How to Get a Student Loan because of Bad Credit

If you want to go to college, but you have no money, take heart - even if you have bad credit. You can get student loans with bad credit if you know how to go about student loan process. 

Start with FAFSA 

Do not assume you can not get a student loan because of bad loans. You may be pleasantly surprised. Go to fafsa.ed.gov, the official website for the free application for Federal Student Aid (FAFSA) application. You will find out immediately if you qualify for a federal student loan. Bad credit will not automatically remove your eligibility for FAFSA application. The primary benefit of a federally funded loan is that you do not have to begin repaying the loan until a period - usually six months - after they graduate. Most degree have found employment in the meantime and can comfortably begin to repay their loans. 

Visit Your College and apply

If you have not already decided where to go to college, make up your mind as quickly as possible. Each school has individual grants and loan funds used to enable more students to attend school there. Again, most colleges ask you whether you have completed your FAFSA, because all lending decisions are based on the information you send in your application. Even with bad credit, a student loans available at your school, especially if you have an impressive grade point average or some other distinguishing characteristics to separate yourself from the group of other students applying to attend college. 

Private Loans

If you have already borrowed the limit on federally funded student loans, or if your bad credit makes student loans from FAFSA unavailable, your school hook you up with sources of private funding. You will pay a higher interest rate on these loans, and you'll have to pay them back faster than a federally funded loan. But you will be able to start college and start earning your way towards the higher income groups, which are only open to college graduates. 

Other grants

If bad credit does a student loans impossible, there are other, more traditional ways to pay for college. One obvious way is to work your way through college by either attend college full time and part-time work or vice versa. Most schools offer some student jobs that can be used directly against the teaching, and these are the best jobs all because you can work on campus and get flexible hours that work with your class schedule. 

Bob B Taylor is a webmaster and publisher of MyPrivateDebt He gives lots of practical advice and reviews about bad debts, including some good ideas on how to get a student loan even with bad credit on its website.