BAD CREDIT STUDENT LOANS
Are you worried that having bad credit would be preventing you from going on to study in college? Although it is true that getting the student loan with the best interest rate would be a lot easier if you have an excellent credit rating, getting aid for bad credit student loan is very possible. For instance, the Stafford loan is a loan that assumes that majority of the applicants would be going straight to college from high school, so they would not yet have credit ratings. So Stafford loans do not consider credit ratings as factors to qualify students for loans. This would also be true for Perkins loans, as they are federal loans that are designated for those students who are the neediest. Having bad credit would only interfere if you have a defaulted student loan that was federally granted in the past.
These bad credit student loans would also be possible if you have parents with good credit ratings - better than yours. In such a case, a PLUS loan could be the way to go. That is a loan that is granted to the student's parents. Loans given out by the US Department of Education such as Stafford and Perkins loans suppose that parents would be paying for an amount of their children's education so PLUS loans would be to help in covering the amount that parents should contribute toward the schooling costs.
Federal funding would be a good choice for getting bad credit student loans as they are designed specifically to help in making college more accessible. This is the reason why their requirements are a lot more loose compared to the requirements of banks and lending companies. But if you would be unable to get a student loan from the US Department of Education, then you might opt for private student loans. Particularly if you would be planning to graduate to work in a field with a potential of high earnings such as law or medicine, then you would have a greater chance of getting bad credit student loans from private lending companies.
