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Bad Credit Student Loans
Feb 24th
If you are just now deciding to go to college you may be discouraged because you have bad credit. Students with bad credit usually have a harder time applying for and qualifying for loans. This is understandable because lenders are in business to make money and want to make sure that the people they lend to have the ability to pay it back. If you fit in the bad credit category don’t worry there is likely still a way for you to get a loan.
After being denied for a good loan your next step should be to go to family members and ask for a co-signer. If your mom, dad, brother, grandma, etc has good credit and is willing to co-sign for a loan then you will likely not have any trouble at all securing a loan under good terms.
Once you are able to get a good co-signer the student loan applications should go fairly well and you will likely get approved. One of the great benefits aside from being approved is that you will get a very low interest rate as well.
Another option for students with bad credit looking for student loans is to contact banks and other lending institutions and ask if there are other ways that you can finance your education. Many times they will have alternative plans for students with bad credit. The downside is that they will likely charge you a higher interest rate.
This isn’t as bad as it sounds however. Since college usually takes four to five years you will have time to rebuild your credit history and when it is time to pay off your loans you can likely refinance them at a lower rate. And since you will have a better job it will be that much easier.
Another option at your disposal is to apply for a combination loan. Combo loans allow you to consolidate your existing debt and then apply for one big loan to pay all of it off. Most of the time consolidating loans will help you pay a lower monthly rate as well as pay on time. If you qualify for a combo loan you can usually go to school and repair your credit history.
In case you missed it you should also apply for Stafford and Perkins loans. They are usually relatively easy to get if you have financial need. They are great because they usually have low interest rates and if you meet the qualifications then you will get it.
The number one thing to realize when applying for a student loan with bad credit is that if you keep applying you will get the resources you need at some point. There are so many different loans, loan companies, grants, and scholarships that if you are persistent you will at some point get what you need for you to go to college regardless of your current bad credit.
About the Author:
Bob helps high school kids who are looking for a bad credit private student loan so that they can pay for school. He also shows students how to secure and find student loans for bad credit through private lenders, when necessary.
Average Student Loan Debt
Feb 24th
The average student loan debt depends on the institution and the course which the student is studying. The National Post-Secondary Student Aid Study has calculated the following statistics for average student loans for the academic year 2003-2004.
Twenty-one percent of the students attending certificate courses at community colleges had borrowed loans at a median average of $5,307; while 78% of those attending certificate courses at private schools borrowed at a median average of $5,705. These figures show that the number of student borrowers at the private schools was marginally higher than the number at community schools. Among the associate degree students at community colleges, 28% had borrowed a median average of $5,879.
The statistic among bachelor’s degree students was still higher. For the four-year bachelor’s degree course at public colleges, 58% of students borrowed at a median average of $14,671; while at private colleges, 69% borrowed at $17,125.
For the four-year master’s course at public colleges, 48% of the students were borrowers with a median average of $26,119; while at private colleges 73% students were borrowers with a median average of $29,000.
For specialized courses like doctorates and professional courses, the student debt was exceedingly high. 48% of the students undergoing doctorate courses at various institutions borrowed an average of $44,743 last year. 89% of the students opting for four-year professional courses at public colleges borrowed an average of $63,500 and 81% of the professional courses students at private colleges borrowed an average of $71,317.
These figures show that as the academic level goes higher, the average student loan debt also goes higher. The expense of professional courses such as medicine and law are very high and therefore, students also borrow more. Almost all students appearing for professional courses fund their education via some or the other student loan facilities. Another observable factor is that students studying in aided public schools and colleges borrow less and the number of borrowers is also less than at private schools.
Student Loan Debt provides detailed information about student loan debt, student loan debt consolidation and more. Student Loan Debt is affiliated with Debt Consolidation Loan Online.
About the Author:
Max Dellamy is an insightful author on the topic of student loans and finances http://EzineArticles.com/?expert=Max_Bellamy. If you would like to learn an overlooked secret about paying off student loans checkout The Secret to Paying Off Student Loans Quicker today!