Student Loans for Bad Credit Scores: One Option You May Have Forgotten

Student Loans for Bad Credit Scores: One Option You May Have Forgotten

When the money runs out, many of us turn to student loans for bad credit scores. But that can be even worse later. Here, you can read about one option to help you get the money for tuition you need.
Getting yourself in debt during college can haunt you for years after you graduate. Instead of taking out a loan, see if you qualify for some free grant money.

At the end of the article you'll also find a few more tips that can help.

One Cool Free Grant Option Let's say last year you applied for federal financial aid. You filled out the forms and submitted your FAFSA. But when the answer came back, you were denied a grant. Maybe you got a student loan, but no free money.

Now, fast forward to this year.

You might be tempted to pass on your application for federal aid. I'll explain why you shouldn't do that. Federal aid has a secret you may not know.

The Pell Grant Program Secret When you apply for a Pell grant, you have to provide some very specific financial information about yourself and your parents. You provide a bunch of information about from your tax returns.

Did you know that under some circumstances, you don't have to include your parents on the form?

The program has a form, called the dependency status worksheet, to help you figure out if you don't need any parental info. This form could help you skip those student loans for bad credit scores.

Here are the conditions that determine your independence:

1. Your birth date. You have to be 22 before the first of the year to be considered independent for the new year. 2. Married students are considered independent. 3. If you are working on an advanced degree. 4. Those currently serving on active duty in the armed forces, except for training purposes. 5. Veterans are considered independent.

These five groups get to use their own incomes to qualify for Pell grants, and don't have to include parent information.

For most students, this helps them qualify. When I reached that age, I had much less problem paying my tuition every year.

If You Don't Qualify Many students won't qualify even with the conditions above. If you don't, and you still want to look into student loans for bad credit scores, I have a few more tips.

These may be painful, but they can help keep you out of debt.

Go to a less expensive school. Think about this. If you can get your basics done at the Junior College, maybe you should do it. Or at a less expensive state university. Look at what you expect to earn when you finish, and compare that to your loan payment. Switching schools or going to a less expensive one might help.

Get a job during school. I tried to avoid this, but eventually I just couldn't make ends meet unless I worked. And it turned out all right. I found a job that worked with my schedule.

Live with roommates. Having a cool pad can be great, but also expensive. You can really save if you have some roommates. And with cell phones, you won't be stuck with a big phone bill.