So you want to go to school with bad credit

If you're thinking about going to school and you have bad credit you're probably thinking that you're screwed. Well, if you think that, you're wrong. While having bad credit does make securing a loan for school a little bit harder, there are many other methods of getting money for college that don't require a credit based loan. There are many non-credit based loans that you can get for college from the government that aren't based on your bad credit history.

Non-credit based student loans

Federal Stafford Loans

You can get Stafford loans in two different varieties, subsidized and unsubsidized. Stafford loans are by far the easiest way to get your schooling paid for if you're disadvantaged or do not have enough money to pay for school on your own. Both undergraduate and graduate students with bad credit can qualify for these loans.

So what are differences between subsidized and unsubsidized Stafford loans?
  • A subsidized Stafford loan is only available for extremely poor students. How it works is like other loans, subsidized loans have a principle and interest that accrues each month. Unlike other loans however, the government will pay for that accrued interest for as long as you're in school so that you don't have to pay for it until you graduate.
  • Unsubsidized loans on the other hand, are just like any other loan when it comes to payments for interest and principle. Unsubsidized Stafford loans are available to any student, regardless of their financial standing and can be good for you if you're looking for a non-credit based loan.
So what's bad about the Stafford loan? Well, for most students, the loan amount that you can get from a Stafford loan is fairly small and may not pay for your entire tuition which may make you look into credit-based loans (which can make your credit worse in the long-term).

Perkins Loans

Another option if the Stafford loan isn't enough to pay for your schooling, the Perkins loan provided by the federal government can be what you're looking for. You can get the Perkins loan without a credit check, however, it is much more difficult to get. The Perkins loan is only available to the exceptionally poor students and so not very many people qualify for it. The loan's value is also fairly meager and usually ranges $1,000 - $4,000 per school year.

Nursing Student Loans

If you are student with bad credit looking for a loan and you happen to be going into the field of nursing, you're in luck! A non-credit based loan is available for you that has low interest and a 9 month grace period once you've finished your schooling. You need to be enrolled in the nursing school half-time and prove that you are financially in need of the loan. If you're interested in a nursing student loan, you need to apply at the financial office of your nursing school.

Final thoughts

There are many ways of getting student loans with bad credit and if you're one of those students looking to get to college but are having a hard time getting money, don't give up! Determination and hard work will always be rewarded, and if you keep on looking, you will find a way. Bad credit is no reason to stop you from getting your higher education.

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