Studying in college is one way that can be used to gain a better career in the future. Unfortunately, the cost of a college education is very expensive and you also still have to be burdened with other costs such as the cost of living, etc.. Of course this is very difficult for students who do not have significant costs. If this happens to you, the option to use a student loan can be your alternative to pay for your college education. The advantage of the student loan is this type of loan usually has a lower interest and long-term that allows students to be able to finish their college and build a career before they were required to pay back the student loan. And the best thing of the student loan is that anyone can get it, including if you are a person who has a bad credit rating.
Federal loans are one of the sources of student loans provided by the government. Student loans can be issued to parents and students. If the parents have a credit rating below the average, then the student will get a student loan with a lower interest. These types of loans are available with a consistent interest rate and more flexible policy about pay them off. Below are some student loan that you can use if you have a bad credit rating:
1. The Stafford Loans
This type of student loan is divided into two types: subsidized loans and unsubsidized loans. Both types of loans have the same concept to grant students who have a bad credit rating money they need to finance their education. These loans usually have a limit on how much money can be given to students. A limited number of taps, students may need to take out multiple loans to finance their education. It may be difficult for them, but with a bad credit rating they have, these loans can be a valuable rescue option.
Students or their parents must fill out Free Application for Federal Student Aid (FAFSA) through the FAFSA website to be able to get these loans. Subsidized Federal Stafford Loans based on the financial needs of the applicant. The loan has a low interest rate and a long-term educational loan which means students are not required to repay or pay interest as long as they are educated with at least 6 credit hours or units. In this loan, the student is considered as the borrower, not the parents.
2. Perkins Loans
This type of loan can grant for undergraduate and graduate student loans totaling up to $20,000 for the entire course of their education. This type of loan is given annually between $1,000 to $4,000. With a large enough loan amount, this type of loan is said to be the best loan programs available today.
3. Unsubsidized Federal Stafford Loans
In this type of loan the financial needs of students are not used as a consideration. In addition, students have to pay interest while they study. The student have the option to defer paying interest until the time specified payment has arrived, but all the interest that arise remain to be paid. These interest will be automatically added to the loan principal.
4. Federal PLUS loans
This type of loan has a low interest rate and a long-term educational loan that will be given to the parents. Parents and or students can pay off the loan after 60 days of the loan is issued with repayment periods up to 10 years.
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