There is good news for students with bad credit, you can still get a student loan. While many who just graduate are seeking student loan consolidation lenders, you can make your application good and know that you are guaranteed an education. They are many programs for people with bad credit, no credit and even those who had filed bankruptcy to gain a student loan at a reasonable rate. However, you will not be able to get the lowest rate student loans, you will be guaranteed a loan from either a private institution or a federal sponsored student loan.
One of the best loans recommended for persons with bad credit are the federal students loans, direct federal student loans are almost a guaranteed student loan for student. These are not credit driven but need driven programs, and many do no credit check. This makes it easier than ever to acquire but has limits on the amount you can received.
Key points to note for the Direct Federal Student loan:
Instant Student Loan: Once you made the application online, your application is generally approved in half and hour and you only need to sign the documents.
Stability: Direct Federal Students loans are issued by US Department of Education and as a government agency, they are not going out of business soon, this provides stability with your future education needs and stability in lending.
No Profit Motives: As a federal government program, there are no motives on turning a profit but providing access to education for citizens. As such the loans are not sold and upon graduation, you can participate in federal student loan consolidation programs, these allow students to consolidate federal student loans and make one small monthly payment.
Streamlined with FAFSA: Since all your documents are processed by your FAFSA Pin, it makes the process more streamlined and also makes record keeping better for you.
No Added Types: The Direct Federal Student loan is not flexible like other loan program and is just one program with now variations on better rates or deals to turn to.
No Switching: There is no switching of lenders, since the lender is the US Department of Education, all the funding comes through them.
Service with a smile: It is everything but “service with a smile.” While you can sing the praises of getting a student loan with bad credit, the customer service is poor. You cannot make payments on the phone, you must make payment s online and if the computer is down, or your internet is off, you have no choice.
While the dilemma of having bad credit might be a set back for a period, it does not have to be your life demise, you can continue your education and get back on track. Using the Direct Federal Student Loan program is an easy way and by most, it is a guaranteed way that most students find an education and better they life, career and future. In life we all find reasonable set backs, once you graduate, you can go the route of consolidation of federal student loan, a direct federal student loan is by the government and this gives you a choice to life yourself above the challenges you face today.
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