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You Have Bad Credit? Where to Get a Student Loan

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You Have Bad Credit? Where to Get a Student Loan

If you are a student of any degree right now, then there is a good chance that your credit score is embarrassingly low.  That might be because of bad choices that have hurt your credit, but the most likely reason is that you are young, have borrowed very little money, and therefore have a very young credit score.

You see, to build credit, you have to use credit.  It is a kind of catch 22 of borrowing.  There are some ways around it, however, especially if you are looking for a student loan.  Here are some places where to get a student loan if you have bad credit.

Get a Cosigner

If your credit score alone will not allow you to take out a student loan, then you may have to rely on the credit score of an older family member or friend.  Once you get a student loan and raise your credit score, you can go through the process of getting cosigner off student loan documents so that their entanglement in your private matters will be brief.

It can be a bother to ask someone to take on the obligation of fulfilling the loan contract if you ever default, but the truth is that a bank fund credit union student loan is much easier for students to attain when they have a reliable cosigner to vouch for them.  Where to get a student loan if you have bad credit is much easier to discover when you have a student loan cosigner.

College loan and parent cosigners are the most popular, but you can also consider these sources as a cosigner if you are wondering where to get a student loan with bad credit:

  • Aunts and Uncles
  • Legal Guardians
  • Grandparents
  • Co-workers
  • Bosses
  • Teachers or mentors
  • Family friends
  • Brothers or sisters who are older

Apply For Scholarships

Many students think that scholarships to college are these mysterious entities out there that are offered to the brightest minds without any effort on their part.  This is not the case.  There are many scholarship opportunities out there, and you can take advantage of them.

If you are wondering how can you afford a student career loan with bad credit, then maybe you should consider getting money for school that does not take your credit into account, and that does not have to be repaid.  Here are some places for you to look for scholarships:

  • Online— there are some great sites out there that have lists full of scholarships available to young students.
  • Companies that offer internships— companies that do this have an interest in supporting education.  See if they might support you as well.
  • Your college—  Talk to someone in the financial office and see if your school is offering any incentives for your program or area of study.
  • Local charities—  Many times churches or charities in the area are willing to sponsor students in college.

Just remember that there is no shame in needing money for school, and it never hurts to apply for or ask about scholarships to help you with your education.  Scholarships are one of the best places to replace the need of where to get a student loan if you have bad credit.

Government Funded Student Loans

Federally funded student programs are one of the best places of where to get a student loan if you have bad credit because they do not require credit checks or cosigners for their loans.  This means that the question of how long student loan stay on credit report is unnecessary as your credit score is not taken into account.  In fact, it might even help you build credit.

Federal loans are wonderful sources of where to get a student loan if you have bead credit because they have low interest rates, a grace period in paying off, and even offer students a chance to defer their payments if they run into hard financial times after graduation.

They are not in place to make the lender money- they are there to help students get an education.  Here are some of the best government funded students loans for you to consider and apply for if you need to know where to get a student loan if you have bad credit:

  • Subsidized Stafford Loan: This loan can be taken out every year you are in college.  It will not give you the full amount you need for college, but it can definitely help.  The subsidized portion even allows you to not pay back as much in interest.
  • Unsubsidized Stafford Loan: This is the same as the aforementioned means of where to get a student loan if you have bad credit, only the interest rate is slightly higher as it is not subsidized.
  • Perkins Loan: These are the easiest to qualify for but are not as popular as the Stafford Loans because there is a cap on how much you can borrow.  Just like the Stafford Loans, these are no credit check student loans, and no co-signer student loans.  Definitely something to look into if you need to know where to get a student loan if you have bad credit.

Work Service Programs

This is not something that is available at every college, so the mileage will vary on this option of where to get a student loan if you have bad credit.  Some universities will allow you to work on campus, and will send your wages straight to paying down your tuition.

Most of the time if the college offers a service like this, they will also offer a meal program for the students involved with it, meaning your food will be taken care of.  If something like this is not in place in your school, talk to someone in the financial office and see if they are willing to start one.

They know that you are not the only one out there wondering where to get a student loan if you have bad credit.