How to Get Money For College
Ask any high school senior what their credit score is and they will reply with a Huh? This response should not be too surprising. Most high school seniors are to busy for trivial things such as credit scores and student loans. Then the flags go up when they find out that due to their poor credit scores they cannot get a standard student loan. This is the point where most students begin to get discouraged.
Instead of getting all bummed out, you could try to find a cosigner. Approach your parents, grandparents, friends, anyone you feel you know well enough or feel comfortable about asking for this type of favor. Normally when you ask someone to cosign a loan their first reaction is “what’s the catch” or perhaps they don’t trust you and think that you will default the loan and thus ruin their credit. You will need to be honest and upfront in order to convince them otherwise, to let them know that you really need the help, and that it is for your education. Chances are in the long run they’ll be more willing to cosign for a college career than to lend you $100. Whomever it is that you do approach make sure that you have some sort of plan for the future so you can show them how your education fits into the grand scheme. Once you find someone, the bank or lender will take their credit score into consideration as well.
What if you DON’T find someone to help you out? Try contacting local banks or look in the yellow pages for other lenders. There are hundreds of different types of scholarships, grants and other programs specifically for first time college students. The interest rates on some of these programs may be much higher than that of a typical student loan but you WILL go to college and get the ever coveted sheep skin.
A high interest rate isn’t really as bad as it sounds. Most college degrees take at least four years which means that you will have time to start rebuilding your credit. After graduation, refinancing is always an option. If things get really tough there’s a loan called a consolidation loan which allows you to consolidate all your accumulated debts into one. This type of loan yields one monthly payment as opposed to the several you were facing before. Usually, the institutions that provide consolidated loans bargain with your previous lenders and are able to negotiate a much lower interest rate for you.
Keep in mind that there are millions of personal loans, grants, student loans and scholarships out there. It is a HUGE business with a lot of competition, there IS a loan out there for you, somewhere, so the more you apply for the better your chances are of landing one. Go online and type in student loan, or personal loan, the list of lenders is endless. Just be careful, research, and may the force be with you.
