I was offered Stafford loans for financial aid but I have bad credit. Will I still get it?
I just looked at my financial aid awards and it says:
Stafford Unsubsidized Loan…..Offered…..$1,000.00
Stafford Subsidized Loan…..Offered…..$1,750.00
I’m 19 and my credit score is like 605…. and my parents have bad credit as well. Can I still use these stafford loans even though I have a bad credit score? I can’t afford tuition without them.
Federal loans for students — like Stafford — do not take your credit rating into account.
They assume that you have little or no credit (and that after taking classes and getting jobs you will be in a better position to pay them off). They also charge *low* (in comparison to private loans) interest rates. Basically, the government wants you to go to school.
Congratulations and best of luck!
Student loans are meant to help students who are unable to bear their educational expenses. Student loans are different in different countries in the way they are devised, but then the common types of student loans available are the undergraduate loans, college student loans, private student loans and federal family educational loans.
http://www.worldbestloans.com/student-loans.htm
Student loan repayments are not made until the student completes his graduation. This facility helps him to concentrate on his studies and earn some little amount of money while he is studying, but repayment has to start once he finishes his education.