Student Loans With Bad Credit

It is possible for anyone even a person with bad credit to get a student loan to pay for continuing education.

The government wants as many people as possible to go to college so it has made a variety of student loan options available for all Americans including those with bad credit. There are also a wide variety of private and school based student loans and financing options available.

Tuition reimbursement

The first financing options everyone should check into for educations are those you don’t have to pay back. Many employers provide tuition reimbursement which pays all or part of your tuition. If you’re working and thinking of going to school check and see if your employer has tuition reimbursement.

Scholarship

Another kind of education financing you don’t have to pay back is scholarships. There are thousands of scholarships available particularly for recent high school and college graduates. Before you apply for a college loan check and see what scholarships are available to you. Even if they only cover part of your tuition they will save you a few bucks.

Federal Pell grants

Federal Pell grants are available to most Americans these are direct grants of money from Uncle Sam to college students. Check with you school’s financial aid office to see if you are eligible for scholarships and Pell grants. Like scholarships Pell grants don’t have to be paid back.

Tuition reimbursement, scholarships and Pell Grants aren’t affected by your credit score. This means that you can get them even if you have bad credit.

Stafford loans and other federally backed student loans are not affected by your credit score. Your school’s financial aid office should be able to tell you what federal loans you can get.

Other financial options

If you’re going back school and you still have student loans from earlier education you might be able to consolidate loans. This means that you can defer your existing student loans and take out a new loan. That way you won’t have to start making loan payments on either set of loans until after you complete all of your education.

Your college may also be able to make a direct loan called a Perkins Loan to you. This a federally backed loan that can help you cover part of your college costs. Many state governments also have loans and financial aid available to students. There are special scholarships and aid available for members of minority groups including African Americans and Native Americans.

The way to find out about student loans and financial aid is to ask. There is a tremendous amount of financial aid and many student loans available to students with bad credit.