Bad Credit Student Loan

For students with a poor credit history, obtaining a student loan is still possible. Under the U.S. federal system, there are two types of loans for students with poor credit. These are the Federal Perkins Loan and the Federal Stafford Loan.

The Federal Stafford Loan is available as both a subsidized and unsubsidized loan, depending on the needs of the student. It is available to all students at an affordable interest rate determined at the time of the loan (capped at 8.25%).

A Federal Perkins Loan is made through the college or school the student is attending. The loan is funded partially by the government. It is typically a low-interest loan (around 5%), with repayments made to the school.

Another option for students with bad credit are grants. These options include the Federal Pell Grant and the Federal Supplemental Education Opportunity Grant. These programs awards grants to students depending on the needs and criteria of the student.

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