Are you a student in need of money to help you through college, but you know your bad credit is going to be an issue? If you need more than you are able to get through standard financial aid, then you are probably searching for a bad credit private student loan and having very little luck. This is because these types of loans are hard to find. Here is some information that will help guide you towards the loan money you need.

First, you always have the option of getting a grant. This would be the pell grant and you would go directly to your financial aid office to find out if you can qualify or not. You also can use regular government student loans without any credit restrictions to help you pay for school. If you have not yet explored these two options, then you should start here by talking with your financial aid department.

Click to continue »

Education is an asset. Here are a few steps to get a student loan.

The first step is to find a financial institution or bank of of one’s preference. Their interest rates have to be checked. Banks usually ask for the offer letter of admission from the candidate. They verify it first. The standard of the course and the institution are both taken into consideration. A guarantor on behalf of the student is required if the initial parameters are met. A term insurance is then done in the candidate’s name.A term insurance provides high cover and the rate of premium is very low. It is done to ensure that in case of an untimely demise of the student, the loan can be paid back.

Click to continue »

The government has rolled out a new program that pegs repayment of college loans to income: the Income Based Repayment Plan, or IBR. IBR applies only to direct federal loans or private loans subsidized by the government.

In other good news, new federal Stafford loans now have a lower interest rate of 5.6 percent, down from 6 percent. Congress has mandated that the rate drop to 3.4 percent by 2012.

Given the economic climate, when so many college graduates are struggling to find jobs before that first payment comes due, the launch of the Income-Based Repayment Plan (IBR) is especially welcome. It is meant to make monthly payments affordable by bringing them in line with your income and family size.

If you’re a modest wager earner, then IBR will adjust your monthly payment to no more than 15% of your income. For some, it could be even less, even nothing.

Click to continue »