When you were late on that car payment or got in over your head with credit cards the moment you turned 18, you didn't know that you could also be signing away your educational possibilities. Many loan companies will refuse to loan money to a student who doesn't have perfect credit. Whether you are going for an associate's, bachelor's or master's degree, there are options available for financial aid even if your credit history is shabby.
Instructions
1. Apply for the FAFSA. That is the Free Application for Federal Student Aid. That's required by your country, state and college. All use that form as a basis for your financial aid availability. If your parent makes a lot of money, the family expectation for student expenses is likely to be higher.
2. Ask for help from the financial aid office from your school once you're accepted. Even if you're afraid to ask while waiting to hear word, don't hesitate to ask for financial assistance once your application has been accepted. Get to know those who are working in the financial aid office. Always be polite, considerate and thankful when dealing with those office workers. Their job is burdensome, and many students get angry at them over issues that are the fault of the banks or other institutions. Give them a break. You want allies in this office throughout your education.
3. Apply at Sallie Mae. This is a reputable loan company, and it has a history of helping out students in need. You want to try here first before resorting to other banks. You're more likely to get a fair interest rate and a reasonable loan amount.
4. Call your local bank. If your family has a history of transactions with a bank, the personal banker who has always helped your family out may be able to get you a loan regardless of your credit history. You want to go to someone who holds a position of power within the bank.
5. Consider a consolidation loan as a part of the college loan. You may be more likely to be approved if you are going to be getting rid of other existing debt. You can take care of two problems at once: Solve your credit issues while getting money for your education.
6. Ask a parent to co-sign for you. If your parent cannot or will not, ask other family members. Ask trusted friends. If you are going to take on the responsibility of having a co-signer, it's a good idea to get a job while on campus to start saving money just in case. You never know what can happen, and you want to take extra precautions so that your loved one who is taking the risk doesn't get burned.
Tags: your credit, credit history, financial office, more likely, your credit history