The Student Loans Center

How To Successfully Get A Perkins Loan

Jordan Johnson — Sat, 22 Oct 2011 00:35:28 +0000

Students with insufficient or poor credit may wonder how to get student loans without cosigner support. For student loans from a bank, this is a major problem. However, for need-based programs like the Perkins Student Loan Program, no cosigner is needed. This is good news for those applying for student loans with bad credit.

Qualification requirements for a Perkins loan are not related to credit but are based on need and the ability to benefit from a college or vocational school education. The requirements include:

Enrollment in a degree program in an eligible school at least half-time
Satisfactory academic progress (maintain a record that will lead to graduation)
U.S. citizenship, permanent residency, or eligible non-citizen status
No unresolved defaults owed on any Title IV education loans; no overpaid title IV grants
Satisfaction of Selective Service requirements

Over 1,800 institutions belong to the Perkins loan program. Loan officers at these institutions have a lot of flexibility in the amount of money they offer to students. Loans can range from $100 to $4,000 per academic year. Of course, it is important not to take out more loan money than needed to complete a course of education. But the Perkins loan is very low interest (only 5 percent), and graduates who serve in the military, teaching or other public service positions can get some or all of their Perkins loans discharged.

To get student loans with no cosigner, the first step is to fill out the Free Application for Federal Student Aid. The FAFSA becomes available each year on January 1. It should be submitted as early as possible to ensure that the student receives as much assistance as needed.

To complete the FAFSA, have ready the income tax return and W2 forms from the year, social security card, and driver’s license. A dependent student (one whose parents claim him or her as a dependent) will need the parents’ information from their income tax return also. You will need any information on untaxed income also, plus bank account records. Assets such as a car or a home, stocks or farm records will also be necessary.

To apply for student loans without cosigner support, get all needed documents together. Keep these papers in a safe place for future reference. Go online to http://www.fafsa.ed.gov/index.htm and follow the directions. By filling out the FAFSA as early as possible, even students with poor credit can qualify for student loans with no cosigner.

Don’t wait to fill out the FAFSA until the school’s deadline. This is a major mistake. Grant and loan money is awarded on a first come-first served basis, so apply as soon as possible after the FAFSA becomes available.

The Perkins loan is one of the best bargains possible for students who can demonstrate financial need. After submitting the FAFSA, wait for the Student Air Report. The SAR states what contribution the family is expected to make toward expenses and how much grant and loan money will be offered. If more loan money is needed than the school has offered, schedule a meeting with the student aid officer at the school.

Bring to the meeting any documentation that shows greater need than demonstrated on the FAFSA, such as recent unemployment records or medical bills. The officer has some flexibility and may be able to increase the award. Be courteous and respectful, but state your case clearly to get student loans with no cosigner.

With Title IV money available, even bad credit student loans may be able be successful without cosigner assistance.

How to Apply for Student Loans with Bad Credit

Jordan Johnson — Tue, 11 Oct 2011 15:19:26 +0000

Many people think that applying for student loans with bad credit would be futile. It is very difficult to secure student loans without cosigner support if the borrower has insufficient or bad credit. However, many student loans are subsidized by the Federal government and are intended to help students with low income to obtain a college or vocational school education. Some people refer to these as “bad credit student loans” or “student loans for bad credit.”

Applying for a student loan with bad credit is as simple as filling out the Free Application for Federal Student Aid. This can be done online in as little as 2-3 hours, assuming all of the necessary information is available. To fill out the application, a student needs:

Student’s social security number
A PIN (Personal Identification Number)
Student’s marital status
Student’s citizenship and state residency status
Student’s education history
Intended major course of study
Expected course workload
Interest in student loans and work study to supplement other aid
Income taxes and deductions (including spouse’s)
Spouse’s income
Assets
Student’s dependency status
Number of household members
List of schools student is considering (up to 10)
Parents’ level of education
Parents’ income taxes and deductions
Parents’ household assets
Family members
Parents’ state residency
Parents’ age

The FAFSA becomes available each year on January 1, and should be submitted as soon as possible. Financial aid may be distributed on a first come-fist served basis at certain schools, so early submission is vital for maximizing the amount of assistance received.

A FAFSA on the Web worksheet available from the high school counselor will help in preparing to fill out the FAFSA accurately. The counselor will be able to answer any questions that arise so that delays and mistakes can be avoided.

Some common mistakes that are made when filling out the FAFSA are:

Using a nickname instead of the legal name
Leaving a field blank. If the question does not apply, use a zero.
Not reporting all sources of untaxed income
Using the W2 form instead of the 1040 federal tax return to report income
Not including the student in household size, even if the student lives elsewhere
Not signing the application or, if a dependent, not having parents sign

Once the FAFSA is filled out, have another person check for accuracy before submitting it. Be sure to submit the form as early as possible. Also check with the school the student will attend to determine what, if any, other forms should be submitted to the financial aid office, and the deadlines. Instead of simply aiming to get the forms turned in by the deadline, get the information submitted as early as possible to increase the chances of obtaining student financial aid.

