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Bad Credit Student Loans Without Cosigner – How To Get Them

February 18, 2012

Bad Credit Student Loans Without Cosigner

bad credit student loans without a co-signer

If you are looking for bad credit student loans without cosigner needed, chances are that your credit either isn’t established as many young college students experience, or you don’t have good credit which again you are not alone. Good thing is that there are alternatives that you can utilize that will allow you to get student loans with bad credit and no cosigner, which we delve into right below, allowing you to attain the money you need to be able to afford your college education and start working!

Bad Credit Student Loans Without Cosigner Alternatives

1)  The first alternative that is provided for those searching for bad credit student loans with cosigner is to fill out a Free Application for Federal Student Aid (FAFSA), which this is the holy grail when it comes to obtaining federal aid, which offer loans like the Stafford and Perkins loans which base eligibility off of financial need and not your credit score. These federal loans are offered by the US Department of Education which each offer thousands of dollars in lending funds each year you are in school, which it is a must that you fill out the FAFSA each year you are in school and are looking for federal student aid. Not only will filling out a FAFSA qualify you for bad credit student loans with a cosigner, you will also be applying for federal grant programs like the Pell Grant which offers eligible applicants the opportunity to get thousands in grant money which is money that is given and never needed to be paid back.

Applicants can utilize federal student loans throughout their entire college career, all the way through graduate school. This is the most important step in attaining bad credit student loans because federal aid offers much better repayment terms and interest rates compared to the likes of private loans, which federal interest rates are offered in the form of fixed rates meaning they will never go up once you have obtained the loan unlike variable rates with private student loans. Not to mention the fact that they are also eligible for repayment programs like public service loan forgiveness as well as forgiveness through volunteer organizations like the Peace Corps among others. These loans can also be used for other aspects of your college life like books, materials, a computer and more.

2)  Speaking of grants, grant programs are most always based off of financial need, whether they be federal or private so grants in general are another great alternative to use when looking for bad credit student loans without cosigner.

3)  The other alternative is apply for a ba credit student loan without cosigner through a private lender which in turn will result in much higher interest rates and stricter repayment options, but can still serve as a viable option when you have ran out of federal student aid and still need money to cover the rest of your tuition costs. Being that interest rates are much higher with private student loans, a great alternative to this is applying for private student loans with cosigner through a local credit union whom provide the same type of student loans that come from large private student loan lenders but offer better interest rates and better repayment options.

4.) Although this last option doesn’t provide student loans, participating in the Federal Work Study Program at your college can help you earn money when jobs are scarce as your college will provide you with work, which the work usually encompasses employment in th profession that you are studying to go into. This last band credit student loans without cosigner alternative allows you to earn money which all goes towards paying off your student loans and inturn you get vaulable hands on experience in the profession you are looking to go into which can be demanded by your future employer when you are applying for an entry level job out of college.

Credit Union Student Loans Overview & How To Obtain One

January 30, 2012

Credit Union Student Loans

Credit union student loans are essentially private student loans that are borrowed from a credit union lender in which one must be a member of the credit union in order to apply for student loans. They are becoming popular in the student loan community as when students have used up their federal student aid and need to turn to private loans, interest is always a concern as private loans always offer higher interest, which credit union loans, loans that are private are being offered at rates comparible to federal loan programs. Credit unions are able to offer loans for college tuition because they partner up with private student loan providers, like for example Salle Mae  Although it is advised that one exaust federal financial aid options first as there are many more benefits as well as better interest rates and more flexiblity in repyament along with fixed interest rates unlike private loans, student credit union loans come with their own set of benefits like:

  • Being able to borrow up to the cost of your education minus what federal student aid and other sources of financial assistance hasn’t provided.
  • Many credit unions offer interest rate deductions as a reward for good grades.
  • Most often that not, these loans are able to be taken out with no activation fee.
  • Loan payments can be deferred while in school or paid off while attending.
  • Multi student structered credit union student loan programs are also a possibility for parents paying for more than one child to go to college, which brings about an entirely new set of benefits.
  • Credit union student loans have also boast statistics that show that their median interest rate is right around 6%.

