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Students with poor credit do not despair. A college education does not have to be a farfetched dream. There are a number of options available to help those with poor credit when paying for their education. One of the most attractive alternatives for students with poor credit is a federal loan. federal loans are designed on the premise that most students planning to enter college are doing so straight from high school, and more than likely do not yet have a credit rating. The Stafford loan, under the US Department of Education, therefore does not even take into account a student’s credit rating to qualify for a loan. Bad credit may, however, play a factor in qualifying for these loans if a student has failed to pay a federally granted student loan in the past.
Stafford Loans are offered as either subsidized or unsubsidized. The subsidized Stafford Loan is based on need and the government pays the interest while the student is still in school. The unsubsidized Stafford Loan is available to all students but the borrower is responsible for the interest. A Federal Perkins Loan is a low-interest loan in which the amount of the loan is determined by the college the student will attend. Students with bad credit might also want to explore federal grants such as the Pell Grant and the Supplemental Education Opportunity Grant, which award funding dependent on the student’s need.
Students with bad credit can also find loans to “pass the buck” to their parents. For example, the PLUS (Parent Loans for Undergraduate Students) Loan is granted to parents to help cover the amount they would forfeit to pay for college expenses. Parent loans, however, usually need to be repaid sooner than Stafford Loans. On the whole, federal loans are a better option for students with bad credit because their requirements are less stringent than most banks or lending agencies. They also do not require a co-signer and can be used whether or not you have financial need.
Private loans are another route one can take to the gates of higher education. Although these are not guaranteed by the federal government, they can offer higher lending limits. One’s credit history is a factor in qualifying for a private loan, so students with no credit history or bad credit may find it difficult to benefit from a private lender. A co-signer with good credit however, can back up the borrower as well as open the doors to more favorable terms. One disadvantage to private loans is that they tend to cost more in the long run, as private lenders usually charge higher fees. Students with bad credit who are planning to pursue a career that has the potential to bring in a high income, such as law and medicine, might be treated more favorably by private lenders.
Students should take heart that they are not limited to choosing between a private or a federal loan. Students can raise enough money to finance college through a combination of both. Once qualifying for a loan package though, students should not rest on their laurels; but instead, take the opportunity to find ways to make the repayment of these loans more favorable to their situation. Even though loans given to students with poor credit have a higher interest rate, they are usually payable after the student graduates and has begun to earn an income. Students should therefore take their loan repayment schedule as a chance to improve their credit rating. One step to a better credit score is to consolidate your student loans. Consolidating loans has many advantages including lower monthly payments, a longer repayment period, and fewer creditors in your credit history.
Jeremy Thompson
http://www.articlesbase.com/finance-articles/hope-for-students-with-poor-credit-53707.html
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A mashup of some top headlines of the week– in less than 3 minutes– because I know how busy you are.
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I am wondering how legitimate these offers of grant money are? I would love to apply for a grant to help with bills while I am going through college. Also My mother could use a grant for the business she has taken over for her deceased uncle.. it needs the electric and plumbing re done.. Anyhow..
Any suggestions on grant info..?
If you accept a benefit from the government you render your status to that of a 14th amendmant slave and are required to participate in the federal income tax scam.
Do not do this! You cannot franchise with the federal governement (a corporation) and remain a free sovereign.
I refer you to the source cited below…
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I have rencently started a company with my uncle and i am just wondering is there really any state or federal grants or funding for small business.
It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for starting a for-profit business.
One possible exception is for companies developing or exporting agricultural goods, including food and forest product. Another exception could be the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs http://www.sba.gov/aboutsba/sbaprograms/sbir/index.html , which fund the research and development of technological innovation that meets specific government needs.
Your best bet actually will be from the states if they offer grant programs for women (or any other special interest groups — minorities, women, disabled, veterans, etc). Or check with non profit organizations, particularly women organizations if they offer grants. Examples include
Iowa Women’s Foundation http://www.iawf.org/
New Mexico Women’s Foundation http://www.nmwf.org/guidelines.html
Even SBA does NOT give out grants. From the SBA website http://www.sba.gov/mostrequesteditems/CON_FAQ2.html
"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."
Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.
Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business — THERE’S NONE.
http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show
Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program
Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women’s Business Ownership Assistance that are given to those who will create women’s business center that will train women entrepreneurs
For private grants, you may want to check the Foundation Center’s Foundation Grants for Individuals Online http://gtionline.fdncenter.org . It’s a subscription based website ($9.95 per month) but their opening blurb only says that the database is ideal for "students, artists, academic researchers, libraries and financial aid offices." Entrepreneurs are apparently not one of them, so I take it they also don’t have listings of private foundations who give grants to would-be entrepreneurs.
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When I filled out my FAFSA for the 2009-2010 school year, my EFC was 1,970. The letter said
" Based on your EFC of 01970, you appear to be eligible to receive a Federal Pell Grant of up to $3400 for the 2009-2010 school year. "
I then Recieved a Scholarship of 2,500 from the school, does that change my eligibility for a PELL Grant? I also think I recieved an Oregon Opportunity Grant, Does Either of those change my eligibility? I am still Waiting on my letter, and was just wondering…If you QUALIFY for a Pell Grant are you Guaranteed to get one? My letter said up to $3400? What are your experiences in a situation like this? Did you Qualify for a pell grant and not get one? Thanks!
Brittany:
Your EFC score is nothing more than index of your financial aid need. Every aid applicant gets scored on the same EFC scale, allowing the financial aid system to compare your need directly with the need of any other aid applicant. Lower scores indicate more need, so if you have a score of 1970, and I have a score of 3819, then it’s easy to see that you have more need than I do.
Let’s get one thing straight before we continue - Expected Family Contribution was a really poor choice of names for this index score, and it has led to a lot of confusion - like the other answerer, who explained that "this is what you have to pay for school". That’s just not true - it’s not like you get to pay $1970 to go to the school of your choice. That’s not what the EFC score is at all.
Applicants with an EFC score of 4041 or less are said to have demonstrated "exceptional need". Your score of 1970 is obviously less than 4041, so you’re one of those 1 out of every 3 applicants who qualify for special forms of financial aid that are known as need-based forms of assistance. The Pell Grant is one of those forms of aid. Only "exceptional need" students can receive a Pell Grant.
The Pell Grant is an unusual program, in that it’s the only need-based aid program that is guaranteed to you. In government-speak, it’s called a quasi-entitlement program - which means that if you qualify - you will receive it. The reason you were told that you can receive "up to $3400", is because the exact award depends on your registration status - if you wanted that full award, you’d have to register as a full-time student (12 or more credit hours each semester.) If you register for fewer hours, you’ll still get the Pell, but it will be a smaller award.
There are other types of need-based aid that you may qualify for - but for future reference, you’ll want to complete your FAFSA every year before the "priority aid deadline" at your school. There are several forms of aid that are only available to each school in limited amounts, and those are the types of aid that are almost always completely distributed to the applicants who submitted their FAFSAs before the priority deadline. You’ll want to watch for that on your school’s calendar - it’s usually somewhere between February and April.
The financial aid office at your school will take your EFC score and use it to determine all of the different forms of aid that they can make available to you. They’ll tell you about that ‘package’ of assistance in an "aid offer letter" - which will include important instructions on what you’ll need to do next. Read that carefully when it comes. The only restriction to your total aid package is that you can’t get "more than you need". If your school adds all of your aid together and you’re getting too much, they’ll have to reduce some of the aid until you’re getting no more than what you need. Otherwise, you can, and probably will receive several different types of aid.
Good luck!
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Documentary video on how the Fed controls the money supply.
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