Student Loans Bad Credit

Posted by admin on August 29th, 2009 at 12:00am

Question:
Student Loans, Bad credit, and without a cosigner. What to do?
Whenever I apply for a student loan, I get rejected. I don’t have great credit and every other person in my family has terrible credit, therefore a co-signer is not an option. I have to work three jobs to pay for tuition which leaves me very little time to study and tired througout my classes, thus resulting in 2.1 to 2.4 gpa every term which means scholarships are not an option either. Not to mention that I have to pay out of state tuition. There is not a single school in my state that offers my focus: Hospitality and Health Management. Also I hate living here and don’t really care for this city at all. I like my out of state college and the state it is in. I considered becoming a resident of the state to get in-state tuition, however, I would have to drop out of school for a year and be employed full time. I do not want to be in school for five or six years and I’m already lagging a year behind and I started in 2003 and I am still considered a Junior, so I will not do that!
. So are there any loans available for a person like me?

Answers:
Often times the best thing to do is what we don’t want to do. If the difference between in-state and out-of-state is relevant , which is typically true, it may be in your best interest to take a year to gain residency. In the grand scheme of things, taking an extra year to get a degree won’t make a big difference in your life twenty years from now.

This may also give you a chance to apply for a federal student loan which doesn’t take your credit history into consideration for approval and they won’t ask a co-signor if you’re an adult.

Federal loans such as the perkins and stafford would be the ideal way to go, you can find additional information about them at http://ed.gov and check out rates and fees of different lenders at websites like http://www.studentloanconsultants.com.

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