Federal Stafford Loans and Credit?
Because of immaturity and hard financial blows in the past, hubby and I have horrible credit right now.
I am going to be going to a community college in the fall, and would like to possibly accept a Stafford Loan to catch what little bit of our bills up that is left.
My only concern is, will they take my past credit into consideration?
As it stands right now, I can’t even get a payday loan (no checking account)…and the other type of loan like a payday loan that allows you to payout in a few payments but has outrageous interest says no as well.
However, we just qualified for a new car, and got it, because we needed to have one dependable car.
Any input about this? I am taking general courses until I decide which of 2 passions to pursue…Nursing or Culinary.
Thanks!
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As far as stafford loans go, they don’t check your credit, and if it just happens that they do, the only thing it will affect is you might have a higher interest rate but student loan interest rates have caps on them at like 6.8%. If you qualified for a car you will get student loans not a problem but make sure it is a stafford loan and make sure it is not with Sallie Mae. Please don’t get wrapped up in payday loans you will never find your way out of them. They are ridiculous!
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Are you eligible for other financial aid — Pell Grant, work study? A loan is the very last option. See what other financial aid the college will offer you before getting the Stafford Loan. Keep in mind that just because you qualified for a new car does not mean you are a good credit risk. Your interest rate on the car will tell you whether you are considered a prime or subprime candidate. (The lower the interest rate the better customer you are.)
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6 years ago
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4 years ago
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