Bad Credit Student Loans - Info You Need To Know

Many students plan on attending college. Arranging financing can be a very stressful time. When a student has bad credit, it can add to the stress.

A student with good credit should not have any problem finding the financing that he or she need, while a student with bad credit may find it to be very arduous. The U.S. Department of Education offers several different student loans so that every student is given the opportunity to attend college, there are different qualifications for each of the loans, and some do not conduct credit checks.

Federal student loans were developed to assist students with the rising costs of higher education. The financial guidelines have fewer restrictions than those of private lenders. The only way that a student can be turn down for a federal loan is if they have defaulted on a federal loan in the past. A student with bad credit cannot be denied for that reason. A Stafford loan is one of the most popular student loans because the process of credit checks is omitted. It is assumed that the student is going from high school into college right away, therefore they will have a very limited credit history if any at all. A Perkins loan is similar to a Stafford loan, the only difference being that a Perkins loan is granted to students who need it the most.

Another type of student loan that is available is called a PLUS loan. This type of loan is available to parents of the student with bad credit as long as the parents have better credit than the student. Since parents assume some of the cost of the tuition, the PLUS loan covers what the parents would have to pay.

A federally funded bad credit student loan is an option for many students. However, if the field in which you choose is one of medical or the practice of law, you may want to consider a private lending institution. They are more likely to grant a bad credit student loan because of the field that you have chosen.

Depending on the field that you choose, it may be necessary to apply for several of these loans to cover the cost of tuition. It is important to remember that a bad credit student loan usually comes with a very high interest rate. Therefore, it is in your own best interest research all of your options before you make your final decision.


By Alan King

Check Out the Related Article : A Student Loan Can Help You Afford College

Applying Online For Student Loans - Why, Where And How?

After graduating high school, most of us have some confusion regarding our further education.

It is never an easy decision, attending Universities. Universities are expensive, although you can take out a loan, it will take years to pay back even if you become extremely successful with the career choices you make.

Today, large numbers of lenders are available in market to offer you college loans. Due to increased competition, some lenders are offering attractive student loan packages even with various liberties in repayments like payment holidays. That’s why students are advised to make a research on their own before finalizing a deal.

You can use Internet to search for private student loan as well as government student loan.

WHY apply online for student loans?

1. Online student loans are affordable with very low rate of interest.

2. They are unsecured, so your home equity or retirement accounts are never at risk.

3. They are very easy and fast, require no government forms and no deadline and quick approval.

4. Online student loans give you chance to earn on your investments and savings.

5. Require no paperwork.

HOW to apply online for student loans?

You can apply via lender or can directly login to the website, and can apply for an online student loan.

If you are a graduate, you will be asked to provide the following information:

1. Information , name and address of the applicant.

2. Two Personal references.

3. The Balance and rate of interest of your current student loans.

4. Your choice of online student loans payment plan.

As a conclusion online student loan are easy, less time consuming, need no paper work and offer you student loan with competitive interest rate. However it is recommended that you make a thorough research online to choose the best deal.

By Oliver Turner

Check Out the Related Article : A Student Loan Can Help You Afford College

Student Loan Debt Consolidation - An Overview

There are a number of student loans and can be categorized into two main types: Federal Student Loans and Private Student Loans. The Federal student loans are disbursed through the US Department of Education's Federal Student Aid programs, and are the easiest to obtain. The private student loans are obtained from standard lending institutions and banks, among others. You can use both types of loans to fund your education, but when it comes to your Student Loan Debt Consolidation, never mix up the two together.

Start by consolidating your Federal student loans first. The benefits of student loan debt consolidation of your Federal loans is that:

• The rate of interest is lower

• It reduces your monthly payments as the term of loan repayment is increased to 30 years, depending on the loan balance

• The repayment is consolidated to a single check payment each month.

You are eligible to go for your student loan debt consolidation of your Federal loans when you are not enrolled in school any longer; you are actively repaying your loan or are in your six-month post-graduate grace period; you have a minimum loan amount of $10,000.

