5 Things to Consider Before Getting a Student Loan with Bad Credit

Chance are if you are a college student, then two financial stipulations apply to your situation.  First, you have bad credit.  It might just be young credit, and not necessarily bad, but low credit scores are pretty much viewed as bad no matter the reason for them.  Second, you need a loan.

Very few students can get through school these days without some kind of financial assistance.  College is expensive, and good paying jobs are not only hard to find while still in college, but also hard to add into the already full schedule of a college student.

However, before you jump into a bad credit student loan, here are some things you should stop to consider.

How Much Money do You Need? Is the amount you need really worth going into debt for?  If the amount you need per semester to continue school is fairly small, then getting a student loan with bad credit might not be entirely necessary.  There could be other simpler and safer ways to fill in that gap.Are You Eligible For Financial Aid?  There are a lot of grants and scholarships out there meant to help students in your situation.  Many of these are intended for students who meet specific requirements.  Take some time to look into these options before taking on a bad credit student loan, as they don’t have to be re-paid.Will You Have a Way To Pay Down the Loans? After you finally graduate from college and the time for bad credit student loan repayment comes due, will you have a way to cover these costs?  Do you have a good job lined up?  Are you studying in a field that will provide with an income that will allow you to pay down your bad credit student loans?  If not, you may want to change your major, or find a way to fund school that does not involve a bad credit student loan.How are Other Students in Your Program Paying For Their Schooling?  The students with the most similar situation to you will most likely be the ones enrolled in your program.  Ask them how they are paying for school.  They may know about some funding options other than a bad credit student loan that you may not have considered.  Also, if they have utilized a bad credit student loan, they can tell you where to look for one for yourself.What are the Pros and Cons For Your Situation?  Each student will have a different situation and circumstances to consider.  You will have to do your research, and sit down to discover all the different pros and cons for your situation.  This will be the best way for you to decide whether or not getting a bad credit student loan is the right option for you.

Once you have answered all of these questions for yourself, you will be better prepared to make an educated and wise decision about whether or not getting a bad credit student loan is the best choice for you.

Tagged as: get a loan, school loans

View the original article here