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Bad Credit Student Loan There are two different types of loans for students will a history of poor credit. The first is the Federal Perkins loan and the second is the Federal Stafford loan. It is possible to receive the Federal Stafford load in a subsidized or an unsubsidized from, always depending on the specific credit score and report belonging to the student. The maximum interest rate for this type of loan is 8.25%. The Federal Perkins loan is processed through the student's school that he or she is currently attending, and is funded in part by the Federal Government. The interest rate for this type of loan is generally at 5% with little chance of fluctuation. It is always
possible for the student with bad credit to apply for a Federal
Grant. The most common examples of these types of Government Grants
are the Federal Pell Grant and the Federal Supplemental Education
Opportunity Grant. Both of these programs are rewarded according
to the specific needs of the applying student. If accepted, the
final amount of the grant will be determined by and vary greatly
with the annual salary of the student and of his or her parent(s)
if dependant and also on the past credit history of the student,
and again his or her parent(s). |
