Having poor credit as a student isn't necessarily the end of the world, and shouldn't stop you from getting the education you deserve. Fortunately, banks and financial institutions recognize the fact that students aren't suppose to have stellar credit, and offer poor credit student loans as a forgiving option to those in need. Here are several ways you can get a college loan with bad credit:
* Ask a friend or family member to co-sign with you. Virtually anyone you know with a good credit rating can help you get a loan you want with favorable rates and terms, despite your poor credit rating. Be aware that if you default on a loan that you've co-signed with someone, the other party will also be held responsible for repayment.
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* Contact your local bank that you hold a savings or checking account with. In many cases, they will still lend to you, especially if you have a good reputation with them. You can also constant other private lending institutions. They may lend to you if you have bad credit, however the interest rate may be higher. Be aware of the terms and conditions before accepting a loan this way.
* Consider applying for a combination loan that can consolidate existing loans while applying for an educational loan at the same time. These loans can sometimes have very low interest rates due to their nature; however you may have to acquire a co-signer in order to qualify for a lower rate.
* Before applying for a higher interest private loan, fill out a FAFSA form and apply for a Stafford or Perkins loan. The Perkins loan is great for those with bad credit because there is no credit check involved. It is a low interest, federally sponsored loan that both graduate and undergraduate students can apply for. Loan amounts vary from $1,000 to $4,000 per semester, and don't exceed $20,000 in overall amount. Each loan type comes in subsidized or unsubsidized flavors, and you can apply for either or both. Both the Stafford and Perkins loans will generally always be a lower interest rate than an alternative loan from a private bank or institution, and are much easier to consolidate once you've graduated. Always choose these options first before trying anything else.
* Check the World Wide Web for low interest offers from large banks like Wells Fargo or Bank of America. Often times you can find great deals and incentives for student loans, regardless of your credit rating. Using the power of the internet you can quickly compare rates and terms that best fit your needs at the time.
* If you happen to be in a health major you can apply for a health related loan, such as the Nursing Student Loan Program, or the Primary Care Loan Program. These loans are low interest offers that don't require a credit check. The Nursing Student Loan Program offers up to $4,000 per school year with a 9 month grace period for nursing students that qualify. The Primary Care Loan Program is a non-credit based loan for those pursuing medical degrees. This loan offers a much greater amount per year with a 12 month grace period.
As you can see there are a number of funding options for students regardless of their credit rating. As always, read the terms and conditions before applying for a new loan. There are many organizations that can scam you into a high interest, high fee loan that can take a very long time to pay off. Be smart and manage your debt wisely.
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