Getting Student Loans With Bad Or No Credit; Federal Student Loans

Bad or no credit can make it difficult to obtain a student loan for anyone just out of high school or an adult going on to continue their education or attain a graduate degree. However, the idea that bad credit can keep someone out of college is wrong due to the many options available to any perspective student.

Some say no credit is worse than bad credit and if you fall into either category then your best bet is to look for Stafford loans. These are federal student loans that are available to most people despite their credit history. They are either unsubsidized student loans, in which the student is responsible for the interest no matter what or they are subsidized student loans in which the federal government pays the interest during the term of the loan. Subsidized student loans are preferable but either will pay your tuition.

There are also parental loans that work in the same way but if your parents’ credit score is not that great then you will not be able to go that route. However, a cosigner can be a great help if you are having trouble with obtaining a student loan. You need someone with good credit and who trusts you. Private and federal lenders will hand out student loans more freely if you have a cosigner.

In the end, getting a scholarship or grant is the best way to go, so look heavily in that direction, but if you are like most college students you will need a bit more to help with expenses so seek out a student loan because they are out there. Also, try to get an idea of how much the semester will cost, factoring in things like tuition, books, parking or dorm fees, and a meal plan if you need one. If the student loan offered is well beyond what you’ll need you don’t have to take the total amount.

Check with financial aid offices and private lenders who advertise student loans and weigh all of you options. It may be a task to obtain a student loan but you will always benefit from an education no matter the cost.  Student loans can be a hassle but many young adults need this money to find some sort of transportation.  It is likely true that many in South Florida are looking for Craigslist Miami FL Cars in hopes of finding an affordable ride.  Remember to complete due diligence on the seller as there have been many Craigslist scams over the last few years.