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by: TimCroy
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A student loan for those with bad credit is not as bad as one may think; after all, most students don't have stellar credit to begin with. There are a vast amount of banks and private institutions that are willing to lend to students with a poor credit history, all whilst having appealing rates and terms. If you are a student with not-so-good credit, but you need to pay for those hefty tuition costs, here are some tips that you may want to consider:

* Before applying for bad credit loans that may have high interest rates, ask a friend or family member with good credit to co-sign for you. However, before signing they should be aware of the risks involved with co-signing.

* Contact your local bank that you hold a savings or checking account with. In many cases, they will still lend to you, especially if you have a good reputation with them. You can also constant other private lending institutions. They may lend to you if you have bad credit, however the interest rate may be higher. Be aware of the terms and conditions before accepting a loan this way.

* A combination loan that consolidates your debt is also an option. These loans usually have favorable terms, but may require a co-signer.

* Before applying for a higher interest private loan, fill out a FAFSA form and apply for a Stafford or Perkins loan. The Perkins loan is great for those with bad credit because there is no credit check involved. It is a low interest, federally sponsored loan that both graduate and undergraduate students can apply for. Loan amounts vary from $1,000 to $4,000 per semester, and don't exceed $20,000 in overall amount. Each loan type comes in subsidized or unsubsidized flavors, and you can apply for either or both. Both the Stafford and Perkins loans will generally always be a lower interest rate than an alternative loan from a private bank or institution, and are much easier to consolidate once you've graduated. Always choose these options first before trying anything else.

* Shop around on the internet. Many large banks such as Wells Fargo, Zion's, or Bank of America offer great loans aimed at students with bad credit. Using the power of the World Wide Web, you can easily shop around and compare terms and interest rates that best fit your individual needs.

* If you happen to be in a health major you can apply for a health related loan, such as the Nursing Student Loan Program, or the Primary Care Loan Program. These loans are low interest offers that don't require a credit check. The Nursing Student Loan Program offers up to $4,000 per school year with a 9 month grace period for nursing students that qualify. The Primary Care Loan Program is a non-credit based loan for those pursuing medical degrees. This loan offers a much greater amount per year with a 12 month grace period.

As you can see there are a number of funding options for students regardless of their credit rating. As always, read the terms and conditions before applying for a new loan. There are many organizations that can scam you into a high interest, high fee loan that can take a very long time to pay off. Be smart and manage your debt wisely.

About the Author

StudentLoans-101.com is a website devoted to giving you the very best information regarding poor credit student loans in addition to providing you personal student loan resources.

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