The state of the job market in this second decade of the 21st century has led many adults back to the classroom. Chronic unemployment often emphasizes the need for a retraining and reevaluation of one's credentials in the workplace. However, making the decision to go back to school is often the easiest step in the process of actually earning your degree. In many cases, the hardest part is finding the money to afford the degree in the first place. For those with bad credit, this problem is all the more complex. Student loans are often available, but sorting out what is what and which is the best choice can be a rough task.
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Free Options First
If you are serious about going back to school and have the time to dedicate to full time studies, there are often grants and scholarships that can support that desire. Especially in high-needs fields such as healthcare and science, private companies, organizations and the schools themselves offer options in terms of scholarship and grant financing. One of the first steps that you should take once you have determined your educational path is to look into scholarships offered both through the school (contact the Financial Aid office) and through private means (you can do an internet search for scholarships).
Another excellent choice, especially for those looking to pursue graduate study, is to look into work-study or assistantship opportunities. Often, colleges offer research assistantships and teaching assistantships to graduate students which will cover the cost of their tuition as well as offer valuable experience working in the field of your degree. None of these funding options take credit into account since you do not need to pay the money back.
Federal Money Is Most Affordable
Once you have discovered which scholarships, grants and assistantships you qualify for, the next step is looking at low-cost student loan money. The federal government has several options available to all students which takes need, rather than bad credit, into consideration.
The first among these choices is the Stafford Loan program. Stafford Loans are offered to all qualifying students and come in both Subsidized (where there is no interest until you are out of school) and Unsubsidized (interest starts to accrue immediately) options. Both types of Stafford loans come with a low, fixed interest rate that is insured by the federal government. That means no matter which private bank gives you the loan, they must conform to the government's interest rate. The other great benefit of Stafford Loans is deferred repayment. That is, you do not need to repay a dime of that money until six months after you are out of school. This allows you time to find a job that will aid in your timely repayment of the Stafford Loan.
The federal government also offers Perkins Loans, PLUS Loans and Pell Grants which are more difficult to qualify for in terms of need, but also come with low interest rates. None of these options require a credit check, making them the perfect student loan solution for those with bad credit.
Private Lenders Can Help Too
The final source of bad credit lending for college is through private lenders who specialize in this field. In this case, a credit check will be required, but the use of the money for educational purposes generally allows the rules in terms of credit score to be let up a bit. A bad credit rating will make for higher interest rates through private lenders, which is why this is a last resort, but there are many programs out there that can work with you and help you to meet your needs in an affordable manner, despite your bad credit.
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