Bad Credit Student Loan

StudentLoanWhiz.com is the Best Resource
For Information on Bad Credit Student Loan

When a person has bad credit and attempts to get approved for any type of loan, the situation usually seems bleak. Most banks, financial organizations and private lending firms rarely service individuals who have bad credit. But we're going to show you lenders who will work with you, bad credit or not...

If a lender does work with a person who has a low credit score, the customer almost always pays an exorbitant price in the form of Mafia like interest rates. The same principle applies for students who low credit scores. If your credit score would make a lender cringe, don’t despair, at the Student Loan Whiz, we have a solution, it’s called the Bad Credit Student Loan.

Bad Credit Student Loan – You’re Approved!

First the bad news; students with bad credit history usually find it difficult to secure funding sources that are willing to finance their education… no matter what their GPA is. The good news is; there are certain student loan programs that provide financial assistance for college education and they DO NOT require any credit history of the student.

Tell Me More Student Loan Whiz!

That’s right! They don’t even check your credit. One such program is the federal government sponsored Federal Student Aid (FSA) program, through which the U.S. federal government annually disburses around $60 billion in the form of grants, loans and work-study opportunities. Surely, you can find funding with those type of numbers.     

Some of the loans under the FSA program include the Perkins Loans and the Stafford Loans. If you haven’t heard of them, where have you been? Both of these student loan programs are federally insured loans that are a great source of college education funding. They have become immensely popular amongst aspiring students. Why? Because they do not require ANY kind of credit history or credit scores.

What are The Differences Between Perkins Loans and Stafford Loans?

On the surface these student loans look strikingly similar, both are offered to students at competitive interest rates and the federal government backs both but there are a number of differences.

(A)   Stafford loans are disbursed through a federally-authorized private lender

(B)   Perkins Loans are disbursed through the college itself.

(C)   While the federal government provides the guarantee for Stafford Loans, the college itself acts as a moneylender

(D)   With Stafford Loans, students are given a grace period of 6-months after officially graduating after which loan repayment starts. Till then, the government pays the interest charges on the loan on behalf of the student. Perkins Loans are offered at an interest rate of 5 percent. The loan amount is determined based on the tuition fees and other personal expenses.

If the sign on your credit score says, “Students need not apply,” Don’t worry, there’s a new sign that says, “No Credit Required on College Student Loans.” The federally backed Perkins Loans and Stafford Loans could be just what you’re looking for.

For more information on the Bad Credit Student Loan programs, (i.e., Perkins Loans and Stafford Loans) and how to apply, search the Student Loan super website, www.StudentLoanWhiz.com.