The reason why you should never mix up the Federal and private loans during student loan debt consolidation is that the interest on Federal loans is tax deductible; you can defer payments when you go back to school; and the loan is forgiven for certain types of service. Private students loans do not have these advantages as they are treated just as normal loans. Mixing up the Federal and private loans during student loan debt consolidation makes you lose all the benefits of the Federal loans consolidation.

Go for student loan debt consolidation to lower your debt burden, as once you have graduated you have to start paying back your loans.

By Gibran Selman


Check Out the Related Article : A Student Loan Can Help You Afford College

Applying Online For Student Loans - Why, Where And How?

After graduating high school, most of us have some confusion regarding our further education.

It is never an easy decision, attending Universities. Universities are expensive, although you can take out a loan, it will take years to pay back even if you become extremely successful with the career choices you make.

Today, large numbers of lenders are available in market to offer you college loans. Due to increased competition, some lenders are offering attractive student loan packages even with various liberties in repayments like payment holidays. That’s why students are advised to make a research on their own before finalizing a deal.

You can use Internet to search for private student loan as well as government student loan.

WHY apply online for student loans?

1. Online student loans are affordable with very low rate of interest.

2. They are unsecured, so your home equity or retirement accounts are never at risk.

3. They are very easy and fast, require no government forms and no deadline and quick approval.

4. Online student loans give you chance to earn on your investments and savings.

5. Require no paperwork.

HOW to apply online for student loans?

You can apply via lender or can directly login to the website, and can apply for an online student loan.

If you are a graduate, you will be asked to provide the following information:

1. Information , name and address of the applicant.

2. Two Personal references.

3. The Balance and rate of interest of your current student loans.

4. Your choice of online student loans payment plan.

As a conclusion online student loan are easy, less time consuming, need no paper work and offer you student loan with competitive interest rate. However it is recommended that you make a thorough research online to choose the best deal.

By Oliver Turner


Check Out the Related Article : A Guide to Applying for College Loan

Consolidating Student Loans

One of the most convenient ways to finance education is through student loans. However, student loans like all other loans have to be eventually paid back. After graduation you might find that the loans have accumulated and are hard to pay back. In such an event, you may consider consolidating your student loans. You can lower your monthly payments as well as save money with student loan consolidation.

Why should you consolidate student loans?

By consolidating student loans, you can combine all your loans together into a single loan. The benefit of student loan consolidation is that you will have only one lender and one payment to deal with. It will also give you the opportunity to lock in a low interest rate, which can save you hundreds of dollars over time.

What would be the cost of consolidating student loans?

When you consolidate your student loans you can bring down your monthly payments considerably, by as much as 60 %. The only drawback is that you may end up paying a larger sum of money over the life of the loan. Before consolidating your student loans, take time to evaluate the interest rate and loan terms. Shop around and compare lenders.

There are several Federal Loans eligible for Student Loan Consolidation. Many federal student loans already have a low interest rate. However, you may be able to achieve a lower payment by consolidating student loans. Below is a list of list of federal loans that typically qualify as student loan consolidation:

Federal Stafford Loans

Federal Direct Loans

Federal Perkins Loans

Federal Supplemental Loans for Students (SLS)

Federally Insured Student Loans (FISL)

National Direct Student Loans (NDSL)

Federal Parent Loans for Undergraduate Students (PLUS)

Loans for Disadvantaged Students (LDS)

Auxiliary Loan to Assist Students (ALAS)

Health Education Assistance Loan (HEAL)

By William Brister


Check Out the Related Article : A Guide to Applying for College Loan

An Overview of Student Loan Debt Consolidation

A student loan debt consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment. The repayments of a student loan debt consolidation loan can be significantly lower than the payment required under the standard 10-year repayment option. Under the Federal Family Education Loan (FFEL) Program, banks, secondary markets, credit unions, and other lenders provide the student loan debt consolidation loan. Under the William D. Ford Federal Direct Loan (Direct Loan) Program, the federal government provides the student loan debt consolidation loan.

