Welcome to Student Loans Guide
Chase Private 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.
Chase Private Student Loans News
Sallie Mae Offering Fixed-Rate Student Loans
Sallie Mae announced today that it will offer a fixed-rate private student loan starting May 21, in addition to the variable-rate loans it has been providing. DOWNLOAD: The Kip Tips
Read more...David_Halperin: Romney's Disastrous Education Agenda: Reward His Donors, Make Sure Money Dominates Politics
Romney attacks -- and pledges to undo -- two critical reforms implemented by the Obama administration: (1) reforming student loans and (2) holding for-profit colleges accountable for waste, fraud, and abuse.
Read more...Student-loan debt collection criticized in report
The U.S. Education Department must step up its oversight of private student-loan debt collectors, improving the tracking of borrower complaints and changing its commission system to reward customer service, a report...
Read more...US Bancorp on Track for Growth in 2013
US Bancorp on Track for Growth in 2013
Read more...Obama financial forms show big JP Morgan account
Maybe it's a case of putting your mouth where your money is.President Barack Obama praised JP Morgan Chase in an interview recorded Monday as "one of the best managed banks there is" and its CEO, Jamie Dimon, as "one of the smartest bankers we got." On Tuesday, the White House made public financial disclosure forms showing the president and First Lady Michelle Obama had between $500,001 and $1 ...
Read more...