Poor Credit Student Loans

Posted by admin on June 24th, 2009 at 12:00am

Question:
Can I get any non-government poor credit student loans without getting a co-signer?
I was wishing to buy a home and went into the wrong mortgage person’s hands and now my credit rating is very bad and I was almost at 600. Currently I am also attempting to go back to school but I am worried that no one will issue me a loan with my credit rating the way it is. Does anyone have any recommendations?

Answers:
If you are currently in a financial position of low income you may apply and be approved for a PELL Grant (FAFSA). I would try to go for one regardless of my net income. You can obtain a grant dependent on your income that may assist you in covering a bit of the cost. This is a grant and does not need to be paid back. You can also be approved for unsubsidized and subsidized poor credit student loans. They do not look at your credit to determine their loan amounts. You can send in an application for the FAFSA on the FAFSA website – U.S. Department of Education, and send it on line as well. You can also visit MOHELA on the internet, apply and send in applications for subsidized and unsubsidized poor credit student loans. They put up a list of lenders to pick from. Your credit history does not change your eligibility to get student loans.

I was in the same situation recently. You will need to get a co-signer in order to get a loan while you are not employed and be ready for higher interest while you are in classes.
I got my loan from Chase student loans, since they have the lowest interest. You can receive up to 40,000 per year from such companies and they are totally legitimate. I obtained them from my financial aid advisor at my college.
The belief that you cannot obtain a loan while not employed is not true. I haven’t been employed since I started school and I was able to get a loan and will apply for another one in January.

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