Have bad credit and need a student loan? Think it might be impossible? Well, it's not. Just take your time and you just might be able to find a loan just for you. At this point, you should have already tried acquiring financial aid through federal loans and state grants. If not, then try these options before you start this venture. Federal loans offer low fixed rates, and the Stafford loan doesn't need a credit check.
These are the best options, just maybe a little heavy on the paperwork. If you go through a private lender, don't accept the first offer, even if your credit is not up to par. These lenders will often compete for your business, which can drive down your interest rate, costing you less money in the long run. Make sure you have all of your financial information at hand, this will speed up the process, and make sure to tell these lenders that you are applying to other companies so they will compete against each other. This process will take some time, so start as early as possible to get the best results. As always, having a co-signer with good credit will also help you acquire a better rate.
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