Student loans have always been needed for most students to get through college, but with the down turn of the economy and the rough spot most banks have been through in recent events,loans for students with bad credit and no cosigner are becoming harder and harder to find.
It is not impossible though, so don’t give up hope. We have some tips here of where you can go to apply for bad/poor credit loans. If you have been on the lookout for student loans with poor credit, then give these suggestions a try.
- Talk to Your School’s Financial Office: The people hired in your school’s financial office are there to help students like you. They have a lot of information about poor credit student loans, and if anyone knows where to apply for poor credit student loans, they will. Keep in mind that you are not by any means the only pupil on campus looking for loans for students with bad credit and no cosigner, so make sure to make an appointment and come prepared when speaking with them.
- Contact Your Banking Institution: Most students think they have poor credit because they have a low credit score, but the truth is that most students don’t have bad credit – they have young credit. That is something that can’t be fixed without getting more credit. Your bank knows that. If you need loans with bad credit and are in good standing with your bank (meaning you have no missed or late payments), then contact them and see what they are willing to do for you.
- Look Into Federal Loans: If you followed our advice in #1, then you will already know about the federal loan options as that is undoubtedly the first place you will be sent by anyone working in a student aid financial office. There are some great college student loans with poor credit that you can apply for and be easily accepted for. Loans for students with poor credit and no cosigner is exactly what the Stafford and Perkins loans are. If you can’t qualify for them, you will have a hard time qualifying for anything else.
- Look For Informative Mailers: The banks know that there is a need for college loans with bad credit. They will be all too ready to let you know all about the bad credit loans they have available, and most of these will come in the mail. So, before you trash all that junk mail, make sure you peruse it to make sure you aren’t throwing away your chance to apply for bad credit student loans.
Now that you know where to look for poor credit loans, we want to make sure you know to tread very carefully when you start down this path.
There can be a lot of danger involved in bad credit student loans if they are not taken and used wisely. Make sure you are ready to take responsibility for your actions if you choose to utilize the opportunities you can get through poor credit loans.