Stafford loans are based on income right? If I don’t get any government aid, what is the best loan for me if I have somewhat bad credit. I need something with a low interest rate. My tuition is going to be about 21,000 a year. I am also an undergrad student.
Ace:
No, Stafford loans are not based on income or credit. That’s why the Stafford lending program is such an important part of the financial aid system, and why so many students rely on them.
To become eligible for a Stafford loan, all you need to do is complete the Free Application for Federal Student Aid, better known as the FAFSA. You will only be denied a Stafford loan if:
You are not a "regular" student (as opposed to conditionally enrolled)
You are not working on a degree or certification granted by your school
Your school is not a participant in the federal student aid program
You are not a US citizen, or eligible non-citizen
You are in default on a previous federal student aid loan
You owe an overpayment on previous federal student aid
You were convicted of certain drug offenses that occurred while you were receiving federal student aid.
If none of those things apply to you, you will automatically be offered an opportunity to borrow from the Stafford lending program. The catch is that the Stafford program has annual borrowing limits.
A financial aid dependent freshman can borrow a maximum of $5500 for the entire academic year. Sophomores can borrow $6500, and juniors and seniors can borrow up to $7500.
The Stafford loan has THE lowest interest rate of any educational loan (other than the Perkins, which is only offered to the neediest of financial aid applicants). You’ll pay a 6.8% fixed rate for the entire life of the loan - and you’ll have 10 years to repay. The repayment obligation does not begin until 6 months after you leave school.
The Stafford application asks no questions about your income, your debts or your credit history, and the loan is entirely in your name. There are no questions about your parents, and you will never be asked for a cosigner.
The government offers another lending program that complements the Stafford, the PLUS loan program, but that program is only available to the parents of undergraduates. If your parents are looking for a way to help you with the costs of school, they can borrow up to the full cost of your attendance with a PLUS loan. The PLUS program is different in that it IS a credit-and-income loan - your parents’ application would be subjected to traditional lending analysis, to determine whether they qualify for the loan.
If the Stafford (and possibly the PLUS) is not going to solve your financial need, you have a significant problem. The only other type of loan is the so-called "private" or "alternative" loan - educational loans that are offered by banks outside of the government’s programs. First of all, these loans are almost always far more expensive, with higher interest rates and higher fees, second of all, these loans are all credit-and-income loans, which are only approved for applicants who can satisfy the bank’s conservative lending criteria, and finally, there are a small handful of banks that are still making this kind of loan at the present time. If you go to Chase or Citi or Wells Fargo, it is nearly 100% likely that you will be required to provide a cosigner if you are going to be approved for a "private" educational loan.
I hope this information helped you - good luck!
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I current have faasa loan, however it is not enough to fund my education. I have tried several internet searches, same results, no real loan applications for bad credit with no up front fees.
I have no idea im in the same situation. if you know of any places let me know
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how can I do a student loan with bad credit and no co-signor?
I have done FAFSA and been approved and a was granted an award for most of the tuition i just need a student loan on top of everything for bills, books, etc. does the school help u with that? I feel like I have been waiting forever for the financial aid office to aid me in anything!
There is no credit check for a guaranteed student loan and no co-signer is required. If you have gotten your FAFSA results, your Financial Aid Officer can steer you in the direction a student loan. The school has relationships with a few lenders; find out what they are and then visit the lender sites and file your application (if you don’t hear back from the Financial Aid office soon).
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I am a student and I really need additional funds for school. I do have federal financial aid, but I need funds for additional school costs. When I was younger I ran into some bad times and basically ruined my credit. Does anyone know anywhere that will work with people like me…I am kinda desperate!
With bad credit the only way you can really get a loan is by having a cosigner. If there is someone that you are really close to (family member, friend, relative, etc) that you feel you could confide in about this, ask them if they would be willing to cosign for you.
Not many people are willing to cosign unfortunately, just because of the risk of losing money though. So it may be tough to find someone.
Have you tried to talk to you college about the situation? I know at my school you can take out "emergency loans" which allow you to get more money from the school if certain situations come up like medical or something. Also, if you can prove you need more financial aide, many schools will allow you to fill out a form with all of your expenses that you can bring to them. They will evaluate it and then decide whether to give you more funding. Be open with the financial aid people at your school though. They are your best option at receiving more grants, scholarships, or student loans.
Good luck