Student Loans Are Getting Denied Due To Bad Credit
Ask any high school senior what their credit score is and they will reply with a Huh? After all this response should be too surprising. Most high school seniors are to busy for trivial things such as credit scores and student loans. Then the flags go up when they find out that do to their poor credit scores they cannot get a standard student loan. This is the point where most students begin to get discouraged.
Instead of giving up do to your inadequate credit it is advised that you approach your close relatives and friends in hopes of finding a cosigner. Normally when you bring up the word cosigner people flee like roaches with the lights on. However most are more receptive when they find out that you are asking for a cosigner for your college education and not a car or something along those lines. Whoever it is that you decide to approach make sure that you have your career plans in hand.
Do not take locating a cosigner lightly. This option is extremely advantageous to you. If you do happen to find a cosigner lender will take their credit history into consideration instead of yours. What this translates out to mean for you is lower interest rates. If a young student has a poor credit rating this may very well be their best option.
Ok its a swing and a miss You give it your best shot and you still cannot find a qualified co-signer. You next best option for a student loan is to contact banks as well as other lending institutions. Your goal by doing so is to find out if there are any alternative methods of financing your education. Many times these lending institutions will have a high interest rate solution. I bet you seen that one coming a mile away!
The good news is that a higher interest rate option isnt as bad as it sounds. In the majority of cases most college degrees take a minimum of four years. This means that you will have time to start rebuilding your credit. When the big day arrives and it is time for you to pay the piper chances are you will be able to refinance your student loan at a lower interest rate.
Theres also another option that you should be aware. Theres a loan called a combination loan what this does is allows you to consolidate all your bad debts and then apply for a big loan to pay everything off. By using the consolidation method chances are you will end up paying a much lower interest rate.
Hold on a second! Stop the presses! I almost forgot about two loans that are primarily geared towards those that may be having some financial hardships. Those loans are known as the Stafford Loan and The Perkins Loan.
As a student taking a step towards college is a huge step. For some this is probably the biggest step that you have taken thus far in your life. The truth is getting financial aide for college is nothing more than a numbers game. If all else fails run to the Internet and do a search for student loans, and free scholarships. Keep applying for every loan and scholarship that you can find. I can pretty much guarantee you that you will be surprised at the amount of money you can come up with.
Instead of giving up do to your inadequate credit it is advised that you approach your close relatives and friends in hopes of finding a cosigner. Normally when you bring up the word cosigner people flee like roaches with the lights on. However most are more receptive when they find out that you are asking for a cosigner for your college education and not a car or something along those lines. Whoever it is that you decide to approach make sure that you have your career plans in hand.
Do not take locating a cosigner lightly. This option is extremely advantageous to you. If you do happen to find a cosigner lender will take their credit history into consideration instead of yours. What this translates out to mean for you is lower interest rates. If a young student has a poor credit rating this may very well be their best option.
Ok its a swing and a miss You give it your best shot and you still cannot find a qualified co-signer. You next best option for a student loan is to contact banks as well as other lending institutions. Your goal by doing so is to find out if there are any alternative methods of financing your education. Many times these lending institutions will have a high interest rate solution. I bet you seen that one coming a mile away!
The good news is that a higher interest rate option isnt as bad as it sounds. In the majority of cases most college degrees take a minimum of four years. This means that you will have time to start rebuilding your credit. When the big day arrives and it is time for you to pay the piper chances are you will be able to refinance your student loan at a lower interest rate.
Theres also another option that you should be aware. Theres a loan called a combination loan what this does is allows you to consolidate all your bad debts and then apply for a big loan to pay everything off. By using the consolidation method chances are you will end up paying a much lower interest rate.
Hold on a second! Stop the presses! I almost forgot about two loans that are primarily geared towards those that may be having some financial hardships. Those loans are known as the Stafford Loan and The Perkins Loan.
As a student taking a step towards college is a huge step. For some this is probably the biggest step that you have taken thus far in your life. The truth is getting financial aide for college is nothing more than a numbers game. If all else fails run to the Internet and do a search for student loans, and free scholarships. Keep applying for every loan and scholarship that you can find. I can pretty much guarantee you that you will be surprised at the amount of money you can come up with.
About the Author:
Before you do anything regarding your bad credit student loan make sure you check out Tim Beachum's website Bad Credit Student Loans website.
posted by Debt Consolidation Loan at
11:38 PM
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