Fed Financial
what is some bad credit student loan sites?
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- Federal loans: There are two types of loans for students with bad credit, the Federal Perkins Loan and the Subsidized Stafford Loan. The Federal Stafford Loan is available as both a subsidized and unsubsidized loan, depending on the student's needs. These recognized types of federal student loans are available through the Federal Family Education Loan Progam (FFELP). And it is important to remember that the money you borrow through this and many other educational loan programs must be used for school costs, including tuition, room and board, books and supplies. Private loans: Unlike with most federal loans, when obtaining personal loans, your credit rating will be scrutinized during the application process to obtain a private student loan. And if your credit score is determined to be potentially "bad" (usually somewhere below 600), your application will simply be denied, or you will have to pay the loan back at a much higher interest rate — as high as 10% in some cases, depending on the amount and duration of the educational loan. info on the four common federal education loans: http://credit.privacymatters.com/credit-... more credit resources: http://credit.privacymatters.com/learnin... Good luck to you, hope this helps!
