Government Options for Student Loans with Bad Credit
Paying for your higher education by using student loans with bad credit can be difficult. Most of the companies that offer student loans are businesses, and they don’t want to take a chance on somebody that has already shown they are not capable of managing their finances and paying back debts that they owe. If you’ve made financial mistakes in the past and are now looking for help paying for your tuition and living expenses, chances are you’re having trouble finding student loans with bad credit.
If your credit score is low, the first place to turn to for student loans is the government. This is because they have financial assistance available for students that is not based on your credit. Be aware up front that you will not receive enough to pay for the entire cost of your education, but you will get some help.
Federal Pell Grant
The federal Pell Grant, although often as student loans for bad credit holders, is not based on your credit, and is not even a loan. The Pell Grant is given to those who fall below a certain income level. If you qualify, you will receive it, regardless of your credit rating. And, best of all, it doesn’t need to be paid back. The income criteria may be higher than you think, so don’t skip applying for it.
Federal Stafford Loans
Stafford Loans are meant to help with – not cover – education expenses. They are available to those who qualify (everyone qualifies for the unsubsidized Stafford Loan, but not necessarily for the subsidized Stafford Loan), and are available to those seeking student loans with bad credit scores. Both provide only a small amount of money, but it is a start, and it is enough to help.
Perkins Loans
The federal Perkins Loan is unique because it is available to undergrad and graduate students. It is available to those looking for student loans with bad credit rating, but only awards $1,000 to $4,000 per year.
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