Which like it was said above, in order to get a credit union loan for school, you will need to become a member which you will need to meet certain credentials/requirements, which tend to consist being a of 16 years old as well as filling out an application which needs to be done at the credit union of your choice, which then you will fill out the application at the facility and give it to them to wait for that status of it’s approval or lack thereof. The best way to find local credit unions is to search the yellow pages or online.

Credit Union Student Loans With Bad Credit

If bad credit is an issue, the possibility of obtaining a credit union student loans is still very much there, which one will most likely get a high interest rate which is dictated what is usually a 5 tier credit score chart. This chart basically consists of the best credit scores getting the best interest rates, in which the next best rate is obtained by those who have a credit score that is 1 to 2 percent higher than the best score and so on and so forth. So the best thing to do would be to check with your credit union and find out what the best credit score tier is and then go from there. If you do not fit this bracket or one close to it, then the best thing to do would be to find a co-signer with an interest rate as high as possible.

Credit Union Student Loans Alternative

If you cannot obtain student loans through a credit union, there is a great private student loan program called iHelp which is known to provide loans to students that have an interest rate that is a minimum of 3% less than the bigger named private student loan providers out there like Citi Bank, Sun Trust, Wells Fargo and more.  This nationwide program was created by the Independent Community Bankers of American and offered by the Student Loan Finance Corporation, in which one can be eligible for up to $10,000 every year they are in school, which iHelp is being offered at a myriad of different community banks all accross that nation, currently over 6,000. This credit union student loans alternative can provide one with the opportunity to have up to 20 years to repay their loan, deferrment while in shchool, use a co-signer on their loan for better terms, three different repayment options as well as no penalties for early repayment.

How To Get Student Loans With Bad Credit

November 18, 2011

Student Loans With Bad Credit

student loans with bad credit

Students loans are essential to the funding for a large percentage of students tuition fees, but some aren’t sure if they can get a loan because their credit scores are low, or just out of high school and haven’t had time to build up a good credit history. If you fit into this category, no worries, millions do, but don’t let this fact deter you from getting your degree, as you can still get student loans with bad credit. Below are these bad credit student loan methods that you can utilize, that when used can equate to you getting the funds you need to graduate and get your career started.

Federal Loans With Bad Credit

You can easily get federal student loans with bad credit scores, as many programs do not base acceptance off what your credit score is, some of them include the Federal Perkins Loan as well as the Federal Stafford Loan. The way to see if you qualify as well as how much you qualify for is done by filling out a Free Application for Federal Student Aid. By filling out a FAFSA, you will not only find out what federal loan programs you qualify for, but will also see if you qualify for federal grant programs, which will offer you money that you can use towards tuition and other schooling costs, that you never have to pay back, like the Pell Grant. The loans that you will find that are not credit based will be ones that are referred to as Subsidized Loans, meaning they are based entirely off the financial need of the applicant. They assess your financial need by looking at your income as well as the contribution that is given to you by your family or Expected Family Contribution (EFC).

When it comes time for repayment, federal loans have much more flexible repayment terms, and even have an option called Income Based Repayment where you pay 15 percent of your income each month towards you debt and no more. If you use this bad credit student loan method, you will also be getting fixed interest rates on your loans, which means they never change throughout the life of your repayment, or are not variable, which the Stafford Loan currently has interest rates as low as 3.4 percent, and the Perkins Loan interest rates can be found as low as 5 percent,

Private Loans With Bad Credit

Applying for private loans without a good credit score is a little more tricky. These loans are basically there when you need extra money to cover what federal student aid didn’t. Private loans come with higher interest rates and less flexible repayment options, but still serve their purpose when one needs money for school. Non based private student loans are non existent, so the only way to get private loans with bad credit is to find a cosigner, a parent or guardian, family member, or friend who has a good credit score. What is a good credit score? Well private loan lenders like scores that are above 700, and the higher the score is, the lower the interest rate you will get on you loan, which means you paying less in interest over the life of the repayment.

