Bad Credit Student Loan - What To Do If You Need One
Are you concerned that bad credit will prevent you from going to college? While it is true that finding student loans with excellent interest rates is easier if you have a sterling credit rating, bad credit student loan aid is possible. For example, the most popular US Department of Education loan, the Stafford loan, assumes that most applicants will be going to college straight from high school, and will not have a credit rating yet. Therefore, Stafford loans do not even consider the credit rating a factor when it comes to qualifications. The same holds true for Perkins loans, which are federal loans designated for the neediest students. The only reason bad credit would interfere with these kinds of student loans are if you have defaulted on a federally granted student loan in the past.
Bad credit student loans are also possible if your parents have better credit than you do. In this case, a PLUS loan, which is granted to parents and not to the student, might be the way to go. US Department of Education student loans (like Stafford and Perkins loans) assume that the parents will pay for a certain amount of their children’s schooling; PLUS loans are intended to cover the amount that the parent is obligated to contribute toward college costs.
Federal funding is a good choice for a bad credit student loan because they are specifically designed to help make college more accessible; therefore, their requirements are much looser than those of most banks and other lending companies. However, if you are unable to secure a US Department of Education student loan, you may need to turn to private loans. If you are planning to graduate in a field with a high earnings potential, like law or medicine, you might have a better chance of receiving a bad credit student loan from private lenders.
None of these choices are either/or possibilities, by the way. You may be able to put together enough money to finance college through a combination of any or all of the above types of loans. Moreover, even if your bad credit student loan is at a very high interest rate, all is not lost. Many student loans defer payment until you have finished college, giving you time to improve your credit rating. At that point, you might want to look into ways to consolidate your student loan at a better rate, lowering your payments to a more affordable level.
Mark Kessler’s website offers a comprehensive free resource of college financial aid for Consolidating Student Loans, as well as… Alternative Student Loans, ACS, Bad Credit Student Loan, US Department Of Education Student Loans, including a variety student loan articles… ==>http://studentloans.seeking411.com
ran said,
January 31, 2007 @ 4:20 pm
“The times, they are a changing’,” said Ran Elfassy, founder of the United Graduate Debt Program, “and what could be more timely or more inspiring for a struggling graduate, launching their career? For a select few graduates from all over the world, we’re going to free them from the burdens they took on in getting an education… This is going to be great. It’s going to make such a difference for some people.”
United-GDP is a new initiative—history in the making—that gives select graduates a fresh start. Gathering funds from around the world, be they casual shoppers or just the caring and sympathetic, United-GDP will send a lifeline to graduates who have been out of school for at least 2 years.
“The issue of graduates already drowning in debt is a monster of a problem,” added Ran, “going beyond the pale of what’s fair or sustainable. For many graduates, the next generation of vital professionals to support and provide for older and younger generations, they will enter their work-life with huge debt loads, sums that could follow them for decades. How demoralizing is that?”
The United Graduate Debt Program hopes to change lives, inspire many, and cause amazing stories of growth and contribution. United-GDP will pay off the greatest chunk from select-graduates’ student loans, and the program founder hopes that anyone receiving such a gift would then be so greatly inspired that they’ll give back to the community in significant ways.
“It’s really a win-win situation,” said Ran. “The lucky graduate wins because he or she gets to shrug off the major burden they had to assume in order to complete their studies; the community wins because they get inspired workers who may very well give back in unexpected, inspiring ways; and visitors who support the site win by enjoying some great deals and the opportunity to make a difference in people’s lives. Sure, we just launched the site and it’s in the ‘beta’ phase, but we’ve got great ideas to make this thing fly.”
Students, graduates, and the greater public are invited to visit the site and get a feel for what’s being offered.
“The submission period is now open,” said the founder, “so anyone who graduated at least 2 years ago or longer has a shot at getting picked.” After the site logs 1000 submissions and the submission period closes, a review board will pick the top 16 candidates. After that, the collection period will be open.
“It makes no difference what country you’re from,” continued the young entrepreneur, “or how much you owe. The point is to help people facing years or decades of student-loan debts. After we receive the first batch of submissions and the first group of lucky graduates are chosen, we’re going to do our best to pay off their student loans. This is going to be so great,” he said, “we’re very excited about making such an amazing difference in some people’s lives.”
For more information or to arrange for an interview, please contact:
Ran Elfassy
Founder
United Graduate Debt Program
Hong Kong
Mobile: +852 6256 4353
e -mail: contact.united.gdp@gmail.com
Marina said,
February 3, 2007 @ 8:21 am
What role in our life is played with medicine? Health of the nation is a priority problem of the government in the field of health protection. WBR LeoP
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