Students With Bad Credit

Can someone tell me where to get a loan when federal funding is not sufficient. My bad credit. But peole with bad credit need of additional loans for school too.

Erika:

Here's the problem with your plan:

By your own admission, you have "bad credit". I guess that means you borrow money in the past, probably the credit card debt, and have had problems paying the entire back. Maybe you've been consistently late, maybe you had charge offs - "bad credit" can mean anything, really, but it almost certainly means that your previous creditors would not be recommended to student lenders .

This is a problem - and you know it's a problem - but you do not face much of a problem that is at this point in time.

I know that you have read and heard about the World Bank and loan crisis. Here in the United States, some of our biggest banks need to look to the federal government to bail out billions of dollars. Why? Because they do not take care of their money in recent years.

They do not leave it on the street corner or put in a box somewhere and forget where they left - they Lent - again and again - for people - say - "Bad Credit "as you.

Instead of applying their traditional, conservative analysis of loan applications, lenders got greedy, and eased their standards. They have made gazillions of dollars of home loans to people who could not really afford the monthly payment - and they made many, many student loans easier for people without jobs, no assets and few or no history of credit.

It is much too little and too late, but guess what? Lenders finally remembered how they used to make loans. No more lending to people who do not have the traditional image of a borrower who has a chance is pretty damned good to pay the loan.

Very few lenders are even making loans to students at this time - all the specialized lenders like Astrive and Campus Door and My rich uncle and all students closed shop and left the private loan market.

You will not find a loan bad credit education with a legitimate lender. In fact, if you had good credit, you'd be hard pressed to find a private educational loan.

I know that puts you on the spot, but you need and the business model of the bank are two totally different things. If you have a truly remarkable candidate co-signer, you will be approved for this type of loan. If not, then you're simply not be able to pay the school at that particular time. Your options will take a few days off and save, or choose a school less expensive than your federal aid will cover.

I'm sorry to sound harsh, but I am being truthful. There are no bad loans education legitimate lenders today.

Good luck to you.

I agree with NotAnyon ...

I know this is not what you want to hear, but true. Loans in today's market are extremely difficult to find without proper credit crystal. And no credit is not the same as bad credit. No credit simply means that you have never had any type of loans or credit cards under your name. Bad credit is exactly what you think it is. And believe me when I say this, loans or credit cards that you are in arrears 30 days or more will haunt your credit record for 7 years or more. And if they are overdue, collection, etc., they will really crush your score.

Many people right now are so wonering return to school will help in this lousy job market. But the reality is that not everyone will be able to fund this idea. It sucks.