How To Apply For Student Loans With Bad Credit
Contrary to what you might think, you do not have to have great credit in order to get the funding you need to go to school.
The first thing you need to do is fill out the FAFSA application. FAFSA stands for the Free Application for Federal Student Aid. When you first look at the paperwork involved, you might be apprehensive, but the time it takes to do this one thing will pay you in the future.
When you submit a FAFSA, you are applying for the Federal Stafford Loan. This loan is given to those who have a small income and it has a low interest rate. No credit check is involved with getting it. In order to receive it you have to be able to prove citizenship and financial need and you can’t have a former Stafford Loan in default.
Next, apply for a Perkins Loan. Perkins Loans are given to students who can demonstrate a real financial need. They are funded by the college as well as the government. Perkins Loans are given out on a first come, first served basis, so don’t waste any time in applying for one!
These two loans may not cover everything you need so you will probably have to apply for a private student loan. With a bad credit score, getting a private loan will probably be impossible without a cosigner.
The person you ask to cosign for your loan must have good credit. Because your credit is not good enough to get a loan, the loan you get will be based on the cosigners credit score. Don’t bother using a cosigner whose credit is marginal or worse.
A cosigner takes a risk when they agree to cosign for you. If you do not pay on time or you default on the loan, they will be held accountable for payment. This will also reflect in their credit report. When someone trusts you enough to cosign for you, it is your responsibility to not betray their trust. Make your payments on time every month remembering that someone besides the loan company is counting on you doing so.
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