If a loan is awarded, the student will need to submit a Master Promissory Note (MPN), which is a pledge to repay the loan and any interest accrued in a timely and responsible manner. Subsidized loans do not have to be repaid until the student leaves full-time status. Unsubsidized loans, which usually require a cosigner or good credit, may require repayment to begin immediately on disbursement of the money. Read documents carefully to be sure you fully understand what is required.

Whatever the financial condition, most students with good school records who want to pursue a college or vocational school degree should be able to do so. Some grants are available that will ease the way. Self-help measures such as work study or loans can also be obtained. Getting student loans with bad credit or student loans without cosigner support is not the impossible dream many believe it to be.

Finding a Cosigner for Student Loans

Jordan Johnson — Mon, 03 Oct 2011 15:51:25 +0000

Individuals with financial need can obtain student loans without cosigner assistance through the Federal Direct Loan Program. The subsidized loans are need-based and do not require a high credit score and are perfect for student loans with bad credit. For this reason, those with low family income are able to get student loans without cosigner support. This gives even low-income students the opportunity to obtain a college or vocational school education.

Students can apply for both grants, which do not need to be paid back, and Federal direct loans by submitting the Free Application for Federal Student Aid (FAFSA). The FAFSA becomes available each year on January 1, and should be submitted as soon as possible after that. Each year a student will be in school, a new FAFSA must be submitted.

Cost of Student Loans

For each Federal loan received, the student pays a small fee at the time of disbursement. Loans also accrue interest. Subsidized Federal loans have the lowest interest, and do not accure interest until the student is no longer in school full time. Two types of direct student loans are offered; subsiduzed and unsubsidized loans.

Direct Subsidized Loans

Perkins loans and some Stafford loans are subsidized. Perkins loans carry a low 5 % interest rate, and do not begin accruing interest uuntil 9 months after the student has left full-time school. Up to $5,500 per year of undergraduate school can be borrowed under Perkins loan programs. Up to $8,000 per year of graduate school can be borrowed. People needing a Perkins loan can get these student loans without cosigner support.

Stafford loans can be either subsidized or unsubsidized. Unsubsidized Stafford loans begin accruing interest 6 months after the individual leaves full-time school. Individuals with a low credit rating can get these student loans without cosigner assistance.

Direct Unsubsidized Loans

Unsubsidized Stafford loans do not require students to show financial need. Unless the student has a good credit score, a cosigner will be needed for the unsubidized loan. It begins to accrue interest from the day of disbursement.

Direct PLUS loans go to parents of undergraduate students and graduate students. They claim an interest rate of 7.9%, which begins to accrue on the day of disbursement.

Loan Repayment

After 120 payments, some loans qualify for forgiveness of the balance if the borrower works full-time in a public service job. To qualify for this benefit, the loan payments must be up to date and the job must qualify. Most public school teachers qualify for this program.

If the borrower is having difficulty repaying the loan because of unforeseen illness or other problems, he should apply for a deferment or a grace period. Interest will continue to accrue, but the debt will still be in good standing.

A student who can show substantial financial need can obtain student loans without cosigner assistance. There are many options for bad credit student loans. This means that obtaining a college or vocational degree is within reach for an individual with talent and ambition. By obtaining Federal student aid, anone can pursue a degree and a rewarding career. Submit the FAFSA for student loans without cosigner support.

The Latest on Obtaining a Student Loan Without Cosigner Support

Jordan Johnson — Thu, 15 Sep 2011 20:16:03 +0000

Federal Student Loans With No Cosigner

College costs rise every year and middle class income is declining, so students need to know how to get student loans without cosigner assistance. The best option is to apply for a Federal student loan through the Federal Direct Loan Program. This requires that the applicant demonstrate a need for assistance.

A Federal loan offers several advantages over a private loan. Perhaps the most important is that the interest rates are low, so repayment will be much easier. Students are able to get government student loans no cosigner required because they are based not on credit but on financial need.

The first step is to figure out how much money is needed. Use caution when taking out student loans. They will require repayment and cannot be charged off in a bankruptcy. The higher the amount a student borrows, the more difficult it will be to repay. Many students accumulate $100,000 in loan debt while obtaining a bachelor’s degree. This is a bad idea. Even at the 5% rate for a Perkins loan, this amounts to $417 per month just to pay interest, assuming repayment is started right away. Figure out the lowest amount possible to pay for college, and stay within that budget to avoid this.

