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Even With Bad Credit Student Loans Are Still Possible
from:Even for students with bad credit, student loans are still a very real option to get the funding needed to attend two and four year college and university programs as well as to attend specific trade school courses. Since credit scores are often used in determining funding levels for students, it is often assumed with a prior money management problem leading to bad credit, student loans are out of the question. Even with thin credit, which is not the same as bad credit, student loans can be a problem if you are going through a private loan agency or company.
The way to handled problems such as bad credit, student loans with a thin credit or no credit history, is to research and investigate student loan options that are not based on credit scores. There are many different federal student loans that are either subsidized or unsubsidized and are offered by the federal government with no ties to your credit score for eligibility. These loan programs include Stafford Loans and Perkins loans but may also include scholarships, Pell grants and other private grants and bursary programs.
Stafford loans are one of the most common bad credit student loans that can actual prevent students from having to pay interest on the loan provide they qualify for a subsidized loan. Students will still have to pay of the principle or total amount of the loan but provided they follow the payment plan the government will not charge any interest. These subsidized loans are granted based on the student's resources and financial ability to pay back the loan. Students must graduate and will have 6 months in which to start earning a living after graduation before payments start. If students drop down to a part time student or drop out of school the payment process is not deferred as long and interest may be charged.
Perkins loans are another option for bad credit student loans that are subsidized and can be applied for each year. With both Stafford and Perkins loans the amount of the loan is capped, and will not typically be more than $5000 per year, even in senior years. The total amount borrowed under the Perkins loan program cannot exceed $20, 000 per student in total over all education years.
For students with bad credit, student loans through private loaners and companies are likely not an option. Be vary cautious in taking on these loans as they often have very high interest rates, poor payment plans and extremely high penalties. If at all possible students with poor credit should work on rebuilding their credit scores through timely repayment of a federal government loan and displaying credit worthiness before trying to apply for private school loans.
Sallie May Student Loans News
Sallie Mae Comments on Education Debt - MarketWatch (press release)
Sallie Mae Comments on Education Debt MarketWatch (press release) NEWARK, Del., May 24, 2012 (BUSINESS WIRE) -- Sallie Mae (NASDAQ:SLM) , the nation's No. 1 financial services company specializing in education, released the following statement from Vice Chairman and CEO Albert L. Lord following today's annual meeting ... Problem Solver: Customer flunks Sallie Mae on student loan Hundreds protest student loan debt at Delaware Sallie Mae headquarters Protesters to demand forgiveness of student loans at meeting of Sallie Mae ... |
TEXT-S&P takes var rtg actions on 12 Sallie Mae prvte st ln ABS dls - Reuters
 U.S. News & World Report | TEXT-S&P takes var rtg actions on 12 Sallie Mae prvte st ln ABS dls Reuters 63 Ratings Lowered On 12 Sallie Mae Private Student Loan ABS Transactions; Six Ratings Affirmed, published May 26, 2010. -- Standard & Poor's To Explicitly Recognize Credit Stability As An Important Rating Factor, published Oct. 15, 2008. Student loan price war: Banks vs. feds Five proposals to solve student loan crisis When taxpayers assume the risk of student loans |
Fitch: Fixed Rate-Private Student Loans Could Spur Growth - MarketWatch (press release)
Fitch: Fixed Rate-Private Student Loans Could Spur Growth MarketWatch (press release) Two of the largest private student loan lenders have begun offering fixed-rate student loans in addition to their traditional variable-rate products. On May 7, 2012, SLM Corp. (Sallie Mae) unveiled its fixed-rate loan product, with interest rates ... Private Student Loans Are Becoming More Competitive |
Sallie Mae Competes with Feds for Fixed-Rate Student Loan - BusinessWeek
 Business Insider | Sallie Mae Competes with Feds for Fixed-Rate Student Loan BusinessWeek By Janet Lorin on May 07, 2012 SLM Corp. (SLM) (SLM), the student lender known as Sallie Mae, plans to offer its first fixed-rate private loans this month to compete with government-backed loans, which have more protection for borrowers. Sallie Mae Introduces Fixed-Rate Private Education Loan Sallie Mae Will Offer Fixed-Rate Private Student Loans Sallie Mae Offering Fixed-Rate Student Loans |
Sallie Mae Forgives Dead Student's Debt After Media Attention - Huffington Post
 Workers World | Sallie Mae Forgives Dead Student's Debt After Media Attention Huffington Post Her loans were with Sallie Mae, reportedly one of the few lenders that has a death and disability policy -- which allows family members to discharge student loans if they can provide a death certificate for the student. The family contacted Sallie Mae ... Why We Should Worry About A Bubble In Student Loans — Even If It Doesn't Exist US student debt at all-time high |