Bad Credit Private Student Loan - What Are Your Options For Funding?

By Gressly Stevens

Are you a student in need of money to help you through college, but you know your bad credit is going to be an issue? If you need more than you are able to get through standard financial aid, then you are probably searching for a bad credit private student loan and having very little luck. This is because these types of loans are hard to find. Here is some information that will help guide you towards the loan money you need.
First, you always have the option of getting a grant. This would be the pell grant and you would go directly to your financial aid office to find out if you can qualify or not. You also can use regular government student loans without any credit restrictions to help you pay for school. If you have not yet explored these two options, then you should start here by talking with your financial aid department.
Second, if you still need a bad credit private student loan because the first two options are not enough, then you can look into different banks and lenders that will work with your school. This might require another trip to the financial aid office and they can also give you an idea of what you are looking at as far as how much you might qualify for. Check it out first and if it sounds like something you can work with, then apply and see what happens.
Last, if you need a bad credit private student loan you always have the option of a co signer. This scares many people because it usually involves asking someone you are related to if they are willing to help you by co signing on a loan with you. However, this is a better loan for you and your co signer because you do not have to start paying until 6 months after you finish school and if you get in any financial trouble you can use the deferment and forbearance to keep it from hurting your credit.
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