Welcome to Student Loans Guide
Canada Student Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Student Loans With Bad Credit? No Problem!
from:Bad credit is something that no one wants to have, but unfortunately it is also relatively easy to acquire, especially for younger people that don't have a large positive credit history. Even a few late or missed payments on a credit card, possibly even just a very small amount, can negatively affect your credit. It is good news that unless you are using a private lender or alternative student loan, getting student loans with bad credit is not as much of a problem as one might imagine. The biggest concern for getting student loans with bad credit is to stick with student loans that don't require a credit check in the first place, which means staying to the federal government student loans.
Federal government programs for getting student loans with bad credit are designed to not have the borrowers credit score impact on either the interest rate or the amount of the loan. Rather this is set by a formula and is capped at a maximum amount for both the total amount of the loan as well as the interest rate. Private student loans on the other hand are not regulated in the same fashion and your credit score is critical in both being able to get a loan as well as determining the interest rate you will pay on the loan.
Some of the options for getting student loans with bad credit can also include having a co-signer, typically a parent or family member, that can sign off on the loan with you. This means that their credit score is used in determining the loan, rather that yours. There are a lot of benefits for using this option, and there are also Parent PLUS loans that are taken out by your parents, using only their credit score, rather than you taking out the loan yourself. For mature students a spouse or even a friend with good credit can also be a co-signer.
One caution in getting student loans with bad credit is to avoid any company that indicates they are giving private or alternate student loans and is not using a credit score or doing a credit check. These companies will typically charge incredibly high interest rates plus they will often immediately sell your loan to another company and you may find that the second company changes the terms of the loan, resulting in a huge payment or unwieldy interest rates. Always, when you are applying for student loans with bad credit, stick to a reputable lender even if the alternative looks better at first glance. Get everything in writing and have someone else that is knowledgeable about loans look it over before you sign any agreement or commit to any type of private loan.
Canada Student Loans News
Canadian man pays off student loan in $114000 cash - DigitalJournal.com
 Daily Mail | Canadian man pays off student loan in $114000 cash DigitalJournal.com Toronto - Last week a Canadian man paid off the remaining balance on his student loan, a total of $114000 ─ in cash. At the time the story circulated on social media, the man's identity was not known, but this week he has been identified. Canadian law grad pays off $114000 student loan in CASH... and brags by ... Man pays off $114K student loan debt in cash $114000 Debt Paid In Cash By Canadian Lawyer Alex Kenjeev |
Financial aid gets better for students - Gauntlet
Financial aid gets better for students Gauntlet She said this change gives students more flexibility with their funding. "The goal for the change was accessibility, because a lot of students are eligible for funding. The [Canada Student Loans Program] wants to increase the amount of borrowers and ... |
Acadia University gets $2.7M loan for residence - CBC.ca
 Kings County Register/Advertiser | Acadia University gets $2.7M loan for residence CBC.ca The Nova Scotia government has given Acadia University in Wolfville a $2.7 million loan to upgrade a student residence building. Cutten House residence is being renovated to upgrade its layout, plumbing and ventilation. It will also get new washrooms, ... N.S. pumps money into Acadia residence |
Government of Canada Increases Support for Part-Time Students - MarketWatch (press release)
 24 Hours Vancouver | Government of Canada Increases Support for Part-Time Students MarketWatch (press release) The income eligibility thresholds for part-time student loans and grants have been increased so more Canadians can pursue post-secondary education while working. Dr. Kellie Leitch, Parliamentary Secretary to the Honourable Diane Finley, ... More part-time students eligible for loans: Feds Media Advisory/REMINDER: Human Resources and Skills Development Canada |
Almost 700 arrested in Canada tuition protest - WRAL.com
 WRAL.com | Almost 700 arrested in Canada tuition protest WRAL.com The student protests have only grown since the provincial government last week passed emergency legislation in an attempt to end Canada's most sustained student demonstrations ever. The protest was declared illegal by police the minute it was scheduled ... Charest: Quebec willing to hold talks with protesting students Escalator to the bottom: Quebec students refuse the ride Québec students: ten talking points - The issue is debt, not tuition fees |