Most federal education loans are eligible for inclusion in a student loan debt consolidation loan, including subsidized and unsubsidized Direct and FFEL Stafford Loans, SLS, Federal Perkins Loans, Federal Nursing Loans, and Health Education Assistance Loans. However, private education loans are not eligible for inclusion in a student loan debt consolidation loan.

To find out which loans can be included in a student loan debt consolidation loan contact the Direct Loan Origination Center's Consolidation Department if you’re applying for a direct student loan debt consolidation loan. Contact a participating FFEL lender if you’re applying for a FFEL student loan debt consolidation loan.

It is worth noting that you are still eligible for a student loan debt consolidation loan after you graduate, leave school, or drop below half-time enrollment. You can also get a student loan debt consolidation loan while you're in school. You must, however, be attending at least half time and have at least one Direct Loan or FFEL in an ‘in-school period’ which generally means that you have been continuously enrolled at least half time since the loan was disbursed. There are a number of conditions that need to be met for you to qualify for a student loan debt consolidation loan, especially if you are delinquent or in default and your loan holder will be able to give you all the necessary information.

If the same holder holds all the FFEL loans you want to consolidate, you must obtain the student loan debt consolidation loan from that holder, unless you haven't been able to get a loan with income-sensitive repayment terms that are acceptable to you. To be eligible for a William D. Ford direct student loan debt consolidation loan, you must have either a direct Stafford subsidized or unsubsidized loan that will be included in the student loan debt consolidation loan or have at least one Federal Family Education Loan (FFEL) program Stafford subsidized or unsubsidized loan.

By Angela Rogers


Check Out the Related Article : A Guide to Applying for College Loan

American Student Loan Offers

If you're American citizen and about to enter college or university then you most likely will need to find some sort of financial aid or student loan. These opportunities are abundant for American citizens attending college or university and there are many available options to consider.

One form of student loan is a federal student loan which is funded by the government and often the best form of it to receive. It's typically offers the lowest interest rate out of the student loan options and it's the most difficult form of financial aid to secure in the US.

If you aren't approved for a federal loan then the next best viable option is a bank loan which is a regular loan but geared for students in some ways. These types will enforce a higher interest rate though, but there easier to receive.

Your last option is to look for a student loan from a private alumni or organization offering the service. Many private organizations offer student loans but interest rates are exceptionally high. You could however look for a state or local scholarship which would help cover some of the expenses from the academic year.

When shopping for a student loan the best American student loan offer is a federal student loan. However if you're not approved then you need not waste anytime in finding the next best available option in your circumstances. Often receiving a student bank loan or alternative loan from a private organization will be your next best bet.

Don't wait until it's too late for finding financial aid because the longer you wait the harder it becomes to find. You need to take precaution when choosing your student loans as well and make sure that the interest rate isn't too high. Take time to research student loans before applying and you'll be usually fine.

By Scott Jack


Check Out the Related Article : 5 Benefits of Student Loan Consolidation

A Student Loan Can Help You Afford College

A lot of times a student doubts they can't get into college, nor continue with college, only because they can't afford the tuition. But many can't get funding because they just don't have a good credit rating, or perhaps their parents lack good credit.

There is however something known as a bad credit student loan, which may help students pay for tuition, as well as books and living expenses. This type of loan is most likely easier to acquire than other kinds of loans for those with less than stellar credit.

One reason it is easier to get this sort of loan is because it will be used for education. The lenders know that once the student graduates, they will likely get a well-paying job, and will be able to pay the loan back.

Of course the interest rate will be higher with a bad credit student loan, but if a student really wants to attend college to ensure a great future, then they shouldn't hesitate to obtain this loan. Also, many of these loans have flexible repayment plans, so it won't be that hard to pay them off.

