Can you get a student loan for your child if your credit is less than perfect?

Actually when you are filling out your childs Fafsa, the worse your credit is the better help they can get. You need to speak with a financial aid counselor because there are a lot of options to getting loans. There are Sallie Mae loans, etc.

Apply online and see.....

http://www.salliemae.com/

Yes, as long as you don't owe the feds for a previous student loan. Best thing is, let the child get his/her own student loan, that's what I did. I just gave my parents the bill so they can pay for it.

If your apply for Financial Aide, they will usually offer you a form of finacial aide. This may be in the form of student loans, and it may be a grant (free money) which you may not have to pay back.

There is a credit check for a federal PLUS (Parent Loan for Undergrad Student) loan, but the approval rates are very high. Your child can also apply directly for a Stafford loan - there are no credit checks for that loan.

http://www.salliemae.com/get_student_loan/find_student_loan/parent_loans/plus/

http://www.salliemae.com/get_student_loan/find_student_loan/undergrad_student_loan/federal_student_loans/stafford_loans/

I DO NOT RECONIZE THAT COZ LESS THAN PERFECT UUUMMMMMMMMMMMMMMMMMMMMMMMMMMM

If you qualify for a guaranteed student loan your credit will not come into play. The government is guaranteeing repayment. If you do not, you will have to get a PLUS loan or some other type of student loan and credit will be a factor but you can still find a bank to give you a student loan. Check the reputable college funding websites. I believe that Yahoo! has a section devoted to this.

Good luck.

you could but the interest could be very high.

Student loan lenders (Nellie Mae and others) allow adult parents or guardians to take a loan out on behalf of their children in order to cover *academic related costs*. These types of loans will be issued with the parent/guardian as the sole person responsible to pay back the loan (not the child). These loans will not be considered a debt to the student. Since the parent is the one that is required to take the loan and the one responsible to pay the loan back, the loan interest rate, and amount will be determined by the parents credit score. the lower the score the higher the interest, the lower the amount to be borrowed, etc..
It is also worth noting, it will be easier for the student to borrow money for their own college tuition. Typically, lenders know that students have little or no credit. They will not base the rate or the amount of the loan *as much* on their current credit score. Rather the loan amount will be based on the schools tuition and related costs. (I.e. you cannot borrow $100,000 a semester when the total tuition + costs equal $6,000).

This is my suggestion when your child is ready to go to college:

1. Apply for student aid: even if you think your income is over the max. you might be surprised in some sort of tuition money or an option that you did not think of (Stafford Loan, state incentives, work study, etc..)

2. Apply for scholarships: this should be started even as early as sophomore year in high school. a great resource is http://dir.yahoo.com/Education/financial_aid/scholarship_programs/

3. Have your child apply for a tuition loan: even though you might not want your child to have debt coming out of college, this type of loan will have a lower interest rate, and more flexibility for payments then any loan you will be able to receive for them.

4. Get a loan for your child: this should be your last ditch effort. It might seem to be the best idea (no debt to your child) but it is more restrictive and potentially more expensive then if you just "promise" to pay their loans for the first couple of years.

I hope this information helps you in this exciting yet scary time.

Ted Blado

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