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What is the interest like on student loans for people with bad credit?
Wiki User
∙ 12y ago
There are a number of government loans that are offered with no credit checks. In order to be eligible for these loans, you must fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA is designed to determine your estimated family contribution. If you are a dependent, you will have to submit financial information for your parents as well as yourself. If you are independent of your parents, the form will only apply to you.
Wiki User
∙ 12y ago
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What are the average interest rates for student loans?
Most student loans are interest free when you are still attending college, then increase from there. It really depends on your credit score to what interest rates you qualify for.
What are private student loans?
The private student loans are the loans arranged by the student through any of the private banks at a fixed interest rate. To apply to these private student loans you need a cosigner unless your credit rating is too good and you have a source of income.
What are student loans?
The private student loans are the loans arranged by the student through any of the private banks at a fixed interest rate. To apply to these private student loans you need a cosigner unless your credit rating is too good and you have a source of income.
Are any private student loans still considered government loans?
No, by definition, private student loans are not government student loans. Federal student loans are guaranteed by the US, govt, and the govt sets the interest rates and determine the policies around loan limits and repayment. Private student loans are provided by banks, credit unions and other financial institutions such as Sallie Mae. Because they are not guaranteed, they are much higher risk to the lenders, so they are typically credit based. This means interest rates are variable, and determined by the borrower's credit history. Because most student's haven't had a change to acquire good credit, having a co-signer with good credit almost always improves the interest rate. Banks don't have any collateral for student loans.
What is the best interest rate for student loans?
The best interest rate for student loans are LIBOR + 2.0% or PRIME - 0.50%, with no fees. These loans will usually only be available to those with a great credit rating.
Can you tell me about private education loans vs. government education loans?
HUGE difference. Federally Guaranteed student loans have very low interest rates and many benefits attached. Private student loans have much higher interest rates and no benefits.
How do you obtain another student loan to supplement your Stafford loan?
Consider obtaining a private loan, also known as an alternative student loan. According to http://www.onesimpleloan.com/private_loans.asp, "Compared to federal student loans, private student loans typically have slightly higher interest rates. However, the interest rates on private student loans are substantially lower than conventional credit products such as personal loans, credit cards and even home equity loans."
How do you get a loan with no credit check?
There are lots of people with no credit like the new collage students or borrowers, and such people have also opportunities to borrow money for the collage expenses. It is well-known that no credit is far better than a bad credit, but most of the lenders or institutions offering credit to the students need cosigners for such situations. One of the most popular and best student loans offering no credit check loans to the students are Perkins and Federal Stafford loans offering long term interest and support. One can also avail no credit check student loans from state-based federal loans.
What services does CareOne Credit offer?
Careone Credit offers student loan and mortgages. They have helped over 5 million people for loans. Some of their plans have little or no interest fee at all
Personal loans should have a lower interest rate than student loans.?
Personal loans should have a lower interest rate than student loans.
Do any lending organizations offer student loans for people with poor credit?
Sallie Mae offers student loans. They do have some poor credit options. You can not clear a student loan by bankruptcy so they are more liberal than for other loans.
What is the maximum interest rate for a student loan consolidation loan?
The maximum interest rate for consolidating FEDERAL student loans is 8.25%. If your student loans are not federal loans, though, there is no maximum interest rate.