If a student is having trouble getting a loan on their own, they can find a cosigner to help. The cosigner doesn't have to have flawless credit, but they will be responsible if the loan can't be paid back. So the student should make sure they keep track of the payments being made.

The prospective college student should not be dismayed if they can't afford school. A bad credit student loan can be obtained with little trouble. But students should look into possibly getting grants or scholarships first before checking into getting loans.

By Jim Konerko


Check Out the Related Article : 5 Benefits of Student Loan Consolidation

A Guide to Applying for College Loan

College loans are the most affordable option to pay for school. The two biggest benefits of college loans are:

1. Lower interest rates than other student loans

2. Repayment is postponed until you are out of school.

Mainly there are two types of college loans.

1. Subsidized college loan: The government will pay the interest on the loan while you are in school and during deferment and grace periods. However, students must demonstrate their “financial need” to be eligible for a subsidized student loan.

2. Unsubsidized college loan: Student is responsible for all the interest, although payment is deferred until graduation. All students are eligible for the unsubsidized college Loan.

Some reasons why college loans are best :

1. At present, interest rates are at an all-time low, i.e. 3.37%. In school rates are lower, at 2.77%.

2. No credit check or collateral is required.

3. No co-signers or guarantee fee required.

4. Flexible repayment and tax deductions options are available.

5. You can qualify for even lower rates with an Automatic-debit discount of 0.25% plus an interest-rate reduction of 2.0% after 48 consecutive on-time payments.

6. College student loans are eligible for student loan consolidation.

7. You owe no payments while you are in school.

How to apply for a college loan?

Before applying for a college loan you should make a search on your own. For a perfect search you should go to financial institutions and all the student loan companies available in your area. Ask them about their terms and conditions. Consider a student loan with the least student loan consolidation rate. Local search for a college loan is not enough, you are recommended to see websites of student loan companies, which provide better options and then compare your research and choose the best option suitable to you.

By Oliver Turner


Check Out the Related Article : 5 Benefits of Student Loan Consolidation

5 Benefits of Student Loan Consolidation

Are you sick of paying interest on your monthly student loans with no end in sight? Afraid of cash-flow problems that may prevent you from paying your student loans on time? I know I was and there is a solution to this problem. It is called student loan consolidation.

What is Student Loan Consolidation?

Student loan consolidation simply means consolidating all your student loans into a single loan with a monthly payment plan. Effectively, all your previous student loans are written off and a new student loan is created which you have to pay off monthly.

Benefits of Student Loan Consolidation

Here are some of the benefits of student loan consolidation

1. Lower monthly payments

By consolidating all your student loans into one loan, you only need to pay off one loan monthly instead of several student loans monthly. Thus, your monthly payment is lower

2. Pay only one loan monthly instead of several student loans monthly

It is a lot easier if you have to manage only one student loan instead of several student loans with different payment deadlines. Also, sometimes with many student loans, you may ended up forgetting to pay one student loan.

3. Low, fixed interest rate

By consolidating your student loans, you will be able to take advantages of low, fixed interest rates. Currently, by law, student loan consolidation rates cannot exceed 8.25%. Furthermore, national interest rates are at a 40-year low therefore this is a good time to get one.

4. No credit card check or processing fees

No credit card check is required during the application of a student loan consolidation. The payment plans and terms are usually quite flexible in that they can customize it according to your financial standing.

5. Make monthly student loan payment electronically

While it is not necessary to make payment electronically, most lenders will knock 0.25% off your student loan rates if you make payment electronically. Also, using direct debit from your bank account will prevent you from forgetting to make a payment.

Sometimes it can get quite confusing as to the qualification of applying for a student loan consolidation. The official stand from the government is that students who are still in their grace period or who are still studying in school may qualify for government student loan consolidation

The government student loan consolidation nowadays are quite competitive compared to private sector, therefore I would recommend going for a government student loan consolidation. With so many benefits of getting a student loan consolidation, it is quite obvious to save money in the long run is to get one.

By Ricky Lim