With all the credit card companies aggressively marketing to a younger and younger market, it is no wonder that more and more students have bad credit. The government should consider instituting a nationwide directive where high school students are required to take a mandatory course in personal finance and credit. Ignorance is the biggest problem, and by ignorance I mean people just do not know how these things work. A lot of the bad credit out there would never have been created if people knew what the true ramifications of having bad credit and we are. Since bad credit untouched to last for several years it is important to learn the easy way and not through experiencing bad credit firsthand.
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For students dealing with poor credit and looking for a loan, it is just another thing to add to an already large pile of responsibility and worries they have to deal with. Your five steps to help get student loans for people with bad credit:
Step one: assessing your bad credit
How bad is your bad credit really? This is a question that few people ask in even fewer can answer. Bad credit is not specific enough in the half to look at your credit to see where you really stand before you adopt the term bad credit. You are allowed to access your credit report for free once a year and should do this every year. Mistakes get made and sometimes we do not even realize that were being evaluated unfairly when trying to borrow for a loan. Protecting your credit is like money in the bank, and cost considerably more to borrow you have bad credit compared to good credit. If you find something on your credit report that is not accurate, contact credit reporting agency with proof to have it removed.
Step two: apply for grants first
Some students do not even consider applying for a grant because they think that there is too much competition. Go get me wrong there is a lot of competition, but sometimes you may qualify because the competition in your area is not as intense. Federal grant statistics are often quoted in national terms which can be misleading if you are applying in an area that may be below the average. Pell Grants are a federal program for students in financial need and may not cover your entire school cost but will reduce it. Two advantages to Pell grants is that there is no credit check required and grants do not have to be repaid. Research other possible grants offered by corporations and foundations. Apply for everything that makes sense as many students that get grants know it is a numbers game and they are willing to work for it.
Step three: apply for subsidized loans
Regardless of whether you get a grant if you need more money apply for subsidized loans. Federal Government offers subsidized loans to qualified applicants called Stafford loans. The beauty of this is they do not require a credit check interest-rate charged on the non-subsidized portion of the loan is a low rate. Check out cheapest student loans for the lowdown.
Having bad credit whether you are a student or not do not mean you can not apply for credit. With a little patience and some work is a real chance the goal of getting student loans for people with bad credit can be realized. Always consider consulting and professional who is unbiased before acting on any advice or committing yourself to any financial obligation.
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