While most of us think of teenagers fresh out of high school when we hear the words College Student, the reality is that students come from every imaginable demographic. Some of them are married with kids, some of them are working two jobs while trying to stay on top of their studies, and some of them are trying to obtain marketable skills after a downturn in their respective industries. Some of them even have a questionable credit history.
These students need financing, too, and it is not always easy to find it. Though a poor credit history may not be an ideal study partner, there are many lenders who will be willing to work with you to help you reach your educational goals. When looking for a poor credit student loan, you should familiarize yourself with all of your options; from private student loans to non-credit based government loans such as Stafford, Perkins, and field-specific loans.
Federal Stafford Loans
Stafford loans are the most common federal loans; you can reapply every year, as an undergrad or grad student. They can be subsidized and unsubsidized; neither type requires a credit check. The subsidized Stafford is given to financially disadvantaged students, and the government makes your interest payments until you are out of school. The unsubsidized Stafford is not income-based. It is easier to get, but you are responsible for paying all of the interest without governmental help. One problem - both types of Stafford loans tend to be small, and you will likely need to find additional funding.
Perkins Loans
Perkins loans are harder to get, as they are typically given to students who are considered to be significantly disadvantaged, and are available to both undergrads and grad students. Though your credit rating will not be a factor, you will have to demonstrate financial need.
Field-Specific Programs
Many loan programs are attached to specific fields of study, particularly for teachers, doctors, and nurses. These loans have a longer grace period than typical student loans, but they may have additional stipulations regarding the areas in which you will practice, the GPA you must maintain, etc. Once you have decided on a major, make sure to check online and with your student aid office to see if any special programs are available for your field of study.
Private Student Loans
Sometimes there are situations where none of the above options are viable. Perhaps you currently make too much money; perhaps traditional loan programs will not be enough to cover all of your expenses. You may also need money for extras such as living expenses, a laptop or books. If this is your situation, private student loans are an excellent source of alternative or additional funding.
Some well known lenders have long been known for their education loans, and now most major financial institutions have followed suit. Many of these programs are even available through online lenders, which make finding the perfect match even easier. Shop around for the best rates, and be sure that you thoroughly understand all of the terms and conditions.
As you can see, there are many lenders with students like you in mind - you just need to do your homework to find them. Good luck, and happy learning!
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