Many people face the challenge of how to get a better education that will lead to a higher-paying job, yet don’t have the money to pay for that education. If you have faced this problem, you’ve probably looked into getting federal a student loan with bad credit. However, unless you are an undergraduate student straight out of high school, you need to have decent credit to secure this type of loan.
How to get a student loan with bad credit is a frequent question for adult learners. Non-traditional students who have been trying to build a career or family may suffer from bad credit due to years of low-paying work, credit card debt, divorce, or bankruptcy. If this applies to you, here are some tips that will help.
How to Get a Student Loan with Bad Credit
- Determine how much you need to borrow. Have you already met with your financial aid counselor to find out how much school will cost? If you are an adult learner and plan on attending classes at night or on the weekend or plan to enroll in an online program, you can usually take fewer classes to lessen your financial burden. Find out how much you need to get you through the entire program so you have an idea of the size of loan you will need.
- Look at non-traditional loans that do not check credit scores. You can find these options online. Make sure you find out what the interest rate of the loan is, how much you can borrow, and when the loan needs to be paid back.
- Compare your options. You might be tempted to jump on the first loan you find that does not check credit. However, keep in mind that there is more than one option available to you and that you have choices. Find a few different loans that suit your needs, then compare terms to find the one that fits best.
- Follow the instructions. Most online loans will require you to fill out a form. Make sure you fill it out entirely and then have a friend or family member review it to make sure you haven’t missed anything. Keep a record of when you turn in the form so you can follow up if you don’t get a quick reply.
- Wait for your loan money before you enroll in classes. The last thing you want to do is enroll in classes and then find you don’t have the money to pay for them. Wait until your loan is approved and you have the money to enroll.
How to get a student loan with bad credit doesn’t have to be a question that prevents you from getting a higher education. There are online loan options that can help you go back to school so you can get the job of your dreams.