Erika:
Here's the problem with your plan:
By your own admission, you have "bad credit". I'm assuming that means that you've borrowed some money in the past, probably credit card debt, and had some problems paying it all back. Maybe you were consistently late, maybe you've had charge offs - "bad credit" could mean anything, really, but it almost certainly means that your previous creditors wouldn't highly recommend you to student lenders.
That's a problem - and you know that's a problem - but you're not facing up to how much of a problem that is at this particular point in time.
I know you've read and heard about the worldwide banking and lending crisis. Right here in the US, some of our largest banks have needed to turn to the federal government for billion dollar bailouts. Why? Because they didn't take proper care of their money over the last few years.
They didn't leave it on the street corner or put it in a box somewhere and forget where they left it - they lent it - over and over again - to people with - let's say - 'bad credit', like you.
Instead of applying their traditional, conservative analysis to loan applications, the lenders got greedy, and lightened up on their standards. They made gazillions of dollars of housing loans to people who couldn't really afford the monthly payment - and they made lots and lots of easy student loans to people with no jobs, no assets, and spotty or non-existent credit histories.
It's way too little, and way too late, but guess what? The lenders finally remembered how they used to make loans. No more loans to people who don't present the traditional picture of a borrower who has a pretty darned good chance of actually paying the loan back.
Very few lenders are even MAKING student loans right now - all of the specialty lenders like Astrive and Campus Door and My Rich Uncle and Next Student all closed down shop, and abandoned the private loan marketplace.
You will not find a bad credit educational loan from a legitimate lender. In fact, if you had good credit, you'd have a hard time finding a private educational loan.
I realize that puts you on the spot, but your need and the bank's business model are two entirely different things. If you have a really outstanding cosigner candidate, you will be approved for this type of loan. If not, then you're just not going to be able to afford this particular school at this particular time. Your only options will be to take some time off and save, or choose a less expensive school that your federal aid will cover.
I'm sorry to sound harsh, but I'm being truthful. There are no bad credit education loans from legitimate lenders at the present time.
Good luck to you.
I agree with NotAnyon...
I know it's not what you want to hear but it's true. Loans in todays market are extremely hard to come by without crystal clean credit. And no credit is NOT the same as bad credit. No credit just means you've never had any types of loans or credit cards under your name. Bad credit is just what you think it is. And trust me when I say this, any loans or credit cards that you are late paying by 30 days or more will haunt your credit report for 7 years or more. And if they go into default, collection, etc, they will really crush your score.
Alot of people right now are wonering if going back to school will help them in this lousy job market. But the reality is that not everyone will be able to finance that idea. It sucks, but even almost 10 percent of the US workforce being unemployed won't stop colleges from hiking their tuitions and making it harder and harder to get in.
I got a stafford loan from SallieMae with no credit. I think that the same thing as bad credit
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