Are you getting ready for college? If you are, you may be worried about getting financial aid, especially if you have bad credit. There is hope, there are many different programs available that allow people with bad credit to get loans and grants. You simply have to know where to look.
Federal Stafford Loans and Perkins Loans are two loan options. Pell grants and various types of scholarships and grants all are options as well for a college bound student with bad credit.
Stafford loans are by far the most common of all of the loans that are offered as part of the Federal financial aid program. Stafford loans come in two types: subsidized and un-subsidized.
Stafford loans that are subsidized are given only to individuals who are in need, but are extremely helpful if you can qualify. The federal government takes care of the interest on these loans through school and for up to six months afterwards.
Unsubsidized Stafford loans are given to anyone who wants them, but are somewhat different than the subsidized version. The funds that can be taken are somewhat smaller then the subsidized version and the federal government doesn't pay for the interest that builds up.
For those that have heavy financial need, Perkins loans are also available. While they are harder to qualify for, they are a great option. Only those that have the most financial need can qualify for these loans, but can qualify even if their credit is poor.
If you have financial need, you may be able to qualify for Pell grants, even if your credit is bad. Credit history isn't considered for the grant approval process. These grants may be large or small. The amount you can get is determined by how much need you have.
Pell grants are great because they don't need to be paid back. As long as you complete the semester for which you are granted the funds, the money will be yours. They are a great way to fund your education, even if you have bad credit. - 15224
Federal Stafford Loans and Perkins Loans are two loan options. Pell grants and various types of scholarships and grants all are options as well for a college bound student with bad credit.
Stafford loans are by far the most common of all of the loans that are offered as part of the Federal financial aid program. Stafford loans come in two types: subsidized and un-subsidized.
Stafford loans that are subsidized are given only to individuals who are in need, but are extremely helpful if you can qualify. The federal government takes care of the interest on these loans through school and for up to six months afterwards.
Unsubsidized Stafford loans are given to anyone who wants them, but are somewhat different than the subsidized version. The funds that can be taken are somewhat smaller then the subsidized version and the federal government doesn't pay for the interest that builds up.
For those that have heavy financial need, Perkins loans are also available. While they are harder to qualify for, they are a great option. Only those that have the most financial need can qualify for these loans, but can qualify even if their credit is poor.
If you have financial need, you may be able to qualify for Pell grants, even if your credit is bad. Credit history isn't considered for the grant approval process. These grants may be large or small. The amount you can get is determined by how much need you have.
Pell grants are great because they don't need to be paid back. As long as you complete the semester for which you are granted the funds, the money will be yours. They are a great way to fund your education, even if you have bad credit. - 15224
About the Author:
Dave shows students how they can use private student loans bad credit to fund their educations. He also provides further instructions about bad credit student loans.
