Monday, October 26, 2009

I'm looking for a student loan but have bad credit. Wheres a good place to apply for one? websi

Two of the major Federal Student loan programs -- Stafford and Perkins -- are unique in that they require absolutely NO credit check. In fact, Financial Aid Administrators are forbidden from checking your credit as a condition for receiving these loans. You don't even need to show financial need to obtain an Unsubsidized Stafford Loan -- as long as your school is accredited, you are enrolled at least half-time as a regular student, and your other financial aid doesn't exceed your Cost of Attendance, you will be offered a Stafford Loan. In this sense, Stafford Loans are indeed an entitlement.



If you have %26quot;maxed out%26quot; your eligibility for Federal loans, there are private companies that will lend you money even if your credit is bad (which you're fixing, I hope?). If you need a private loan, do your best to find yourself a credit-worthy co-signer. This will always be your best option. You might be able to obtain a loan with a %26quot;cosigner release.%26quot; This release lets your co-signer %26quot;off the hook%26quot; once you make a certain number of on-time payments (4 years is typical), so you receive the interest rate benefit of a cosigner with minimal risk to that person who has helped you obtain the loan.



If you don't have a co-signer, you will need to be selective. Don't apply for loans indiscriminately -- every inquiry into your credit is another %26quot;hit%26quot; on your credit score. First, review the huge list of private loan lenders on FinAid's website: http://www.finaid.org/loans/privatestude... ... Go to each lender's site and read the terms and credit criteria of their loans until you find one that focuses more on one of your credit strengths (job history, perhaps). Some companies you might want to focus on: Access Group, Campus Door, Wells Fargo.



Be careful when searching online for companies that specifically claim to offer loans to people with bad credit (companies like Astrive are questionable because they bypass the school). Make sure the company has a good track record before you commit to a 10-30 relationship with them



I'm looking for a student loan but have bad credit. Wheres a good place to apply for one? websites and such?

fafsa.com or .gov or something like that



I'm looking for a student loan but have bad credit. Wheres a good place to apply for one? websites and such?

You want a Stafford loan sponsered by the federal government. Fill out Fafsa here: http://www.fafsa.ed.gov/



Here is the info on student loans: http://studentaid.ed.gov/PORTALSWebApp/s...



I'm looking for a student loan but have bad credit. Wheres a good place to apply for one? websites and such?

FAFSA also go to your loan area in your college, they will help you with that. Sometimes for you to get loans for school through FAFSA you must be born before a certain year.

No comments:

Post a Comment