subject: Can People With Bad Credit Still Apply For Private College Loans? [print this page] Let's admit it, not everyone can afford to college. Paying for college is not that easy like in high school. One must take into consideration the over all cost of college, the room and board expenses and the living expenditures that goes along with it.
Can money issues really stop a person from attending college? Is it possible that a bad credit history hinder you from achieving your dream career? The answer should be No. Certainly, money makes the world go round, but there are ways when you can still go to college even if you have monetary issues. One answer is scholarships. For that reason, parents always tell their children to excel in their studies. Scholarship grants and private college loans are alternative ways a student can take advantage of in order to enter college.
Let's face it. Most students and parents can't afford all college expenses. This is one of the reasons why Private College Loans have become so popular. The interest rates are very low and they also offer suitable repayment terms.
Private College Loans with Poor Credit Scores: If for some reason you do not meet the criteria for federal student loans or your monetary grant fails to cover your indispensable college expenses, a private loan may be necessary. So, to apply for a private college loans even with bad credit, here's how:
First, find a co-signor who knows you, who has a good credit standing with lenders and someone who trusts you and is eager to sign a promissory note with you.
Second, dump your pride and call your local bank and other financial and private lending institutions. Tell them your condition. Most of them will gladly help you and lend you the money you need to finance your education expenses, despite the fact that you'll get the loan at a much higher interest rate.
Third, apply for a plan to merge your all your existing loans while applying for a new tuition loan. By this time, your chosen co-signor can help you get approved for the loan.
Fourth, you are required to complete the Free Application for Federal Student Aid form to know if you're eligible for the student financial aid. You may also fill out either a federal Perkins loan or Stafford loan forms. Federal Perkins loans have much lower overall limits, and most generous interest rate, grace period, fees, and repayment choices. This is often used by students to fund their post-secondary education. Stafford loans, on the other hand are provided to eligible students who are studying in a recognized American institution to provide monetary support to their college education.
Lastly, try to work on fixing your bad credit. Pay your bills on time!
On the other hand, in spite of all your efforts but still nothing works what will you do?
If still nothing works and you've already done everything, you can ask an actual lawyer about your particular circumstances. There are several lawyers who are willing to help in a minimal cost. However, if you're lucky and you have a friend or a family member who is a lawyer you can respectfully ask for their help with no payment at all. But either way, don't lose hope.
