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Student Loans With Bad Credit

Most often students are careless about maintaining a good credit record while in school and this results in a bad credit record later, causing you difficulty in finding good student loans for your college education when you most need them. However, with the easy availability of some very interesting and important student loans, even the students with bad credit can afford a college education. There are several student loan options that have nothing to do with your credit history and provide you financial aid regardless of your bad credit.

Some such student loan facilities are listed here :

Stafford Loan

This is one loan every student must apply for irrespective of a good or bad credit record. While the subsidized Stafford Loan is exclusively for the financially needy students, the unsubsidized Stafford Loan is open for all types of students. The only disadvantage with Stafford Loans is that, the amount awarded is meager.

State Student Loans

Quite often, the state governments partner with student loan providers, thereby providing better federal and private loan facilities for students. You just need to find out if your state extends any such state-based federal loans for the students.

Perkins Loans-Credit-free Campus Based Aid

Another non-credit based loan is the Perkins Loan which serves both graduate as well as undergraduate students. This loan provides financial support only to those who are in dire need of it through loan awards between $1,000 and $4,000 each year.

Loan Consolidation

The last thing you would like to have when already facing a bad credit record would be to go through a similar situation again. In such a case, it is advisable to go for consolidate student loans as most lenders encourage this. The best consolidate loan option available is the Federal Loan Consolidate Program, which allows you to roll your federal student loans into one, low monthly payment. Here also there is no credit check to consolidate with the federal loan.

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