Bad Credit Student Loan

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Don't Worry, There is a Bad Credit Student Loan Right for You!

Even if you have bad credit, there are options out there that will allow you to go to school. Bad credit student loans are very commonplace and hundreds of thousands of students with bad credit have successfully completed school with the assistance of a bad credit student loan. One of the best programs for bad credit student loans is tied to the FAFSA form you are nagged to fill out when starting school. With that application, there are two specific loan programs that are based on financial need, not credit history. These are the Federal Perkins Loan and the Federal Stafford Loan

Federal Perkins Loan

A Federal Perkins Loan is a great loan for those who thought they needed a bad credit student loan. It offers low interest rates and is available to both graduate and undergraduate students. Basically what happens is you get a check from you school who in turn acts like the lender for the loan. Although funds are distributed by the federal government, you repay the loan to the school or institution itself.

Federal Stafford Loan

Federal Stafford Loans are available in two different types. The first one is a subsidized Stafford Loan. This option is based on financial need and with no credit check required it is a great option as a bad credit student loan. It is subsidized in that the government pays the interest until you are finished with school. The other option is an unsubsidized Stafford Loan which is available to all students regardless of financial need. The only difference is that the student is responsible for paying the interest that accumulates on the loan.

Private Student loans

Getting a private bad credit student loan can be much more difficult than a federally run loan. Bad credit student loans may not be the best option for you due to the high interest rates they may have and the unfavorable repayment schedules. One type of private loan you may want to consider is a PLUS loan. A plus loan is one that parents take out on behalf of their children to help them through school. This is a great option for bad credit student loans since it completely bypasses the need to check your credit history.