Apply for Federal student loans without cosigner by filling out a FAFSA (Free Application for Federal Student Aid). This can be done most easily online at www.fafsa.ed.gov. The FAFSA also covers need-based student grants, which do not have to be paid back. In this economy, there’s nothing that makes a student happier than free money.

The FAFSA should be submitted as soon after January 1 as possible in order to obtain the best deal. Don’t wait until the deadline, which varies from state to state. Looking for student loans no cosigner should begin as early as possible.

Private Student Loans Without A Cosigner

Most students just out of high school will have a difficult time obtaining private student loans without the help of a cosigner. The reason for this is that they have insufficient or poor credit. Insufficient credit means that they have not taken out loans and made regular payments on them. This process is how credit is built. Banks hesitate to lend money to people who have not established a good record of repayment.

Other students may have taken a loan and not repaid it, or made late payments. These individuals have developed a bad credit score, which makes them an even higher risk in the eyes of a lender. Repairing a bad credit rating will require diligence and a good strategy.

To obtain a private student loans without cosigner, it is necessary to build or repair credit. The easiest way to establish a credit history is to accept an offer of a credit card either from a bank or from a store. Make some small purchases and pay them off. Do not allow a large balance to build up, but keep making regular payments of more than the required amount. Pay early or on time to keep building a good credit history.

Ensure You Have A Good Credit Rating

If you have bad (or no) credit, please refer to the student loans with bad credit section for more information. It is easy to check the credit rating by going to AnnualCreditReport.com. This is the only authorized site for the free credit report from the Federal Trade Commission. Every consumer has a legal right to obtain this free credit report each year. Many people are fooled into using private companies that charge fees. The FTC report is free and legitimate.

FTC allows a consumer to request reports from all 3 major credit reporting agencies at once, or to request each report individually. Spacing out the reports allows the consumer to check credit rating throughout the year. Request 1 report and take steps to improve the credit rating. Then request the next report, and so on.

Check the credit report to be certain there are no errors. If there is a discrepancy between the consumer’s records and the credit report, call the agency and find out how to get it resolved. This is a necessary step to repair credit.

Improving or building a credit store takes discipline and time. If debts have accumulated, the first step is to pay them down. If a high balance has accumulated on a credit card, this needs to be paid and the card not used again so that the credit remains available. This will improve the credit score.

Taking a new loan for a small amount and paying it off will also help to build a good credit score. Smaller loans are easier to obtain than larger ones. Sometimes a cosigner is needed for the first loan. After good performance on one loan, it may be possible to get the next loan without a cosigner.

There is no easy way to obtain private student loans with no cosigner. Creating a plan for building or repairing the student’s credit and following through may help. Another possibility is to obtain a loan through a credit union if the student is a close relative of a member in good standing. Some credit unions offer loans to family members at a fairly reasonable interest rate.

Whichever method is used to obtain the loan, keep in mind that it must be paid back. Take out the smallest amount possible, and read the fine print to be sure it is a good deal. Obtaining a student loan with a low interest rate will help in the quest for a marketable degree.

Types of Student Loans For Bad Credit Video

Jordan Johnson — Wed, 07 Sep 2011 18:34:45 +0000

Whether you require a student loan with bad credit, or need a student loan without cosigner assistance, we have a great video that can help you with your quest for college financing.

Please take the time to view this video courtesy of Saber Hacer.

Consolidating Student Loans Video Now Live!

Jordan Johnson — Wed, 07 Sep 2011 18:07:01 +0000

This month we are featuring a video to help those students who already have financing, and perhaps would like another student loan. In order to accomplish this, we recommend student loan consolidation.

Please take the time to check out the video to learn more about how you can consolidate multiple loans to save on interest. Enjoy!

Top 5 Tips for Student Loans With Bad Credit

Colleen Simpson — Tue, 09 Aug 2011 17:57:38 +0000

If you are a student and you need a loan to help pay for tuition, transportation, books, or whatever, but your credit isn’t as good as it should be, you can relax. It’s not impossible for a student with bad credit to get a student loan. Bad credit student loans are approved everyday for students that have less than desirable credit. The trick is to learn the top five tips to getting student loans with bad credit.

Build A Good Credit History

It is a known fact that no credit is bad credit, if this is the case you can take out a small starter loan (usually around $100.00 to $200.00) and pay it back like clock work, always on time with the payments and maybe a little extra just to speed it along.

Student credit cards can be used to build a students credit history. If a student credit card is used to build credit history the student should keep in mind that what they spend must be paid back with interest. There are many people who get into financial trouble by using credit cards.

Research

Students credit scores are most often one of the first determining factors when taking out a student loan with bad credit. Before applying for a student loan with a bad credit history the student should do some research and find out exactly what the credit score is and exactly what is causing the students poor credit score.

