How to Get Student Loans When You Have Bad Credit
How to Get Student Loans When You Have Bad Credit
Having a degree is a high guarantee that you can have a better future, and money will be the least of your problems. However, the decision of going to college rests heavily on your current financial standing.
Attending college is more of a privilege for students rather than a right. Lucky enough for some high school graduates because they come from well-off families, or they are intelligent enough to be granted academic scholarships or they are scouted for sports scholarships. These individuals are spared the headache of finding financial assistance for their schooling. But what about those who are not very bright and have bad credit in school who also want to go to college?
Finishing with a degree is so important for some students that they sometimes stop going to the university to work and save for the tuition. Scholarships and financial aids are a great help in financing your college tuition, and sometimes, you don’t even have to pay them back until after graduation. However, often times, they are not enough to suffice your whole college application.
Banks can provide you with private loans to pay for college; however they give you a credit check first. The key to getting a student loan if you have a bad credit is to sign with someone who has a very good academic credit. But this is only easy if this someone is a close friend or a family member.
So, how can someone with a not-so-good academic standing get a student loan? Well, thankfully, there is the Free Application for Federal Student Aid provided by the government. This does not require a credit check; you don’t have to worry about your credentials. All you have to do is to file your application each year.
This student loan is called a Stafford loan which is allotted by the government through colleges. This money will pay for your matriculation fees and other fees and the extra amount will be given to you to pay for your books.
The requirements to get the FAFSA are the student’s income tax if he is financing his schooling or his parents’ financial tax returns if he is under his parents’ custody. This scholarship grant makes going to college a dream come true for many.
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Filed under: Loans • loans for people with bad credit • Personal Finance • personal loans • Student Loans
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