| Well even if you have little credit or no credit rating | | | | educational expenses. |
| at all, you can still get a student loan. Student loans | | | | Once you graduate and find a job, the reality of |
| are a good way to build credit as well, so once you | | | | paying back your student loans hits. Below are some |
| obtain one, be sure to repay it. | | | | steps you can take to help keep the payments from |
| Student loans for those with little or no credit are | | | | causing you heartache. |
| government-backed loans or loans offered through | | | | The first rule is to stick to a payment plan. Set aside |
| your university. One such option is the Stafford loan. | | | | a certain amount every month for your loan |
| When the student borrows these loans, most lenders | | | | payment. Making a larger payment than required each |
| do not look at the student's credit history. You can | | | | month can help you pay back the loan sooner, |
| apply for a Perkins loan as well, which also does not | | | | thereby saving you a great deal of money on |
| look at your credit history. The government supplies | | | | interest. If you think you may forget, set it so the |
| the money for this type of loan, but it is reserved | | | | payment is electronically transferred each month. If |
| those who are most in need, so this option is not | | | | you're simply can't come up with your monthly |
| available for everyone. | | | | payment, there are options. Since your salary is only |
| Federal student loans are based on both income and | | | | going to grow as you climb the corporate ladder, you |
| availability. What happens if you can't afford college | | | | can schedule graduated repayment plans with your |
| yet don't qualify? An alternative choice for you or | | | | lender. You start with a low monthly payment that |
| your parents is a private student loan. These are | | | | will gradually get larger over the term of your loan. |
| loans done through private lenders instead of the | | | | If you're absolutely out of options, you might be able |
| government. The advantage of these types of direct | | | | to temporarily suspend your payments. If you lose |
| student loans is that they have many of the same | | | | your job or go back to school for an advanced |
| kinds of benefits as federal loans. These loans can be | | | | degree, you can request a deferment of your loan |
| used for any and all college expenses. Things like | | | | payments. If your request is granted and you have a |
| tuition, books, supplies, computers, and living | | | | Stafford loan, the government will actually take care |
| expenses are all things that qualify for private | | | | of the interest that accrues during your deferment. If |
| student loan funds. These loans are unsecured, | | | | you can't get a deferment, try forbearance. You can |
| meaning that no collateral is needed. The loans are | | | | suspend payments for up to a year, though you'll still |
| credit-based instead. This can mean that you might | | | | be responsible for the built up interest. |
| need a co-signer if you have not established a credit | | | | This kind of loan has other advantages similar to |
| history. | | | | federal loans. The interest and principal payments can |
| A private education loan is usually a low-interest loan. | | | | be deferred until you graduate from school. For most |
| The money can be delivered in as little as five days, | | | | of these loans, you are required to be attending |
| and the money is given to you instead of the school. | | | | school at least halftime for the deferral of payments |
| You are then responsible for paying for their various | | | | and interest. |