Welcome to Student Loans Guide
Need Based Student Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Worried About Student Loans, Bad Credit Causing Problems?
from:Thankfully for most students and parents, student loans, bad credit problems or little credit now have almost nothing to do with each other as long as you avoid private student loans that use your credit score as a tool in determining the loan. In the past several issues have prevented students from getting student loans, bad credit being one of the most common. Private lenders can still use your credit score to eliminate you from getting a loan, however federal government loans don't use your credit report, meaning that limiting student loans, bad credit issues, or other financial problem cannot exclude you from qualifying for a loan.
The various types of funds for education that don't require a credit check include Stafford and Perkins federal loans, Pell grants, private grants, school based scholarships, government or private types of grants that are offered outside of the standard loan programs. People that want to apply for student loans, bad credit or no credit in their history, can focus on these types of applications and programs that prevent the need for any credit checks.
Usually for most students seeking student loans, bad credit is not as big of a problem as no credit history at all. For these young adults their parent's, spouses or even friends with good credit can ask as co-signers on the loan, using that credit score for private lenders that require this information. The better the credit score the lower the interest rate will typically be on the loan. Avoid lenders that indicate they don't check your credit score, they are likely charging additional fees somewhere that will add up to more than the higher interest rate would in the long run.
The biggest issue for returning mature students is that often the original student loans have been mismanaged and are the biggest issue on their credit score. If you are planning on obtaining a student loan and know that you have a bad or low credit score, the first thing is to work with a financial consultant or professional credit counselor to get your credit score into shape. This usually means apply for and managing some secured credit cards that can show you pay your bills on time. It may also mean consolidating your outstanding student loans, bad credit issues and other loans into one lower, manageable monthly payment and showing a good payment history for six months to a year. While this may mean delaying your return to school, it will actually provide you a greater opportunity to save up for tuition and education costs, plus you will also repair your credit rating and decrease the overal interest you will have to pay on your loan.
Need Based Student Loans News
Framingham State responds to state audit's critiques - MetroWest Daily News
Framingham State responds to state audit's critiques MetroWest Daily News For example, the auditor's office found several cases in which the university was slow to notify the National Student Loan Data System of students who withdrew. The school also did not send out notices to students enrolled in several national loan ... |
William G. Lako Jr.: Selecting the best loan repayment option - Marietta Daily Journal
William G. Lako Jr.: Selecting the best loan repayment option Marietta Daily Journal Remember, interest charges are based on your unpaid balance each month, thus the higher balance in the early years translates into higher interest charges over the life of the loan. Income-based repayment is the newest federal student loan repayment ... |
Romney's Higher Ed Platform - Inside Higher Ed
 Inside Higher Ed | Romney's Higher Ed Platform Inside Higher Ed “Obviously, this has been a controversial issue around direct lending and bank-based lending for a long time.” Romney also calls for changes to “refocus Pell Grant dollars on the students that need them the most” -- presumably by tightening eligibility ... Romney Pledges to Simplify Federal Student Aid and Revive Bank-Based Lending Obama's Checklist |
Crowdsourcing the Student Loan Mess - ABC News
 ABC News | Crowdsourcing the Student Loan Mess ABC News I point this out because based on the comments to my last few columns (which focused on the idea that a National Service Corps could help solve our student debt crisis) it would seem that some of you — not too many, thankfully — seem to think I'm ... |
Behind the Rafizi-Khairy rhetoric: The real truth about our student loans - Malaysia Chronicle
 Malaysia Chronicle | Behind the Rafizi-Khairy rhetoric: The real truth about our student loans Malaysia Chronicle Whether free education is the right alternative, it is still open to debate. But the issue at hand is - PTPTN, in its current form, is not sustainable. We as Malaysians need to clearly define the matter at hand - it is not that PTPTN are to be ... |