There are times when a students credit isn’t as bad as expected, or mistakes have been made that can be fixed with a few phone calls and faxes, and other times students poor credit ratings are caused by undiscovered identity theft.

Repair

Whatever the reason for a students poor credit it is hardly ever impossible to get a student loan, even with bad credit a student can get a loan. However, the bad credit can and needs to be repaired. There are many agencies that will aid a student in repairing their poor credit and making it possible for the student with bad credit to not only get student loans, but other loans as well.

Federal Plus Student Loans

This is a loan by the Federal government that can be taken out by the parents of a college student. The Federal Plus loan can be used in addition to a students financial package. Often students who don’t live close to campus need transportation to and from school, and expensive computers and computer software. Graduate students are allowed to apply for the Federal Plus Loan as well. If a student doesn’t pass the credit check to get the loan they can have someone that does have good credit to sign with them as a co-signer.

Federal Subsidized Stafford Loans

This loan is given to the student themselves and approval is based on the economical need of the student. If a subsidized loan is approved the student won’t be charged interest on the loan until they are required to pay back the loan. The Federal government also gives Unsubsidized Stafford Loans that are not granted according to the students economical needs. These loans are available to all eligible students and the interest begins as soon as the student receives the money.

Student Loans For Bad Credit – Don’t Let The Past Stop Your Future

The government and loan institutions of today recognize that student loans are often the only way for students with bad credit to start or continue their schooling. They also realize that by investing in a students future they are investing in our nations future as well. If you are a student with bad credit who needs a student loan you don’t have to let the facts of your poor credit history effect your decision to continue your education.

Student Loans Without Cosigner Support Video Part 1 Now Live!

Nicole Darling — Mon, 01 Aug 2011 16:00:50 +0000

This month we are featuring student loans without cosigner support from Sallie Mae. Sallie Mae is a trusted private student loan company that offers flexible terms, student loans without cosigner help, and bad credit student loans. Please note that the Student Loans Center does not receive compensation from Sallie Mae and therefore this article is unbiased towards their services.

Please take the time to check out the video to learn more about their flexible terms and services. Enjoy!

Scholarships for College Students Who Have Already Graduated Once

Colleen Simpson — Fri, 15 Jul 2011 18:09:32 +0000

If you’ve already been through the annals of higher educations, the idea of pursuing any of the thousands of scholarships for college students out there can seem like an unlikely pastime. It’s true the most college financing scholarships are designed for first-time students, but that word ‘most’ should hold a lot of hope for those of us looking to return to school after a few years in the workforce.

Such adults almost always fall into one of two categories: people who simply want to improve on an existing skillset in order to advance further in their career, and people who need to retrain in order to get back into that workforce. In general, it’s the folks in that latter category that need help — common sources of student loans have already been exhausted, and many of them have no one with long-term financial security to act as a cosigner anway. Trying to get student loans without cosigner assistance is a real trial, especially if you have bad credit. Student loans aren’t exactly the best source of college financing in the first place — you have to pay them back, after all — you’re much better looking at scholarships. For college students past a certain age, scholarships can actually be easier to qualify for — the hard part is finding them.

Several states, most notably Arkansas and Tennessee, offer ‘lottery scholarships’ which almost anyone of college age can apply for and have a chance (literally) of winning. It’s not the most reliable source of scholarships for college, but if your state has anything like it, there’s no point in not applying. There are also several strong scholarships out there that refer to themselves as scholarships for “non-traditional students”; that’s a good place to start Googling if you’re unsure of where you’re getting your college financing.

Of course, most scholarships for college don’t intend to pay your entire tuition, so one thing that any adult can do to make the scholarships they do find more effective is to find a way to reduce tuition. Work study, obtaining credit for life experience, and committing to a longer, part-time course are all good ways to reduce your need for student loans, scholarships for college, and other college financing.

It’s easy for an adult to overlook the power of a scholarship notebook. Unlike a high school student, we’re not exactly used to putting in the kind of research and writing effort that a scholarship hunt really takes — but rather than thinking of it as a hardship, think of it as some of the most effective work you’ll ever do. After all, spending 100 hours obtaining $15,000 of scholarships means you just made $150 per hour — and that’s a far cry from whatever you made at your last job. Add that to the improvement to your income that comes from having a college degree, and you’ll quickly realize that scholarships for college are some of the best investments it’s possible to make — so get to it!

Student Loans For Bad Credit Video – Now Live!

Colleen Simpson — Thu, 14 Jul 2011 04:07:43 +0000

This video provides a high level overview of the different options available for students seeking to obtain student loans for bad credit. It includes references to grants for college as well as information about Stafford and Perkins Loans.

Please take the time to check out the video below. Enjoy!