Jack Frandera

Even with bad credit, it is possible to get the money you need in order to go to college.

The Free Application for Federal Student Aid is the first thing you need to fill out. This is more commonly called the “FAFSA”. While the application itself is long and seemingly complicated, it is not as bad as you might think and it will be worth all of your efforts.

When you submit a FAFSA, you are applying for the Federal Stafford Loan. This loan is given to those who have a small income and it has a low interest rate. No credit check is involved with getting it. In order to receive it you have to be able to prove citizenship and financial need and you can’t have a former Stafford Loan in default.

Next, apply for a Perkins Loan. Perkins Loans are given to students who can demonstrate a real financial need. They are funded by the college as well as the government. Perkins Loans are given out on a first come, first served basis, so don’t waste any time in applying for one!

More often than not, the money received from these loans will not pay for everything you need so you should be prepared to apply for a private student loan. These DO require a credit check so if you have bad credit, you must have a cosigner in order to be approved.

A cosigner is someone who allows you to use their good credit to get a loan. If you are able to get a good cosigner, then you will be able to get your money for school. Choosing someone whose credit score is nearly as bad as or even worse than yours won’t help you. The loan companies don’t add credit scores together; rather they will literally be using the other person’s credit score as a basis for giving you a loan.

When someone cosigns for you they are literally accepting responsibility for the repayment of your loan if you do not make timely payments or if you default on your student loan. They take the risk of ruining their credit if you shirk your responsibility, so don’t shirk it! Keep that person in mind and always make timely payments.