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Anonymous

Options for a stuggling college student?

I was wondering if anyone knows what kind of sources are available for affording college if you come from an underpriviledge family? I will be attending my second year of college which have been paid through grants but after 2 years, pheaa will no longer pay, only pell will. I would take out loans except my parents and myself have poor credit. I could work full time and go to school full time but then I am taking a chance of having my grades slip. Any suggestions?

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Anonymous

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Well, you don’t need good credit to get a federal student loan. If you have a pell grant, I assume you filled out a FAFSA application. It should tell you on that if you are qualified for federal student loans. There are Stafford and Perkins Loans, both are available to you. There are other grants and scholarships available as well. Your financial aid office should be able to direct you to some your qualified for
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Anonymous
You and your parents’ bad credit does not effect if you can get a student loan or not. If anything, because you have bad credit you would be more likely to get a loan.

The first thing you should do is fill out a FAFSA. Then if you are approved, you should try and get a Federal Perkins Loan. This is a government loan that has very low interest rates, plus the government will help you pay the interest as long as you are in college. Go here for more information about Federal Perkins Loans:

http://www.studentfinancedomain.com/student_loans/perkins_student_loans.aspx

If you can’t get a Perkins loan, then try for a Subsidized Stafford Loan. The government will also help you pay this loan back while you are in school. Find out more here:

http://www.studentfinancedomain.com/student_loans/subsidized_stafford_loan.aspx

You should never try to get a private loan or use credit cards to pay for school. They both have high interest rates and you usually need good credit to get them.

I hope this helps!

1

John
Both people are correct. Credit has NO factor in applying for a stafford loan. Your can also get an Unsub stafford if your parents are denied a PLUS loan due to credit.
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Neenah
You don’t have to have good credit to get a student loan. You just have to promise to pay the money back once you graduate. Log on to your schools website and go to Financial aid and then FAQ’s or go to Nelnet.
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