So, you’re ready to go to college. It’s an exciting time, until you realize just how much it’s going to cost. If your parents prove unable or unprepared to pay for your college education, you will be left to do it yourself. Moreover, no matter how you look at it, your student loan is just like any other loan for a car, a mortgage, or any other major purchase.
Even though you can wait to begin paying it back after you’ve graduated, it will still be there waiting for you. Student loans will never go away until repaid, and you cannot discharge the items through bankruptcy either. If you are like most beginning college students, you fall into the category of seeking student loans for students with bad credit, mostly because young college students have already obtained credit cards and may have hurt their credit by misusing the privilege or simply do not have any credit records in your name. If this describes you, you are not alone and there is a solution.
Two types of student loans for students with bad credit exist: federal student loans and private student loans. To boil these loans down to their basic parts, federal student loans are guaranteed by the federal government. Federal student loans impose limits on how much you can borrow. Private student loans, on the other hand, are generally offered by banks or other financial institutions, and when it comes to student loans for students with bad credit prove even more difficult to obtain due to stringent credit inspections.