Bad Credit Student Loans - Choosing a College Financing With Poor Credit

Your education is the most important investment you can make in yourself, and getting funding for your education is equally important. For many adults who've made a few bad decisions financially, bad credit student loans don't enter the picture until they want to return to college. Can bad credit rating impact whether or not they can get student loans?

Education loans are traditionally one of the lowest interest rate financial services products out there, in part because of the Federal student loan programs and grants -- when Pell grants give money away for free to needy students, and getting scholarships can take the edge off, charging an outrageous interest rate for student loans doesn't make a lot of sense. Likewise, from the perspective of a lender, people with college degrees tend to double their lifetime income potential compared to those with just a high school diploma, so lending money to college students is a good risk to take.

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The premier student loan program is the Stafford loan. The Stafford loan program assumes that the typical college student is fresh out of high school, and thus doesn't have a credit rating yet. These loans don't even check the students credit rating, they look at financial need more than anything else. Stafford loans are capped in the total loan amount, because they were intended to fill in the gaps for books and scholarships, not fund an education entirely. The only credit history that can disqualify you from a Stafford loan is defaulting on a previous government-backed student loan.

There is a second federal loan package, called the Perkins loan. Like the Stafford education loan, it's an excellent bad credit student loan, because it assumes that the recipient has no credit rating at all, coming out of high school. It is particularly well suited to adults returning to complete their education, because of its higher limits. It does have a more volatile interest rate than the Stafford program, and has just enough differences in the application process to be frustrating.

For students whose credit rating is better than theirs, who are worried about bad credit, the PLUS loan program offers conventional business loans at competitive market driven rates to their parents. This option is used a lot for students entering college after a stint in the military, particularly if their military stint caused a bad credit problem.

The last source of bad credit student loans are private student loan vendors. These will make an unsecured educational loan at interest rates that are generally higher than the three federal loan programs. Keep these in reserve as an emergency loan to fill out a semester's payments; they have a shorter application cycle than any of the federal loans. Or, better yet, work on getting some scholarship and grant support, which is like a student loan that doesn't have to be paid back if you meet certain academic requirements.

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