What are my student loan options?

Question

ok so im going to be a junior this year and i couldn't get a student loan due to bad credit. Parent plus loans, and other means of financial aid are out of the question since most require repayment right away and some done give enough money. My parents can't take out a loan also due to bad credit. Reason i have bad credit is that i fell two months behind on my credit card payment. I made my account current last month. How long does it take for the credit beareu to fix everything so i can get approved for a loan and or do i have any options because i can't afford to not go to school.

Anonymous · Accepted Answer

Federal student loans (Stafford Loans) do not require you to have a cosigner or pass a credit check.  The interst rates are FIXED and half that of any private student loan.

Without a cosigner with awesome credit you will never be approved for any private student loan so trying to fix your credit score (something that takes years to do anyway) won't help you.  Even with stellar credit, you will STILL need a cosigner for a private student loan.  Sorry.

The best thing YOU can do is find a school that costs LESS than what you can borrow in federal (no cosigner needed) Stafford loans.  There are TONS out there... dependent juniors can borrow up to 7,500 a year.  My local school costs less than 3,000 a  year but many schools are even less than this.

If your parents apply for a parent PLUS loan and get denied (due to bad credit) you can borrow a couple thousand over the 7,500.... something to think about...

? · Answer

As you state if your credit is not bad since long last so there is only way to get loan is just repair your  repair your credit.

? · Answer

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What are my student loan options?

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