Can I Get a Student Loan with Bad Credit
Posted by HomeBusy on 03/22/09 in Education
When I was younger I attended college with the intention of achieving a bachelor degree. However, I had gotten to an Associates level when I got married and started family. Now that my kids are in school I want to complete my education and hopefully receive a higher income. Unfortunately, since the last time I was in school we have had some financial hardships which have taken a toll on our credit score. When I decided to go back to school I was worried that I might not be able to qualify for a student loan.
I did a little research on line and found a great site that compared student loans and their rates. Also, I found that the student loans are not based on credit like a regular loan, they are based on need. The only stipulation was that I didn’t have a past due student loans currently. I was able to apply for loan that would best meet my family’s needs and I received an approval almost immediately.
Now that I can fund my education I am really excited to get started and set an example for my kids.
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Carly | Apr 15, 2009 | Reply
I know that they didn’t used to check your credit history for a student loan because they are not means tested. I think that you also have to earn a certain amount of money before you start paying back your loan. Good luck in your studies.
Jackie | Apr 15, 2009 | Reply
I did exactly the same as you and dropped out of college to get married. The marriage didn’t last because I think we were too young and because I didn’t have kids it was easier for me to go back to school. It’s a bit harder when you are that much older but still worthwhile.
Melissa | Apr 15, 2009 | Reply
Congratulations on your decision. The student loan will help out with your expenses and getting a Batchelor’s degree does mean that you stand more chance of getting a better job in the near future.
Sally | Apr 15, 2009 | Reply
You’d be surprised at the number of people who do go back to school after they’ve had a family. It is a bit tougher when you have kids but it sets them a good example, they’ll be proud of their mom.
Sacha | Apr 15, 2009 | Reply
The student loan is meant to help with your expenses and it’s not based on means but is there for every student. I hope that you enjoy going back to school and that you get a good job when you finish.
Hope | Apr 15, 2009 | Reply
It’s a shame that you interrupted your studies to get married but we all do things that we hadn’t really planned. I hope your husband is supportive as it’s hard to study when you have kids at home.
Bekka | Apr 15, 2009 | Reply
Getting a degree is hard work but it certainly pays off in terms of the kind of job you can get when you finish college. I think that you have to be earning a certain amount of money before you have to repay your student loan.