This method is excellent for those who want to build their credit score in the process of paying back their loans, as lenders will actually transfer the loan to your name after 2 or 3 years of repayment, leaving you with a chance to better your credit score with every on time payment, being that 35 percent of your credit score is actually based off of on time payments. It is also suggested that you enroll in an auto debit program if and when you attain a private loan with bad credit, as doing so lowers your interest rate percentage.

 

Private Student Loans Bad Credit

November 1, 2011

Private Student Loans Bad Credit

IF you are looking for information on private student loans bad credit, we have you covered! Every private student loan is fully credit based, but do not let this get you down and out as there are loopholes in the system! The fact alone can be discouraging right off the bat, but do not let it deter you from attaing your dream of graduating college, you can consider the following options to solve your problem.

Private Student Loans Bad Credit

Private Student Loans Bad Credit Options

First off, you can still get a private student loan with bad credit, but your loan will come with higher interest rates as well as higher origination fees, also known as activation fees that require you have to pay when you first take out the loan. These negative aspects will take place in the event that the loan is actually approved, which in many cases it is not. In order to fix this problem, it is imperative that you:

  • Seek out a cosigner that has a great credit score. Do make your chances of loan acceptance as best as possible, try to get a cosigner that has a credit score that is higher than 700 as scores higher than this show the best rate of success

Now this cosigner doesn’t need to be a parent or gaurdian, or even blood related, but must be willing to stick their neck out as far as monthly payments go being that they assume the responsiblity of paying and loan debt that the student is not able to pay, which if they cannot cover this then it will both affect their credit score as well as pose the possiblity of losing the loan. The great thing about this private studetn loans for bad credit tool is that there is an option to tranfer the loan to the students name later on down the line, usually being around 4 years after the conclusion of college, where the student can now build their own credit score.

Good Private Student Loans Bad Credit Lenders

Now that you know the main overview about the private student loans bad credit topic, you may want to know about good private lenders to use. The list below can give you a start into weighing your options about which lender you ultimately want to use. It also should be known that in order to get the greatest private student loans, there are three things, although these aspects are usually only attained by an applicant with a very high credit score. The rules that you should try to follow which are:

  • Loans that come with no fees.
  • Have a LIBOR (London Inter-Bank Offered Rate) or 2.0 percent or PRIME rate of .50 percent

Sallie Mae Education Trust – First option to consider for private student loans for bad credit is Sallie Mae Education Trust. This option provides its eligible applicants with benefits such as; rates as low as 2.5 percent, up to 30 years for repayment, a 6 month grace period before you have to start paying back debt as well as the benefit of 5000 dollars in coverage due to expenses paid on medical bills.

Citibank – This national bank provides another great resource when it comes to finding a solution for private student loans with bad credit. Benefits of private loans through Citibank include; no origination fees, variable rates that are as low as 2.96 percent, interest dicounts for auto debit, and no payments until school in completed.

Wachovia Education Loans – Offered at interest rates starting as low as 3.4 percent, offers up to 25,000 dollars in yearly borrowing limits, certain discounts for like auto debit among others, and you do not have to pay back the loan until you graduate.

Student Loans For Bad Credit – How To Still Get A Loan

August 27, 2011

Student Loans For Bad Credit

What if I were to tell you that there was a loophole to where you can get student loans even though you have bad credit? Well that is exactly what this article was written as there are many student loans for bad credit programs out there that you can use to get the money you deserve to go back to college and attain your college degree. Don’t let a bad credit score hold you back from getting your education. The following information will provide you with how the method that allows you to get student loans for bad credit.

