Don’t let your student’s dreams of attendingcollege be shattered because you don’t have good credit. The following willhelp Tuition Loans for Parents with Bad Credit get the financial aid they need and deserve federal loans, scholarship search assistance from an expert school counsellor or mentor who can also provide scholarship application tips; filing special circumstance forms which may improve their chances on receiving more money in future years as well! And even better than all that? Boosting some key metrics like FICO score (in less than 2 months) so applying for PLUS Loans won’t be
difficult anymore–even if things went south before.
Unsubsidizedand Subsidized Federal Student Loans Don’t Have Credit Checks Student loans are a necessity for many graduating students. If you’renot from a wealthy family, the only way to afford college is with a studentloan.
However, there is no credit check that’s part of the process forsubsidized federal student loans. This means that even if your creditscore is low,you can still qualify for subsidized student loans. If you have a bad creditscore and need to borrow money, there are other options available to you such as private lenders or personal loans.
Federal Parent PLUS Loans Have Easier Credit Requirementsthan Private Student Loans
The Federal Parent PLUS loans have lower eligibility requirements thanthe private student loans.
Federal Parent PLUS loans are available to parents or guardians ofdependent students who are pursuing a degree, certificate, or other program.The subsidized rate is 6.84% for 2017-2018 academic year and 7.20% for 2019-2020 academic year, both with a $0 interest rate for the life of the loan.
Private student loans can be an option if you don’t qualify for federalparent PLUS loan due to your credit score or other reasons. Private studentloans can still be beneficial in helping students manage their expenses while they’re attending school.
PrivateStudent Loans Will Require Boosting Credit Scores
Private student loans are more expensive than government loans. They arealso harder to get approved for. As a result, many students are turning toprivate student loan companies offering these types of loans. However, the credit score requirement is at least 620 which some students struggling to meet.
The Credit Score requirement of private student loans is likely to be increasedfurther as many banks are trying to keep up with the competition on the market.This will make it even harder for some students who want their education costs covered by these types of loans.
