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How to Get a Student Loan With Bad Credit

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How to Get a Student Loan With Bad Credit

If you have been asking yourself, “How do I get student loan with bad credit?” then this is the article for you.  Many students are out there wondering how to get a student loan with bad credit- and many of them unfortunately just stop looking because they feel that in this economy where lenders are hesitant to give money to even high credit rated people, they feel that there is no how to get a student loan with bad credit.  There are ways though!  Many of them.  How do I get a student loan with bad credit?

Well, here are just SOME of the MANY different options that you can use to get a student loan with bad credit.

1. Talk to Your School

If you are wondering, “How do I get a student loan with bad credit?” then the first step might be to talk to your school.  They can help you find the options you need.  If there is not way for you to get a student loan with bad credit, then they can help you by finding a job for you on campus, giving you a payment plan for your tuition, or even find you a scholarship.

There are people hired at pretty much every college to help students know how to get a student loan with bad credit.  Utilize this tool for you.

2. Fill Out Your FAFSA

If you did what we asked in step 1, then we are sure that they already had you do this.  The FAFSA, or the Free Application for Financial Student Aid can help you get qualified for government assistance in your schooling.  The great thing about the FAFSA money is that it shows you more than how to get a student loan with bad credit.

It can get you Pell Grants that do not have to be re-paid.  The only draw back to filling out the FAFSA is that they ask for a lot of personal information in order to complete it.  When you go to fill out your FAFSA and learn how to get a student loan with bad credit, you will want to take the following items with you:

  • Driver’s license
  • Social Security card
  • Bank statements
  • Tax information for the last year
  • Your parents’ tax information for last year (if they are still claiming you as a deduction)
  • The same information for your spouse if you are married

3. Fix Your Credit

How do I gets a student loan with bad credit?  Well an obvious solution will be to raise your credit score.  A lot of time students will have a low credit score not because they have bad credit, but because they have NEW credit.  If you have rarely ever borrowed money, then your credit score will be new.  The best way to raise this problem is to take out some credit, and then use it WISELY.

If your credit is indeed bad because of past altercations with missing payments or being unwise with your lines of credit, then it is time to start taking care of it.  Pay down the debt you have.  Cut up the cards that caused a problem.  Consolidate loans if you can.  Get a job and use your extra money not for pizza and shoes, but for fixing up your tarnished credit.

Sometimes raising your credit even 10 points over a semester can be enough to qualify you for a student loan when you couldn’t before.  Not only is fixing your credit a good tip on how to get a student loan with bad credit, but it will also help you with many things later in life.

4. Get a Budget

Dave Ramsey is known for saying, “Control your money, don’t let it control you!”  Write down a budget and find out where all your money is coming from and where it is going.  Control your money.  Once you know where money is heading, you can stop the hemorrhaging funds by being more cautious in those areas.

Are you taking too many classes? Are you eating out too much?  Are the vending machines making their fortune off you?  Are you buying too many name brands when generic and store brands will do?  Get a budget, and you will be surprised to see how much money you really need to live on.  It isn’t as much as you think.

This can easily help with the questions of, “How do I get a student loan with bad credit?” as not only will you need less money from the loans you get, but you will raise your credit and be able to qualify for more loans.

5. Apply, Apply, APPLY

Here’s a little tip on how to get a student loan with bad credit- you can’t get a loan you don’t apply for- no matter how good your credit is.  If you need a student loan- apply for it.  There are so many loan options out there.  Here is a list of the different student loans you should look into, even if you have bad credit and need a student loan with no co-signer:

  • Bank loans.
  • Stafford loans- there are two kinds, so make sure you look into both.
  • Perkins loans.
  • PLUS (Parent Loans for Undergraduate Students) loans.
  • Personal loans.
  • Loans through the University.

The idea here is what do you have to lose?  This turns into a numbers game- the more you apply for, the more you have a chance of getting.  How do I get a student loan with bad credit?  You apply for it and cross your fingers!

There are many other things we could write here to help you know how to get a student loan with bad credit, but there just isn’t room.  We suggest you take a look at some of the other articles here that will list some of the other options, and go more in depth into those options, and the ones we have listed here.

Just know that there is hope!  You don’t have to drop out of school.  You can make this work- it just might not be the way you imagined it.