Student Loans For Bad Credit

Student Loans For Bad Credit – How to get loans

1.)  I have three words for all of you looking for student loans for bad credit, they are Federal Student Loans. Federal loans could really care less about what you credit score is and most all of them don’t require that you have a cosigner to obtain a loan. Another great part about this student loans for bad credit method is that federal loans will provide its eligible candidates with the lowest ineterest rates around compared to private orgranization, like the Stafford Loan which is currently around 4 percent, insanely low. Some of the federal loan porgrams you can use are:

  • The Stafford Loan
  • Parent PLUS Loan
  • The Perkins Loan

2.)  If for whatever reason you want to go through a private organizations when looking for student loans for bad credit, you can always get a cosigner who you know and trust and who has a good enough credit score to make payments. Remember though with this option, you want to make sure to make the payments every time as your choosen cosigner is putting their faith in you to make the payments. A great thing about this is that most loan companies allow you to have a payment free college experience, and require that you start paying 6 months after you are done, allowing you to have time to get a job and make those payments. Also, if you choose this student loans ford bad credit method, after a certain amount of time, which is around 40 payments, the debt can be tranferred to your name, giving you an excellent opportunity to raise your credit score by making your payments on time.

3.)  This next option can be used either before using the above methods, if for some reason these student loans for bad  credit methods don’t work out for you. What you can do is visit a credit counseler at the school you with to attend, either the counseling will be at the school or you will be referred to someone who does credit counseling. By using these two resources, they will provide you with information on how you can get student loans with bad credit. These people are professionals who are their with the goal of helping you get the funding you need to attend college and fulfill you dream of getting a degree. With this option, if you meet with a counseler at the school, you can also inquire about if there are any programs through the school that provide student loans for bad credit, or any grant programs that may apply to your situation.

Student Loans For Bad Credit – What to do now?

The first thing you will want to do immediately is fill out what is called a FAFSA which stands for Free Application for Federal Student Aid. This application will present to you the loan programs that provide student loans for bad credit that cater to your personal situation. Also being that you are looking for student loans for bad credit, after a cert

Bad Credit Student Loans – How Your Can Still Get Loans

August 26, 2011

Bad Credit Student Loans

If you are looking for infromation on bad credit student loans because your credit is in the pits, no worries, we’ve got your back as we will show you how to still get money for college even though your credit score is low. Don’t let a bad credit score ruin your dreams and aspirations of attaining a degree, follow the methods below and you will we able to get financial aid in the form of loans.

Bad Credit Student Loans

Bad Credit Student Loans – 2 Different Methods

You may have been told that there are no such thing as bad credit student loans, but this is not true. There are two methods you can use on your search for bad credit student loans, those two methods are:

  1. Federal Loans, like the Stafford, Perkins and PLUS loan programs, many of them provide bad credit student loans as a lot of these programs aren’t credit based, but need based. This means that you don’t have to have a good credit score to be eligible, you just need to demonstrate that you actually are in a posistion where you need this loan. This can be done through many ways like, showing that you aren’t receive enough help financially through the financial aid your are receiving currently, if any, if your parents have low income, or if you are unemployed, etc. Another benefit of this bad credit student loans method is that federal loans are known for having many perks like, low interest, fliexible repayment options, and are just plain cheaper in the long run. So if you can do things this way, it is the best way to go.
  2. If for whatever reason you are unable to obtain loans through the above bad credit student loans option, there is another loophole. There are private organizations like banks and private lenders who lend money to people who provide a cosigner, meaning someone with a good enough credit score that can sign for you because your credit is too low. These programs usually will have your closest relative, usually parents, cosign and then there will be a credit check on them, if they fail as well, you still aren’t out of it, as many programs allow you to try another relative. This bad credit student loans method boasts some benefits like many of them offer discounts if you pay on time or get your loan payment automatically deposited each month, but usually have much higher interest rates compared to federal loans. Being that you have bad credit, a great option about the cosigner method is that after a certain amount of time during repayment, the loan can be transferred to your name, enabling you to make on time monthly payments and boost your credit score higher.

Bad Credit Student Loans – Conclusion

So these are the two ways in which you can get bad credit student loans. These methods have been used by millions of people who have bad credit and are still able to get enough money go further their education. If for some reason these bad credit student loans methods don’t work out for you, then you can check out both scholarships through your school you wish to attend as well as look into federal and private grant programs which can provide help in the form of financial aid as well, a great program you can use is called the Pell Grant.