For all who are in the situation of having bad credit and want to further their education there are a few things that you should know when trying to get a student loan, with that dreadful bad credit following you around like a black cloud. You may be able to find “Bad Credit Student Loans”, but I’m sure you will be paying a higher rate or you may have to find a co-signer with good credit. Good luck with that one. I can guarantee you that you can’t afford to pay a higher rate with already having bad credit.
There are some lenders who will give you a bad credit student loan, just to add on to your already “jacked up” credit. Sorry, but it’s about having a realistic view. Now I know that you want to further your education, so let’s move on to those lenders who are willing to add salt to your already open wounds. I know my words may be harsh, but we all have to live and learn from our mistakes. If you apply to multiple lenders I’m sure one of them will possibly offer you a bad credit student loan depending on your personal situation. Here are a few lenders that may cater to your situation.
The first is Chase; Chase has always been a reputable lending house, so chances of you getting ripped off are minimal but that doesn’t mean your rates are going to be lower, because remember, you’re still a credit risk. With Chase it’s just less of a chance of you getting ripped off. Chase won’t look at you with a blind eye because of your bad credit, but believe me when I say they are not going to look at you with eyes wide open either. Everything comes with a catch. Chase will give you a bad credit student loan, but…you need a co-signer. How about that! Now if you’re lucky enough to find a person to co-sign for you and take a chance on you, then you’re good to go. Another lender is Wells Fargo. Wells Fargo has great information on their website.
Keep in mind this is a private lender, so you will need a co-signer for sure. Now in my research, I found out that even though you have a co-signer, it still doesn’t mean you will get the bad credit student loan, but you should still have to apply to find out. Wells Fargo does state on their website that “after making the first consecutive 24 payments on time and meeting certain credit requirements, the student can request to remove the co-signer from the loan”, that way you are proving that you are maturing and being responsible. They are going to make you work for those statuses for sure. Astrive is another lender that will consider giving you a bad credit student loan, but with all student loans, they require a co-signer.
Now for a bit of good news, Astrive gives a better rate for credit worthy co-signers when they are on the loan with the borrower. So if your co-signer has it going on with their credit, that can be a good thing for you. There is a chance that if you are denied a loan, that it may be conditionally. If you go to Astrive’s website, they state that “if you apply for an Astrive Student Loan on your own and you are conditionally denied you can add a credit worthy co-signer within 60 days, you won’t have to fill out the entire application again”.
The last lender is Citibank, they claim that they have several options; let me say that again, several options available to get a competitive interest rate on a student loan and this would be especially important for bad credit student loans. Now when I say, bad credit student loans; “student” being the imperative word. Anyone that goes to a college or university is considered a student. Like myself for instance, I went back to school when I was 40 years old, yes indeed that was on my “bucket list”.
I didn’t have a parent to get the loan for me, or even a co-signer. At Citibank if the parent is denied for a Federal Plus Loan, students can also apply for a private loan like the City Assist Loan. For the City Assist Loan you don’t need your Parents to fend for you, or in my case, my spouse, whose credit was just as bad as mine; you can fend for yourself because it is credit based. They do add that if you do use a credit worthy co-signer it can make your rates look that much better for you. So it’s up to you, do your research and see what the best option for you is.
Here is one that I applied for with having bad credit, which is FAFSA (Free Application for Federal Student Aid) is the way that I went and thank God for FAFSA or I would have been totally in trouble! FAFSA is a need based loan, so if you have bad credit you can apply for this loan. I applied on line, filled out the questionnaire about my financial situation which was little to none! So let me tell you, if I can do it and get it, then you can do it and get it. That’s what FAFSA is for, people like us. Keep this in mind FAFSA is given on a first come, first serve basis so don’t wait too long.