your bank and talk to someone- they may be able to help you out.
Deedle on 15 Jun 2010 at 9:47 pm #
Ok first of all, fill out your FAFSA.
Take the government loans (Stafford) that are offered.
You will probably also be offered a Parent Plus Loan. Decline if your parents do not want to pay it back. Filling out the FAFSA may also get you a Pell Grant and a Perkins Loan.
Of all of this is not enough, try getting an alternative loan. I have absolutely no credit, and my parents will not cosign for me either, and I have a loan from http://www.salliemae.com The interest rate is kind of high – around 12 % … but you don’t have to pay anything back until 6 months after you graduate college.
=)
boogietb2000 on 15 Jun 2010 at 9:47 pm #
You can go the a web site call fedweb were you can aplly for grants or scholaships.