I have bad credit and need a private student loan ASAP?

Question

My credit is not so good. I want to get a better job but I need to go back to school. How can I get private student loans to do this? Also any other tips?

Answer 1

Best Answer - Chosen by Asker

Don't panic. Your predicament unfortunately is quite common today. People with bad credit are stuck in a bind - they want to go back to school to get a higher paying job to pay off loans but they can't afford to because they have bad credit and/or too much debt!

Here are some pointers:

1) Get your financial house in order. If you can do it, move back home for year or two save up money. Trade your car in for a beater. Make a financial goal of how much you want to save.
2) Pick a major that will pay well right out of school. Many people get overwhelmed with student loans after school because they study something like art history that doesn't lead to a good paying job. The medical profession pays quite well.
3) If you can, stay home while going to school and work part time. Hollywood has portrayed college as party 24/7. These kids are either really rich or will be stuck with a crappy job at school. Avoid this lifestyle if you are concerned about your long term finances.
4) Keep educated. Here are just some sites that you might find useful. Do a search for more:
http://www.studentloansbadcreditguide.co…
http://www.getrichslowly.org/blog/
http://finance.yahoo.com/

Asker's Rating:

Asker's Comment:

Thanks for the well-thought out answer! Right now I drive a 1 year old Pontiac but I will see how much it will cost for the dealer to take it back. My mom is a PITA but I can deal with her if it means going back to school.

Those sites look really good, I'll be checking them out.

Answer 2

Yes, first see what the government gives you, and second see if you qualify for a PLUS loan- its easier to get (they take more risks). Otherwise, you may need a co-signer to get a loan.

Answer 3

a

Answer 4

You can get info about such college scholarships and grants online here - colleges.mywebcommunity.org