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Can I get a school loan with bad credit? I can't pay my bills but can't get a better job's vicious.

I have bad credit and can't pay all my bills. I'm a SAHM and getting a job would only cover day care because I have no skills. I only have 2 years of school left to get a BS or BA but who would approve a loan? I have a past due loan with Nelnet. It's like a vicious cycle I can't climb out of.


Asked by Anonymous at 7:00 PM on May. 16, 2009 in Money & Work

This question is closed.
Answers (8)
  • Yes. Fill out the FAFSA application and you will be offered a student loan (no credit check is done on student loans). When you fill out the FAFSA you are applying for financial aid and could also be offered grants (not paid back), loans (paid back starting 6 months after graduation or when you stop attending college) and work study (paid a decent amount to work at the college and money towards schooling). FAFSA is NOT a type of aid, it is the APPLICATION for financial aid.

    Answer by tyfry7496 at 9:20 PM on May. 16, 2009

  • You would probably have to have a co-signer. You could always fill out the fafsa and see how much they will pay.

    Answer by Anonymous at 7:10 PM on May. 16, 2009

  • Anon I forgot about FAFSA...Its been so long since I filled one out, thanks for giving me the obvious!

    Answer by Anonymous at 7:13 PM on May. 16, 2009

  • My hubby recently got a school loan w/no credit check or interest but you said you got a default on a loan? you probably would have to have a co-signer. I'm not 100% though. good luck! it is a vicious cycle.

    Answer by whispers2005 at 7:21 PM on May. 16, 2009

  • I'm in the same position and my fafsa will cover almost all my tution... and my Hubby has not so great credit and got a loan. Talk to a financial aid perosn at the school in which you want to go, they can give you names of laners that you usually will be approved through

    Answer by AshJoe05 at 7:38 PM on May. 16, 2009

  • FAFSA will probably cover most of tuition, DHS will probably pay for daycare while your in class and at work.

    Answer by Chandra034 at 7:43 PM on May. 16, 2009

  • Go to the financial aid office of your local community college or state university.

    Answer by rkoloms at 7:46 PM on May. 16, 2009

  • If FAFSA maxes out on helping to fund your education and you need more money, ask your financial aid office which banks they deal with for student loans and apply with them. You will most likely obtain a loan on the basis that you won't have to begin payments until after graduation (usually 6 months) and they know they are paying for your education in order for you to obtain a job. The interest rate will most likely be higher due to your credit rating, but once you get a job, take care of any debt on your credit report, and make payments regularly to your loans, then you can see if they will work with you to refinance for a lower interest rate.
    I wish you all the best!

    Answer by PrydferthMenyw at 6:55 AM on May. 19, 2009