Different Student Loans for Someone with Bad Credit |
| 11/19/2007 6:47:51 AM |
If you want to attend college, but don't have the funds to pay for tuition, consider a student loan. There are many different types of loans, which include student loans for someone with bad credit. Unlike other types of loans that require good credit and steady income, anyone can get approved for a student loan.
Here are a few options available to someone with bad credit.
1. Federal Loans: Student loans for someone with bad credit include Federal programs, which are non-credit based loans. Regardless of credit history, applicants can apply for a Federal loan and receive a low fixed rate and easy repayment terms. What's more, students enjoy a nine month grace period after graduation. This gives them enough time to find employment and adjust to life outside college.
2. PLUS Loans: Student loans for someone with bad credit also include PLUS Federal loans. This loan is a little different from traditional student loans. While the funds are used to pay for a student's tuition, the main difference is that parent's apply for PLUS loans. Thus, parents are responsible for repayment. Although student's aren't required to have good credit, parents must have a satisfactory credit history.
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