If you're anything like most people, the cost of college is a little outside your price range. Paying $15,000+ each year as a 19-24 year old is definitely outside the reach for most people that don't have help from their parents. If you're struggling to meet financial obligations while attending college, having bad credit can magnify your difficulties. However, student loans for people that have bad credit are available and finding the right ones can help you to pay for school.
Student loans can be classified in two different categories; ones issued according to financial need, and ones that arent based on financial need. Many of the loan options are supported by the Federal Government.
The federal government offers several different types of loans to people that have need. Stafford loans are subsidized and signed for by the government which means that you can qualify for them even if you have poor credit. These loans are quite affordable so if you can get them I would highly recommend it.
If your financial need is big enough, you may even qualify for a Federal Pell Grant. Federal Pell Grants are the best option because it is considered a gift. You are not required to repay the money you receive. If you qualify for a Pell Grant, but it is not enough to pay for all your tuition and expenses, you can still look into receiving a loan to help meet your financial needs.
If you have too much income or parental income, you may not be able to qualify for the subsidized type of Stafford loans. If this is the case for you, you will probably still qualify for unsubsidized Stafford loans. Interest will accrue right away because the federal government doesn't pay it for you but it's definitely a better option than not attending school.
People that take out unsubsidized Stafford loans will have to start repaying them immediately. There is no grace period for these loans since they are offered to people that don't have financial need. - 16732
Student loans can be classified in two different categories; ones issued according to financial need, and ones that arent based on financial need. Many of the loan options are supported by the Federal Government.
The federal government offers several different types of loans to people that have need. Stafford loans are subsidized and signed for by the government which means that you can qualify for them even if you have poor credit. These loans are quite affordable so if you can get them I would highly recommend it.
If your financial need is big enough, you may even qualify for a Federal Pell Grant. Federal Pell Grants are the best option because it is considered a gift. You are not required to repay the money you receive. If you qualify for a Pell Grant, but it is not enough to pay for all your tuition and expenses, you can still look into receiving a loan to help meet your financial needs.
If you have too much income or parental income, you may not be able to qualify for the subsidized type of Stafford loans. If this is the case for you, you will probably still qualify for unsubsidized Stafford loans. Interest will accrue right away because the federal government doesn't pay it for you but it's definitely a better option than not attending school.
People that take out unsubsidized Stafford loans will have to start repaying them immediately. There is no grace period for these loans since they are offered to people that don't have financial need. - 16732
About the Author:
Trinity teaches people to find different types of bad credit loans including bad credit student loans.
